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File #: 2020-0824   
Type: Plan Status: Passed
File created: 12/3/2020 In control: Board of Directors - Regular Board Meeting
On agenda: 1/28/2021 Final action: 1/28/2021
Title: AUTHORIZE the Chief Executive Officer (CEO) to: APPROVE the submittal of a Letter of Interest (LOI) to the United States Department of Transportation (USDOT) for a Transportation Infrastructure Finance and Innovation Act of 1998 (TIFIA) loan for the I-105 ExpressLanes Project and pay related fees and expenses.
Sponsors: Finance, Budget and Audit Committee
Indexes: Construction, Crenshaw/LAX Transit Corridor Project, Environmental Impact Report, I-10 ExpressLanes Project, I-105, I-105 ExpressLanes Project, Measure M, Measure R, Metro Crenshaw Line, Metro Exposition Line, Metro ExpressLanes, Metro Gold Line, Metro Green Line, Metro Purple Line, Metro Rail A Line, Metro Rail C Line, Metro Rail D Line, Metro Rail E Line, Metro Rail L Line, Metro Vision 2028 Plan, Payment, Plan, Regional Connector Transit Corridor Project, Tolls, Transportation Infrastructure Finance and Innovation Act of 1998, Travel time, Twenty-eight by '28 Initiative, United States Department Of Transportation, Westside Subway Extension/Purple Line Extension Phase 1, Westside Subway Extension/Purple Line Extension Phase 2
Attachments: 1. Presentation
Related files: 2021-0022
Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
JANUARY 20, 2021

Subject
SUBJECT: I-105 EXPRESSLANES PROJECT

Action
ACTION: APPROVE RECOMMENDATION

Heading
RECOMMENDATION

Title

AUTHORIZE the Chief Executive Officer (CEO) to:

APPROVE the submittal of a Letter of Interest (LOI) to the United States Department of Transportation (USDOT) for a Transportation Infrastructure Finance and Innovation Act of 1998 (TIFIA) loan for the I-105 ExpressLanes Project and pay related fees and expenses.

Issue
ISSUE

The I-105 ExpressLanes Project (105 Project) is the next ExpressLanes project in line to be constructed in Los Angeles County. The project is also part of the 2017 LACMTA Countywide ExpressLanes Strategic Plan (ELSP) which has it included as a Tier 1 Project. The cost to construct dual ExpressLanes on I-105 is estimated to be $676 million. The 105 Project currently has $175 million in Measure M funding and was recently awarded $150 million from the Solutions for Congested Corridor Program (SCCP), which leaves a funding gap of $351 million. As a result, staff is looking at options to fill this funding gap including applying for a TIFIA loan. The first step towards obtaining a commitment of TIFIA credit assistance is the submittal of a LOI to the USDOT. The TIFIA loan will be secured by toll revenues from the 105 Project without any additional support from Measure M or other Metro sales taxes.

Background
BACKGROUND

Staff is currently working to prepare the financing plan for 105 Project. Metro staff recommends submission of a LOI for TIFIA credit assistance to fill a portion of the funding gap for the 105 Project. Metro released the draft Environmental Impact Report/Environmental Assessment (EIR/EA) for the 105 Project in May 2020. The EIR/EA is expected to be finalized in early 2021. While construction for the 105 Project is not expected to begin until 2023, the financing process for TIFIA can take 18-24 months.

Discussion
DISCUSSION
Metro and Caltr...

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