Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
JUNE 20, 2018
Subject
SUBJECT: FEDERAL FUNDING EXCHANGE WITH COUNTY OF
LOS ANGELES ON STATE ROUTE 126/COMMERCE
CENTER DRIVE INTERCHANGE PROJECT
Action
ACTION: APPROVE RECOMMENDATION
Heading
RECOMMENDATION
Title
APPROVE the amendment of the repayment schedule of federal Surface Transportation Program-Local (STP-L) funds with non-federal funds of the Exchange Agreement between the County of Los Angeles (County) and the Los Angeles County Metropolitan Transportation Authority (Metro) for the State Route 126/Commerce Center Drive Interchange Project, as shown in Attachment A.
Issue
ISSUE
The County is requesting to amend the repayment schedule for the balance remaining from the exchange of federal STP-L funds with non-federal funds for the State Route 126/Commerce Center Drive Interchange Project. Board approval is required in order to amend the existing agreement repayment schedule; otherwise the County would become in default with the terms of the Exchange Agreement.
Discussion
DISCUSSION
On October 27, 2011, the Board approved the Exchange Agreement between the County and Metro for the exchange of federal STP-L funds administered by Metro with non-federal County funds. The 2011 agreement (Attachment B) allowed the County to use up to $41 million of STP-L funds that would otherwise be distributed by formula to other local agencies for the construction of the State Route 126/Commerce Center Drive Interchange Project. This in turn allowed Metro to negotiate agreements to exchange the non-federal funds as they become available with participating local agencies. The Exchange Agreement was developed to benefit smaller local agencies that can more efficiently and expeditiously utilize more flexible non-federal transportation funding and to ensure that the County is able to draw down as much of the available STP-L funding as possible. The County agreed to repay $13 million on July 1, 2014 and up to $28 m...
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