File #: 2015-1763   
Type: Program Status: Consent Calendar
File created: 12/11/2015 In control: Board of Directors - Regular Board Meeting
On agenda: 1/28/2016 Final action: 1/28/2016
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.
Sponsors: Planning and Programming Committee, Martha Welborne
Indexes: "Hot Spots" Program, Budgeting, Debt, Funding plan, Highway planning, I-5, I-5 North County Capacity Enhancements, I-605, Interchanges, Long range planning, Long Range Transportation Plan, Measure R, Metro Orange Line, Metrolink Orange County Line, Plan, Program, Project, Proposition C, San Fernando, San Fernando Valley Service Sector, San Fernando Valley subregion, Short Range Transportation Plan, Southern California Highways, SR-134, SR-14, SR-170, State laws, West Santa Ana Branch Transit Corridor (WSAB) Project
Attachments: 1. Attachment A - I-5 North Meas R Replacement Credits, 2. Attachment B - I-605 Meas R Replacement Credits, 3. Staff Report, 4. Staff Report, 5. Staff Report, 6. Staff Report, 7. Staff Report, 8. Staff Report
Related files: 2019-0629
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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