Meeting_Body
REGULAR BOARD MEETING
JANUARY 28, 2021
Preamble
Motion by:
DIRECTORS BARGER, NAJARIAN, KREKORIAN, KUEHL, AND SANDOVAL
Related to Item 35: 1-5 North Capacity Enhancements From SR-118 To SR-134; Segment 3
Subject
SUBJECT: MOTION TO AMEND 1-5 NORTH CAPACITY ENHANCMENTS FROM SR-118 TO SR-134; SEGMENT 3
Heading
RECOMMENDATION
Title
APPROVE Motion by Directors Barger, Najarian, Krekorian, Kuehl, and Sandoval that the Board of Directors authorize the CEO to execute an agreement with Caltrans based on the recently negotiated term sheet for the advance of funding to cover the cost of a life of project budget increase for the I-5 North Project, and;
WE FURTHER MOVE that the Board of Directors direct the CEO to:
1. Amend the proposed cost management policy and funding plan for this item, as appropriate, to ensure that there is a clear method of repayment of the funds that would be advanced by the I-5 North Project/San Fernando Valley Subregion in order to fulfill the proposed life of project budget increase for the I-5 North Project;
2. Ensure that the funds repaid to the I-5 North Project/San Fernando Valley Subregion carry a maximized flexibility of use;
3. Bring the amended life of project budget increase proposal and associated cost management policy to the San Fernando Valley Council of Governments for its consideration and concurrence prior to Metro Board action on this item;
4. Begin coordinating with the Los Angeles County state legislative delegation to identify potential direct funding that could eventually offset the required local advance and corresponding Caltrans District 7 repayment;
5. Explore additional funding options that may offset the amount required to be advanced from the I-5 North Project/San Fernando Valley Subregion 3rd decade credits and corresponding Caltrans District 7 repayment;
6. Begin coordinating with Caltrans and the City of Burbank on their "unmet needs list" to properly inspect and confirm that damage...
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