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File #: 2021-0566   
Type: Motion / Motion Response Status: Filed
File created: 8/19/2021 In control: Planning and Programming Committee
On agenda: 9/15/2021 Final action: 9/16/2021
Title: RECEIVE AND FILE this report on funding, financing, and limiting the impact to the project delivery schedule while minimizing the use of toll revenue bonds for the I-105 ExpressLanes Project while meeting state grant requirements with the goal of delivering the project ahead of the 2028 Olympic and Paralympic Games in Los Angeles.
Sponsors: Planning and Programming Committee
Indexes: California Transportation Commission, Capital Project, Construction, Council Of Governments, Currency, Debt, Eric Garcetti, Fernando Dutra, Fixing America’s Surface Transportation Act, Funding plan, Grant Aid, Holly J. Mitchell, I-105, I-105 ExpressLanes Project, James Butts, Janice Hahn, Measure M, Metro ExpressLanes, Metro Green Line, Metro Rail C Line, Metro Vision 2028 Plan, Motion / Motion Response, Olympic games, Plan, Program, Project, Project delivery, Revenue Service, Senate Bill 1, Southern California Highways, Strategic planning, Tolls, Travel time
Attachments: 1. Attachment A - Board Motion 18.1, 2. Attachment B - Overview of Net Toll Revenue Grants, 3. Presentation
Related files: 2021-0341
Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
SEPTEMBER 15, 2021
CONSTRUCTION COMMITTEE
SEPTEMBER 16, 2021

Subject
SUBJECT: RESPONSE TO MOTION 18.1 BY DIRECTORS HAHN, GARCETTI, MITCHELL, BUTTS, AND DUTRA

Action
ACTION: RECEIVE AND FILE

Heading
RECOMMENDATION

title
RECEIVE AND FILE this report on funding, financing, and limiting the impact to the project delivery schedule while minimizing the use of toll revenue bonds for the I-105 ExpressLanes Project while meeting state grant requirements with the goal of delivering the project ahead of the 2028 Olympic and Paralympic Games in Los Angeles.

Issue
ISSUE

On May 19, 2021, the Board passed Motion No. 18.1 (Hahn, Garcetti, Mitchell, Butts, and Dutra, Attachment A) directing the Chief Executive Officer to report back in September 2021 with recommendations to fully fund the I-105 ExpressLanes with funding sources that minimize the use of the corridor's future net toll revenues, in order to maximize available resources from the project for future capital improvements to the Metro C (formerly, Green) Line. This Receive and File Board Report provides an overview of the ExpressLanes financing plan and outlines potential revenue to operate the ExpressLanes, fund eligible transit, active transportation, and other mobility projects in the corridor. A funding plan should be developed by December 2023 to meet state grant requirements and to initiate revenue service prior to the 2028 Olympic and Paralympic Games.


Background
BACKGROUND

Among many issues and constraints surrounding major project delivery is reliable funding dedicated to the project. The capital cost estimate for the Interstate 105 (I-105) ExpressLanes project is $676 million. The funding profile for this project includes Measure M, state grants, federal funding, and toll backed revenue loans. For the project to meet SB1 Solutions for Congested Corridors Program (SCCP) requirements and begin revenue operations to support the 2028 Olympic and P...

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