Meeting_Body
Crenshaw Project Corporation
One Gateway Plaza
Los Angeles, CA 90012
CRENSHAW PROJECT CORPORATION BOARD MEETING
DECEMBER 3, 2020
Subject
SUBJECT: TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION ACT (TIFIA) LOAN ADMINISTRATION ACTIVITIES
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE status report on Crenshaw Project Corporation (CPC) Transportation Infrastructure and Innovation Act (TIFIA) Loan administration activities during the calendar year 2020.
Issue
ISSUE
The Crenshaw Project Corporation was formed in 2012 to act as the TIFIA Loan conduit borrower and the Transportation Investment Generating Economic Recovery (TIGER) II TIFIA Payment grant sub-recipient for the Crenshaw/LAX Transit Corridor Project (Crenshaw/LAX).
This report provides an update to the Board about CPC administrative actions taken pursuant to the loan agreement since the last update at the CPC Meeting held December 5, 2019. As of August 25, 2016, the CPC had drawn all of the $545.9 million TIFIA Loan available to the Crenshaw/LAX Project. As of August 27, 2020, the TIFIA loan was paid off, in full.
Background
BACKGROUND
The Crenshaw Project Corporation (CPC) reports to the Board annually the loan administrative activities that have taken place during the current calendar year.
Discussion
DISCUSSION
Subsequent to the CPC Meeting held December 5, 2019 staff has completed the following actions in 2020 to administer the TIFIA Loan:
* Obtained annual credit rating;
* Paid the annual TIFIA Lender Loan Servicing Fee;
* Submitted to TIFIA:
o Reports and presentations material sent to rating agencies for rating on any indebtedness secured by Proposition A, Proposition C, and Measure R sales taxes and General Revenues;
o Preliminary Official Statements and Official Statements filed for all LACMTA bond issuances;
o Unaudited Quarterly Financial Statements of LACMTA and CPC;
o Audited Annual Financial Statements of CPC;
o LAC...
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