vancouver delegation briefing los angeles county transportation revenue initiatives david yale...
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Vancouver Delegation Briefing
Los Angeles CountyTransportation Revenue InitiativesDavid YaleManaging Executive Officer, Planning, Programming, and Grants
Heather Hills and Cosette StarkDeputy Executive Officers, Countywide Planning and Development Los Angeles County Metropolitan Transportation Authority
November 14, 2012
Measure R (2008) Imagine Campaign
2
Measure R (2008) Fact Sheet
3
Economic Impacts
• 500,000 new jobs
• $83.9 billion in economic output (measured by business revenues)
• $30.6 billion in earnings for jobs created
• Over $9.2 billion in tax revenues, at the Federal, State, County and local levels 4
Measure R Value and Benefits
Environmental Impacts
• 191 million vehicle miles travelled reduced annually
• 522,000 pounds of emissions reduced annually
• 9.4 million gallons of gasoline saved annually
Measure R – Passed by 38,000 Votes in November 2008
5
6
The Goal for Los Angeles County :Deliver 30 Year Measure R Program in 10 Years
• Complete 12 transit projects in 10 years• Create 160,000 jobs• Eliminate 522,000 lbs of
carbon emissions every day
• Reduce vehicle miles traveled by 191 million
• Increase transit boardings by 77 million
• Seek to accelerate 15 highway projects• Create 256,000 jobs • Relieve Congestion
Countywide
Measure R Extension Strategic Financial Plan Alternatives Considered
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$4.61 $4.56 $5.48 $4.94
$3.18
$8.38
$3.49 $6.03 $1.19
$4.20 $2.19
$3.97
$2.07 $2.07 $2.12 $2.12
$-
$2
$4
$6
$8
$10
$12
$14
$16
$18
Large Grant Large Loan @ 2.17% Measure R Extension Preferred Strategy
Fallback Strategy
Alternative 30/10 Funding Strategies(Dollars in Billions)
New Starts Grants Gap TIFIA Loans Measure R Borrowing Other State, Local & Federal
Gap Assumes Measure R extension
8
TIFIA Funding Increased under MAP-21
$122 $122 $750 $1,000 $1,200 $1,200
$7,500
$10,000
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
FY10 FY11 FY12 FY13
SAFETEA-LU MAP-21
$ in
mill
ions
Credit Subsidy/Loss Reserve Loan Capacity
Measure R Revenues
LACMTA Senior Debt Service
LACMTA Subordinate Debt
Service
TIFIA MCA Parity with Prior TIFIA
New Projects (Crenshaw Project Corp.)
LACMTA
TIFIA Allows Full Subordination of Loan
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• Revenues remaining after payment of debt obligations are released to LACMTA.
Springing Lien
Requirements:• 33% participation
– At Master Credit Agreement or Project level?
• “A” Rated, maximum 10% credit subsidy
• Non-project related revenue only
– No tolls
Measure R Highway & TransitRevenue and Interest Cost
10
Preferred Strategic Financial Plan by Funding Source
11
Other- State, Local & Federal- $5.5 B
Measure R Base-$5.6 B
Prior TIFIA-$1.2 B
Additional TIFIA-$3.0 B
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Fiscal Year
Measure R Extension Accelerated Expenditure PlanFunding by Source - October 2012
(Dollars in Millions)
Total Transit Projects Cost-$15.3 B
Measure J Fact Sheet
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Opposition to Measure J
13
Opposition to Measure J
14
Measure J Results as of Nov. 7, 2012
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Measure R Results in 2008
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Change from Measure R to Measure J
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Lessons Learned
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• Measure R’s success• Metro “brand”• Substantial support• Optimal outreach
• Measure J’s 65% “failure”– Opposed by some Board members– Lost by 2 percentage points
• Consensus is possible• Coalition is necessary• Champion is needed• Support of full Board of Directors is
needed
Preliminary Needs
Updated/Revised Lists
Updates to Final List
Yes No
LRTP Strategic
LRTP Funded
COG Input Ballot Development
Project Development Input Process for Long Range Plan/Ballot Initiative
Mobility MatrixNow – Feb 2015
Develop COG Ballot Priorities(Mar – Jun 2015)
Develop COG Ballot PrioritiesMar 2015 – May 2016
• Sub-Regional Needs• Sub-Regional Goals• Sub-Regional Projects* and
Priorities
• Update/Revise Projects Based on Initial Polling
• Refine Sub-Regional Projects• Assist with Development of
Financial Plan and Ordinance• Hold Metro Executive Team
Quarterly Meetings
* “Projects” refers to projects & programs
Preliminary Project List Development
Aug 2014 – Feb 2015
Initial PollingJan 2015
Update Project Costs & Schedules
Feb – Mar 2015
Project List & Financial PlanMar – Jun 2015
Update Projects if NeededJul 2015 – Feb 2016
Final PollingMar 2016
Board Action on OrdinanceMay 2016
Ballot ElectionNov 2016
Other Stakeholders
Other Stakeholders
Other Stakeholders