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File #: 2022-0504   
Type: Program Status: Passed
File created: 7/21/2022 In control: Planning and Programming Committee
On agenda: 11/16/2022 Final action: 12/1/2022
Title: CONSIDER: A. APPROVING the Transit Oriented Communities Economic Development Program (EDP) and $5 million for the implementation of the Transit Oriented Communities Economic Development Investment Fund ("Fund") with disbursement contingent upon the Metro Board of Directors (Board) approval of the Fund Guidelines; and B. AUTHORIZING the Chief Executive Officer or designee to enter into multiple agreements with financial institutions, the State of California, County of Los Angeles, cities, and other eligible entities to contribute to the Fund.
Sponsors: Program Management (Department), Maria Luk
Indexes: Accounting, Budget, Budgeting, City of Los Angeles, Commerce, Construction, Construction Support, Coronavirus Disease 2019 (COVID-19), Gateway Cities (Southeast LA County) Service Sector, Guidelines, Little Tokyo, Maps, Metro Rail A Line, Metro Rail E Line, Metro Rail L Line, Metro Vision 2028 Plan, Motion / Motion Response, Partnerships, Pilot studies, Preservation, Program, Regional Connector Transit Corridor Project, Request For Proposal, Research, Ridership, Safety, Small Business- Transit Oriented Communities Loan Program (Project), Station 722, Station 824, Strategic planning, Surveillance, Transit Oriented Community, Transit Oriented Development, Visibility, Westside/Central Service Sector
Attachments: 1. Attachment A - Corridor Maps, 2. Attachment B - Metro Board Motions, 3. Presentation
Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
NOVEMBER 16, 2022

Subject
SUBJECT: TRANSIT ORIENTED COMMUNITIES ECONOMIC DEVELOPMENT PROGRAM AND INVESTMENT FUND

Action
ACTION: APPROVE RECOMMENDATIONS

Heading
RECOMMENDATION

Title
CONSIDER:

A. APPROVING the Transit Oriented Communities Economic Development Program (EDP) and $5 million for the implementation of the Transit Oriented Communities Economic Development Investment Fund ("Fund") with disbursement contingent upon the Metro Board of Directors (Board) approval of the Fund Guidelines; and

B. AUTHORIZING the Chief Executive Officer or designee to enter into multiple agreements with financial institutions, the State of California, County of Los Angeles, cities, and other eligible entities to contribute to the Fund.

Issue
ISSUE

The EDP, including the Fund, was developed in response to direction from the Metro Board of Directors (Board) to support and prevent the displacement of small businesses near transit and in, or adjacent to, Equity Focused Communities (EFCs). The proposed program includes a two-year pilot for businesses within a 1/2-mile radius along the recently completed K-Line and the Little Tokyo community along the soon-to-be-completed Regional Connector (Attachment A - Pilot Corridor Maps). Board approval is required to implement the EDP and establish the Fund.

Background
BACKGROUND

The Metro Board approved a $1 million investment in the Small Business Assistance Loan Program in August 2016. There was limited interest in the original assistance program due to some of the lending parameters. The program was in the process of being restructured when the COVID-19 global pandemic occurred. The Board took immediate steps to assist impacted businesses and partnered with the Los Angeles County Development Authority to create the COVID-19 Recovery Loan Program in May 2020, with a directive for staff to return to the Board with revised program guidelines for a longer-term small busi...

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