Meeting_Body
REVISED
PLANNING AND PROGRAMMING COMMITTEE
JANUARY 20, 2016
Subject/Action
SUBJECT: 2009 LONG RANGE TRANSPORTATION PLAN MEASURE R HIGHWAY REPLACEMENT PROJECT CREDITS
ACTION: APPROVE FUNDING CHANGE FOR MEASURE R REPLACEMENT PROJECT CREDITS
Heading
RECOMMENDATION
Title
APPROVE the inclusion of $350.0 million of Proposition C 25% funds (or other eligible funds as necessary) in the third decade of the Long Range Transportation Plan for the San Fernando Valley, Arroyo Verdugo, and Gateway subregions as replacement project credits for Measure R 20% highway funds now programmed (instead of the originally planned Proposition C 25%) on three projects:
A. the I-5 North Capacity Enhancement (SR-134 to SR-170);
B. the I-5 South Capacity Enhancement (I-605 to Orange County Line); and
C. the I-5 South Carmenita Road Interchange.
Issue
ISSUE
Metro staff reported to the Board of Directors in June 2015 that it was in the best interest of Metro to use Measure R 20% Highway Sub-fund resources instead of issuing Proposition C 25% bonds for the I-5 North Capacity Enhancement (SR-134 to SR-170), the I-5 South Capacity Enhancement (I- 605 to Orange County Line), and the I-5 South Carmenita Road Interchange projects. In total, $350.0 million of Measure R 20% Highway Subfund resources are now expected to be used instead of Proposition C 25% funds, which are anticipated to incur interest costs due to the need to borrow for this fund type.
Normally, this would not require an action of the Metro Board of Directors. In this instance, the use of the Measure R funds instead of Proposition C funds will eliminate Measure R required replacement project credits once included in the 2009 LRTP. We are recommending that the Metro Board of Directors instead make these replacement project credits available to the applicable subregions from Proposition C 25% funds. The Measure R credits were not to be made available until late in the 2009 LRTP period ...
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