Download - Orange County Business Council Infrastructure Committee March 13, 2012 Will Kempton, OCTA CEO
Orange County Business Council Infrastructure Committee
March 13, 2012
Will Kempton, OCTA CEO
2
M1 – Promises Made, Promises Kept
Delivered over $4 billion of improvements
Leveraged $1.2 billion external funds
Accelerated M1 delivery with bonding
Captured cost savings
resulted in bonus project – SR-22
Provided mobility sooner
3
Passed By Nearly 70%
Freeway43%
Streets & Road
s32%
Transit
25%
4
M2 Timeline
2006
• Measure M2 passed by voters
2007
• Early Action Plan adopted
2010
• Early Action Plan updated
2011
• M2 sales tax revenues began Apr 1
5
Early Action Plan ObjectivesIn progress or complete by end of 2012
1. Complete conceptual engineering for all M2 freeway projects
2. Start construction on five M2 freeway projects
3. Complete local agency eligibility for streets and roads
4. Award up to $165M for signal synch and road upgrades
5. Expand Metrolink service
6. Award up to $200M competitive funds for transit
7. Complete development work for improved services for seniors and persons with disabilities
8. Complete resource agency agreements/begin allocating funds
9. Complete Water Quality guidelines and begin allocating funds
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0
5
10
15
20
25
2005 ForecastMay 2011 ForecastMay 2010 Forecast
Fiscal Year
Cu
mu
lati
ve
Sa
les
Ta
x R
ev
en
ue
(b
illio
ns
)
$15.5billion
$24.3billion
$13.7 billion
Sales Tax Forecast
7
M2020 Expediting the M2 Freeway Program
Favorable bidding climate
Avoid future inflation
Take advantage of low debt costs
Lock in resources
Deliver mobility early
Similar to M1 approach
A. Pay As You Go
B. Issue M Bonds
C. Issue M Bonds & I-405 Toll Bonds
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Funding Options M2 Freeway Program
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Option A: Pay As You Go(Assumes I-405 Alternative 1)
$(4,000)
$(2,000)
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$M, Year of Expenditure Dollars
Cumulative Revenues
Cumulative Expenditures
Ending Balances
Delivery questionable due to negative balances
Approximately $7.8B total revenues including M2 & external revenues
10
Option A – Pay As You Go Year 2020
Delivery questionable due to negative cash balances 2014-2027
RED = ready for design, right-of-way & construction
11
Option B: Issue M Bonds(Assumes I-405 Alternative 1)
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$M, Year of Expenditure Dollars
Total Revenues
Total Expenditures
Ending Balance
~$9B total revenue and $9B total expenditures
12
Option B – Issue M Bonds Year 2020
GREEN = M bonds
provide funds to accelerate project delivery
RED = ready for design, right-of-way & construction
Project K – 1 lane each direction I-605 to Euclid
All projects are delivered by 2041
13
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
$(2,000)
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
Revenues including excess tolls
Expenditures without the use of excess tolls
Expenditures with projects advanced using excess tolls
Ending balance with excess tolls
$13B in total revenues including $1.8B in excess tolls
Ability to advance projects starting 2019 with excess toll revenue
$M, Year of Expenditure
Option C – M and Toll Bonds(Assume I-405 Alternative 3)
$1.8 billion surplus
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Option C – Issue M & Toll BondsYear 2020
GREEN = in construction or complete – delivery accelerated by M and/or toll bonds
RED = ready for design, right-of-way & construction (may use surplus tolls to accelerate some projects)
Project K – 1 general purpose lane each direction plus express lanes facility I-605 to SR-73
All projects are delivered by 2041; potential for earlier delivery
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Option C - Surplus FundProjected Excess I-405 Toll Revenue
20192020202120222023202420252026202720282029203020312032203320342035203620372038203920402041 $-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000 $M, Year of Expenditure
I-405 Excess Toll Revenue (contingent on toll legislation)
Ability to ad-vance $425M in projects
Ability to ad-vance another $470M
Total cumulative ~ $1.8B Surplus
Board policy and tolling legislation would define allow-able uses for ex-cess tolls
I-405 Improvement Project
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Existing conditions
Rendering of I-405 looking northwest at Springdale St. overcrossing
Alternative 1
17Adds one general purpose lane in each direction
Alternative 2
18Adds 2 general purpose lanes in each direction
Alternative 3
19Adds an express lane facility and one general purpose lane in each direction
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I-405 –Optimizing Throughput
No Build Alt 1 Alt 2 Alt 30
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
4800
6000
7200
6000
1200
1200
1200 3500
HOV/Express
General Purpose (GP)
6000
7200
8400
9500
Year 2040 - Vehicles, Northbound PM Peak Hour
4 GP, 1 HOV 5 GP, 1 HOV 5 GP, 2 Express 6 GP, 1 HOV
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M2020 Summary
Can deliver entire M2 program Freeways Streets and Roads and Environmental
Keeps promise to voters Ability to expedite mobility improvements Potential to deliver beyond M2 plan
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Next Steps
Description Dates
M2020 Outreach March - May
I-405 Release of Draft EIR/DEIS End of April
I-405 DEIR/DEIS Public Review April through mid-June
Selection of I-405 Locally Preferred Alternative
June
M2020 Recommendations July
Discussion
Go to www.octa.net/m2020 website for additional information and to provide your comments