Item 20 - Loan of TDA Surplus to Mertropolitan Transit Dev. Board1NTA� EP O
CITY OF POWAY
This. report is included on the Consent Calendar... There will " be no separate discussion of the
report prior to approval by the City Council unless members of the Council, staff or, public,
request it to be removed from the Consent Calendar anddiscussed separately.:If you wish to
have this report pulledfor discussion, please fill out a slip indicating the report number
and give it to the City Clerk prior to the beginning of the City Council. meeting
IN THE GD
TO: Honorable Mayor and Members of the City Council
FROM: James L. Bowersox,City Mana,;-:L
INITIATED BY: Lee Lewis, Director of Community :Service%
DATE: October 28, 1986
SUBJECT: Loan of TDA Surplus To Metropolitan Transit
Development Board
BACKGROUND
TheMetropolitan. Transit Development Board(MTDB) has requested. that
the City Council authorize a loan of 50 percent ($'325,000) of the
City's surplus: TDA Funds toassist in establishing an "overrun
account." to meet UTA fund .ng requirementsto build the El Cajon
Light Rail. Transit (LRT) Project. (See Attachment)
FINDINGS
The MTDB, in order to meet UMTA funding requirements, 1 must
establish a $5 million reser'Ve account for unanti.cipated cost.
overruns during construction, of the El Cajon LRT project. The
MTDB :will transfer $1.8 millionfrom their reserves and is
requesting loanss from member cities to finance the $3.2 million
difference. The funded loan, including interest, would be : reimbursei
to the City in 1990.
Staff has reviewed the City's funding requirements for public
transit through. 1990 andhas determined that the loanamount
would not adversely effect the City's ability to provide public
transit services.
RECOMMENDATION
It is recomnended that the City Council approve the Metropolitan
Transit Development Board's request and authorize the City
Manager exe:cute the necessary documentation.
JDB: DLL:, sf••' Attachment
-ACTION:
1 of 2
OCT 28 199.5 ITEM
#TDB
etropolitan transit !me. t-Bcard
ME
-
62GGSir� t: Suite. 400',,
Sail Dieg :C 921 01-53W
{619} 23-144661
Septembew Zx lye' C'-9 2,: T 4
The Honorable: Carl Kruse
Mayor,- C.it�t of Rowayf�rz
v
1332 C44. fit Center- : Drive
Powat, CA: g20b
Dear; May, Kruse:
rn or- der. to satisfy the Urban Masi Transportation AftinistratTon R
r_equ cements for 'a fall° funding, agreeme to build the Cajon LRT project,
MTQB must establ sh an "overrun account. "", This account must total $5, ml:lllon
and: be Set cis, for' "unanticipated cost overruns«a
Uue: to recent State, transit funding, cutbacks,. MT -QB reserves are limited We
t
�elleve .about I. mi lTlort-. -could prudently be transferred fro€: ourreserve
leaving a need for: another $2 mi l ion; in and"er ° to aecuml atm the $5, i l:l ion
totalE } .
Therefore;, we are request nc� your support of a TQC .Transportation Development
ct` cl:ai amendieut -equal to: 50% of your c:ityts s€rpus appor•ornt or
$325-�.QQQ.. These monles�, wauld be. treated, as a. `�loen to N 8. and. would
h-
�
commit to Ply tber(r bade no Tater than. the end of F w to a prop®rtio�tate
sham of interest incu,„r red..
Your” council"SL falvordLle- action= with be. critical. tO° our, c"leting:the full
funding, agreement.
51 neereTy,:
James- R.: MiTIs
Chairman
c
MR -dg:
T M t
member Agerscies:
ityatLaMesaCityatLemon -o�OWa. �` �:�ctr��efr�xa��:v��-a?�a
C4atCtrua%Asta.City ofComnado GityofElCaim- City ofImpeiiatBeackC,.
Santee, County of San Dieg% State of CafffbrWa
metroaetitart Transitoevetopment Boardis Coordcrsatatotthe Me€topoutmTansit:Systes
rporabans Sarroie a rastsitGaiposai r� aSa Diewira�ey.trr,,aixt Saer€}ieW&mz=acasiemr asaY:Ga :t
2: C1 2