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File #: 2020-0552   
Type: Contract Status: Agenda Ready
File created: 8/7/2020 In control: Finance, Budget and Audit Committee
On agenda: 9/17/2020 Final action:
Title: AUTHORIZE the Chief Executive Officer (CEO) to: EXECUTE Modification No. 1 to Task Order No. 17 to Contract No. PS 13052103I to exercise two (2), one-year options with Sperry Capital Inc. to serve as financial advisor on the Metro ExpressLanes, in the not-to-exceed amount of $337,725 for Option Year 1, and in the not-to-exceed amount of $270,180 for Option Year 2, increasing the not to-exceed Task Order value from $1,243,065 to $1,850,970 and extending the contract term from October 17, 2020, to October 17, 2022.
Sponsors: Board of Directors - Regular Board Meeting
Indexes: Contracts, Environmental Impact Report, Expresslanes I-110 (Project), Funding plan, I-10, I-10 ExpressLanes Project, I-105, I-105 ExpressLanes Project, I-405, Metro ExpressLanes, Metro Expresslanes O&M (Project), Tolls, Transportation Infrastructure Finance and Innovation Act of 1998, Travel time
Attachments: 1. Attachment A - Procurement Summary, 2. Attachment B - Contract ModificationChange Order Log, 3. Attachment C - DEOD Summary
Date Action ByActionResultAction DetailsMeeting DetailsAudio
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Meeting_Body
EXECUTIVE MANAGEMENT COMMITTEE
SEPTEMBER 17, 2020

Subject
SUBJECT: EXPRESSLANES FINANCIAL ADVISORY SERVICES

Action
ACTION: APPROVE RECOMMENDATIONS

Heading
RECOMMENDATION

Title
AUTHORIZE the Chief Executive Officer (CEO) to:
EXECUTE Modification No. 1 to Task Order No. 17 to Contract No. PS 13052103I to exercise two (2), one-year options with Sperry Capital Inc. to serve as financial advisor on the Metro ExpressLanes, in the not-to-exceed amount of $337,725 for Option Year 1, and in the not-to-exceed amount of $270,180 for Option Year 2, increasing the not to-exceed Task Order value from $1,243,065 to $1,850,970 and extending the contract term from October 17, 2020, to October 17, 2022.

Issue
ISSUE

Task Order No. 17 currently provides for financial advisory services on the Metro ExpressLanes. The Task Order will expire on October 17, 2020. Staff is requesting a contract modification to exercise both Option Year 1 and Option Year 2, extending the contract term from October 17, 2020, to October 17, 2022, to provide financial advisory services, including TIFIA and bond financing advisory services, to support the delivery of Metro's ExpressLanes network, particularly the I-105 ExpressLanes Project.

Background
BACKGROUND

To expand ExpressLanes in Los Angeles County and to construct the Tier 1 and Tier 2 projects identified in the 2017 ExpressLanes Strategic Plan (ELSP), Metro needs to determine how these projects will be funded and whether it is feasible to accelerate them. The ELSP assumes that virtually all the ExpressLanes projects will need to be funded by toll revenue-based financing mechanisms. The ELSP identified the I-105 ExpressLanes project as a Tier 1 (near-term) project.
While some of the projects in the plan receive funding through Measure M including $175 million for the I-105 and $260 million for the I-405, a significant funding gap exists on the I-105 and a significant funding gap is anticipated on the I-405. Furthermor...

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