Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
JANUARY 18, 2017
Subject/Action
SUBJECT: INTERSTATE 5 FREEWAY HIGH OCCUPANCY VEHICLE LANES CONSTRUCTION PROJECT
ACTION: AUTHORIZE EXECUTION OF A CONTRACT OF SALE WITH CALTRANS FOR METRO RIGHT-OF-WAY CONVEYANCE FOR CASH COMPENSATION AND FEE TITLE TO RESTORE METRO'S 90-FOOT RIGHT-OF-WAY
Heading
RECOMMENDATION
Title
AUTHORIZE the Chief Executive Officer to execute a right-of-way contract of sale (Contract) with the State of California, Department of Transportation (Caltrans) to construct High Occupancy Vehicle (HOV) lanes on the Interstate 5 Freeway between Burbank Boulevard and Buena Vista Street (Project).
Issue
ISSUE
Caltrans and Metro staff have negotiated an agreement, subject to Board approval, to provide for the conveyance of various easements to Caltrans that are required for the Project. The property rights include the acquisition of fee title over portions of Victory Place that may be required to restore the railroad right-of-way to 90 feet. The agreement includes the payment by Caltrans of $1,851,342. Any costs for relocation of facilities from the restored right-of-way will be paid by Metro as future transit projects are undertaken. Complete contract terms can be found in Attachment A.
Discussion
DISCUSSION
On May 16, 2012, the Board authorized the CEO to execute a Memorandum of Agreement (MOA) with Caltrans covering the Project's terms of sale of Metro's right-of-way. The MOA required that Metro reimburse the City of Burbank for the cost to relocate all municipal and third-party facilities from Victory Place which included traffic signals, street lights and storm drains (Facilities). City consultants determined the estimated cost to relocate the Facilities at $1.4 million. The MOA also provided that Metro would amend existing agreements with utility providers, assist Caltrans in negotiating such relocations, and accept from Caltrans $1.4 million to compensate Metro for the estimated ...
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