Adoption of a Resolution in Support of the Metropolitan Transportation Authority s Measure R Project Acceleration Initiative. City of Culver City California Agenda Item Report Meeting Date: _08/09/10_ CITY COUNCIL AGENDA ITEM: Adoption of a Resolution in Support of the Metropolitan Transportation Authority s Measure R Project Acceleration Initiative Contact Person/Dept.: Shelly Wolfberg Phone Number: (310) 253 6008 Item Number: A 2 Fiscal Impact: Yes No X General Fund: Yes No X Public Hearing: Action Item: X Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: Meetings and Agendas City Council (08/05/10) Department Approval: Martin R. Cole (08/02/10) Chief Financial Officer Approval: Jeff Muir (by M. Noller) (08/04/10) City Attorney Approval: Carol Schwab (by H. Baker) (08/02/10) City Manager Approval: Martin R. Cole (08/05/10) RECOMMENDATION: Staff recommends the City Council consider adoption of a resolution in support of the Metropolitan Transportation Authority s (Metro) Measure R Project Acceleration Initiative (also referred to as the 30/10 initiative). BACKGROUND/DISCUSSION: Measure R a 1/2 cent local sales tax approved by Los Angeles County voters in 2008 is funding new transportation projects and programs. On April 22 2010 the Metro Board adopted a support position of the 30/10 Initiative. The 30/10 Initiative is a strategy to accelerate the construction of Measure R and Long Range Transportation Plan (LRTP) transit projects. Over 30 years Measure R is projected to generate $40 billion for congestion relief projects throughout Los Angeles County. The 30/10 Initiative is a proposal intended to accelerate the process by asking the federal government to advance funding for 12 key projects so they can be built in 10 years instead of 30 years. The concept being explored is to use the Measure R funding for these projects which will be collected over the next 30 years as collateral for long term bonds and a federal loan ...
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