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10 October 7, 1992 Budget & Finance053'7'76 RIVERSIDE COUNTY TRANSPORTATION COMMISSION BUDGET AND FINANCE COMMITTEE (COMMISSIONERS RUSS BEIRICH, KAY CENICEROS, CORKY LARSON, PAT MURPHY) WEDNESDAY, OCTOBER 7, 1992 10:30 A.M. LUND & GUTTRY 39-700 BOB HOPE DRIVE, THE BOB HOPE BUILDING, SUITE 309 RANCHO MIRAGE, CALIFORNIA AGENDA 1. CALL TO ORDER. 2. APPROVAL OF MINUTES. 3. PUBLIC COMMENTS. 4. PUBLIC HEARING. The Commission will conduct a public hearing at its October 14, 1992 meeting for the purpose of soliciting comments from the public on the Draft Strategic Plan. 5, QUARTERLY ECONOMIC REPORT SPONSORSHIP. Staff Recommendation That the Commission approve a one-year sponsorship ($8,500) of the Quarterly Economic Report. 6. FINANCIAL ITEMS. 6A. FIRST QUARTER MEASURE A REVENUES. Staff Recommendation Receive and file. 6B. INTERIM FINANCIAL ADVISORY CONTRACT WITH PUBLIC FINANCIAL MANAGEMENT, INC. Staff Recommendation That the Commission authorize the Executive Director to increase the existing contract with PFM for an amount not -to -exceed $44,500, subject to review by Legal Counsel. Page 2 lget and Finance Committee Agenda _ptember 2, 1992 6C. PRESENTATION BY PUBLIC FINANCIAL MANAGEMENT, INC. ON POTENTIAL "HEDGE" TRANSACTIONS. Staff Recommendation Discussion and possible action. 6D. STRUCTURAL CHANGE TO LOAN FOR CITY OF MURRIETA. Staff Recommendation That the Commission approve the proposed changes in the City of Murrieta loan structure as follows: (1) Change amortization period from five (5) years to twelve (12) years; and (2) Change interest rate after five (5) years from the existing bond yield to the greater of 12% or three percentage points above the reference rate (i.e., prime rate) as then published by Bank of America. 6E. COST AND SCHEDULE REPORTS FOR MONTH OF SEPTEMBER. Staff Recommendation Receive and file. 7. HIGHWAYS/LOCAL STREETS AND ROADS. 7A. CAJALCO CORRIDOR -FINAL PRESENTATION OF STUDY RESULTSAND INCREASING AUTHORIZED CONTRACT AMOUNT FOR PBQ&D TECHNOLOGIES TO COMPLETE STUDIES. Staff Recommendation (1) That the Commission receive and discuss the "final" Cajalco Corridor Study; and (2) That the Commission approve P&D Technologies' final request for funding in the amount of $21,408.85 7B. AMENDMENT NO. 3 TO PBQ&D CONTRACT. Staff Recommendation This item will be presented at the meeting for possible action on contract amendment and 1-215 funding policy. page 3 Jget and Finance Committee Agenda September 2, 1992 8. COMMUTER RAIL. 8A. UP CONSTRUCTION THROUGH RIVERSIDE. Staff Recommendation That the Commission authorize addition of the Barrier construction on Dewey Street between Brockton and Palm Avenues in Riverside to the list of approved construction on the UPRR line and make available to the SCRRA an additional $25,000 for this construction. 8B. COUNTY ASSISTANCE WITH THE RELOCATION OF RESIDENTS ON THE PIERCE STREET PROPERTY AND REQUEST FOR CONTRACTS FOR ASBESTOS ABATEMENT AND DEMOLITION OF IMPROVEMENTS FOR THE PIERCE AND CRIDGE STREET (PORTER) PROPERTIES. Staff Recommendation That the Commission approve solicitation of bids for asbestos abatement work and demolition of improvement work for the Pierce and Cridge Street Properties. Staff recommends that contracts be awarded to the lowest bidder for each type of work. Staff recommends that RCTC authorize a total budget of $10,000 for the Asbestos Abatement and $60,000 for the Demolition of Improvements and authorize the Executive Director to execute contracts for the work as developed by Legal Counsel. 8C. SUPPLEMENTAL CONTRACT (AMENDMENT #1) FOR YVONNE M. NEAL ENVIRONMENTAL CONSULTANT TO COMPLETE THE ENVIRONMENTAL STUDIES FOR THE DOWNTOWN RIVERSIDE COMMUTER RAIL STATION (RCTC AGREEMENT #RO- 9220). Staff Recommendation That the Commission direct staff to develop (to be reviewed by Legal Counsel) and authorize the Executive Director to implement an amendment to contract R09220 in the amount of $25,000 for the additional work identified in the staff memorandum. This will bring the not -to -exceed value of the contract to $235,000. 8D. DOWNTOWN COMMUTER RAIL STATION - REVISION TO COMMISSION APPROVED DESIGN, SHIFTING OF CONTRACTING AGENCY. AUTHORIZATION TO BID CONSTRUCTION. Staff Recommendation That the Commission authorize the following actions on the downtown station: (1) Proceed with the design of the 26 foot center platform: (2) Authorize SCRRA to be the contracting agency for the station construction; and (3) Authorize SCRRA to bid the construction package at the earliest feasible date and authorize SCRRA to administer the contract for construction. ^,ge 4 dget and Finance Committee Agenda September 2, 1992 8E. TURNKEY LEA SE/PURCHASEARRANGEMENT WITH UPRR FOR LIMONITE COMMUTER RAIL STATION. Staff Recommendation That the Commission: (1) Authorize staff to work with RTA staff in submitting a CMAQ application to FTA for a turnkey lease/purchase arrangement for the Limonite Commuter Rail Station; and (2) Authorize staff to develop a turnkey lease/purchase agreement with UPRR subject to FTA approval of the compatible CMAQ application. The detailed agreement will be brought back at a future meeting for final approval. 8F. CONTRACT WITH HUITT-ZOLLARS FOR SERFAS CLUB COMMUTER RAIL STATION. Staff Recommendation That the Commission approve the contract with Huitt-Zollars, Inc. for completion of planning, environmental, and design services for the proposed Serfas Club Drive commuter rail station. The final proposed consultant scope and cost will be presented at the meeting. 8G. CONTRACT WITH DANIEL, MANN, JOHNSON, AND MENDENHALL (DMJM) FOR PIERCE STREET COMMUTER RAIL STATION AND PLANNING FOR VAN BUREN COMMUTER RAIL STATION. Staff Recommendation That the Commission approve the contract with DMJM for completion of planning, environmental, and design services for the proposed Pierce Street commuter rail station, and for the planning services at the Van Buren location. The final proposed consultant scope and cost will be presented at the meeting. 9. CLOSED SESSION - if necessary. 10. ADJOURNMENT. MINUTES RIVERSIDE COUNTY TRANSPORTATION COMMISSION MINUTES BUDGET AND FINANCE COMMITTEE September 2, 1992 1. CALL TO ORDER. The meeting of the Budget and Finance Committee was called to order by Commissioner Russell Beirich at 10:43 a.m., 39-700 Bob Hope Drive, Suite 309, Rancho Mirage, California. Commissioners Present: Russell Beirich Corky Larson Pat Murphy The Budget and Finance Committee agreed that if an item did not warrant a staff report after being reviewed by the Committee prior to the meeting, it would not be discussed and would be presumed to be approved by the Committee. 2. APPROVAL OF MINUTES. M/S/C to approve the minutes of the August 5, 1992 minutes as presented. 3. PUBLIC COMMENTS. There were no public comments. 4. HIGHWAYS/LOCAL STREETS AND ROADS. 4A. COOPERATIVE AGREEMENT WITH CALTRANS FOR PROJECT COST AND SCHEDULE SERVICES. M/S/C that the Commission: (1) Approve the draft agreement for RCTC to provide project cost and schedule services to Caltrans for the 1993 fiscal year in the amount of $320,000; and (2) Authorize execution of the agreement by RCTC Chairman and Executive Director. 4B. KAWES CONSTRUCTION SUPPORT AMENDMENT. M/S/C that the Commission approve Amendment No. 2 to Contract RO-9002 in the amount of $60,000 for technical support of construction activities on the Route 91 Orange County Lien to Main Street, Measure A Highway Improvement Project. Amendment to be reviewed by Legal Counsel prior to approval. Page 2 September 2, 1992 Budget and Finance Committee Minutes 4C. AMENDMENT 3 TO PBO&D CONTRACT. Mark Massman, Bechtel Project Manager, informed the Budget and Finance Committee the reason the Parsons contract amount changed was due to changes in Caltrans' management direction since the contract was initiated. This resulted in studies of additional alternatives and increases in the project limits for the PBQ&D project. The Budget and Finance Committee recommended that the Commission discuss this issue and set policy for future Measure projects that may be affected. M/S/C that the Commission: (1) Extend the Parsons contract by $672,973 which is $242,525 over and above the amount that is currently available from the existing extra work. Further, that an additional $ 150,000 be maintained in extra work for future scope changes to the contract. The total additional commitment to the Parsons contract will be $392,525; and (2) Direct staff to renegotiate the present 75/25 percentage split between RCTC and SANBAG for a split of 80/20 (+/-) 2%; and (3) Provide policy direction to staff to assist in keeping the project focused on delivery of an alternative that is within the funding limits of the Measure Program. 4D. CONTRACT AMENDMENT NO. 3 FOR AGREEMENT RO-9101 WITH GREINER, INC. PRELIMINARY ENGINEERING AND FINAL DESIGN SERVICES FOR THE ROUTE 91 M3EDIAN WIDENING PROJECT, FROM MAGNOLIA AVENUE TO MARY STREET. M/S/C that the Commission approve the Contract Amendment No. 3 to RO-9101 in the amount of $225,260.92. 4E. COOPERATIVE AGREEMENTS FOR THE FOLLOWING MEASURE A HIGHWAY IMPROVEMENT PROJECTS: (1) ROUTE 79, FROM GILMAN SPRINGS ROAD TO FIRST STREET IN THE CITY OF BEAUMONT; AND (2) ROUTE 79, FROM KELLER ROAD TO NEWPORT ROAD. M/S/C that the Commission approve the Route 79 Cooperative Agreements to be entered into by Caltrans and RCTC for the following projects: (1) Project Development and Final Design PS&E for the Route 79 Measure A Improvement Project, from Gilman Springs Road (PM 33.9) to First Street (PM 401.) in the City of Beaumont; and (2) Project Development and Right -of -Way Engineering for the Route 79 Measure A Improvement Project, from Keller Road (PM 10.9) to Newport Road (PM 15.2). 4F. CAJALCO CORRIDOR STUDY - INCREASE INAUTHORIZED CONTRACT AMOUNT FOR P&D TECHNOLOGIES. This item was withdrawn from the Budget and Finance Committee agenda and will be presented to the Commission at a later date. Page 3 September 2, 1992 Budget and Finance Committee Minutes 5. TRANSlTIRIDESHAREIPARK-N-RIDE. 5A. MEASURE A COMMUTER BICYCLING DEMONSTRATION PROGRAM. M/S/C that the Commission: (1) Direct staff to negotiate and finalize an agreement with the Riverside Bicycle Commuter Coalition, pursuant the CMAQ proposal included with the staff memorandum, for the development and implementation of a Commuter Bicycling Demonstration Program; (2) Approve the agreement as negotiated by staff, subject to Legal Counsel review, and authorize the Executive Director to execute, on behalf of the Commission, said agreement with RBCC; and (3) Approve the expenditure of Measure A Commuter Assistance funds in an amount not to exceed $160,000 for the bicycle commuter program for the period September 1992 through June 1993. 5B. MEASURE A LEASE PARK-N-RIDE PROGRAM. Jack Reagan reported that the administrative costs for this item were 32.6% which was $12/space/month. He informed the Budget and Finance Committee that an amount will be negotiated to reduce this cost which will not exceed 20% of the total annual lease space costs. M/S/C that the Commission: (1) Approve, pursuant to the proposal included with the staff memorandum and subject to Legal Counsel review, amendment of the existing contract for lease park-n-ride services with Inland Transportation Services at hourly rates of $65/Project Manager and $45/Marketing Specialist; (2) Authorize the Executive Director to execute the amended agreement on behalf of the Commission, and; (3) Allocate Measure A highway funds in an amount not to exceed 20% of the total annual lease space costs for the period August 15, 1992 to August 15, 1993. 6. COMMUTER RAIL. 6A. VALUE ENGINEERING REVIEW OF DOWNTOWN COMMUTER RAIL STATION. M/S/C that the Commission receive the report and provide direction on cost savings options to be implemented. 6B. PLANNING, ENVIRONMENTAL, AND ENGINEERING DESIGN CONSULTANT CONTRACT FOR COMMUTER RAIL STATION AT LIMONITE AVENUE AND PEOLEY ROAD. M/S/C that: (1) The Commission approve the contract with Poutney and Associates for completion of the planning, environmental, and design services for the proposed Limonite-Pedley commuter rail station The final proposed consultant cost is $254,749.93 for all three phases. Negotiations resulted in several items being added to Poutney's work effort and some reduction in hours and cost for other items; and (2) A 15% contingency fund be established for extra work to be authorized by the Executive Director. The currently proposed total work authorization by the Commission including the 15% extra work fund would be $293,000. Page 4 September 2, 1992 Budget and Finance Committee Minutes 6C. ADDITION OF PSOMAS TASKS 11 & 12 TO DEVELOP STANDARDS AND PREPARE RAIL GEOGRAPHIC INFORMATION SYSTEM FOR RCTC. Mark Massman reported that the project cost proposed by Psomas was excessive. This project can be done through a database system with a current vendor at a more reasonable cost. Bill Hughes, Project Manager, will be meeting with Kevin Odom, a consultant on RCTC list, to review the costs and project information and it will be included with the Commission's agenda. M/S/C that the Commission direct staff to: (1) Modify Kevin Odom's existing contract, subject to Legal Counsel modifications, if any, to add the creation of an additional database that will assist staff in managing the property that it will own. The cost of this new property database is not to exceed $5,000; and (2) Purchase one additional copy of Foxpro Software for use by consultants if needed, to use the database on a machine outside the RCTC office for a price of $544 + tax. 7. GENERAL ITEMS. 7A. STATE BUDGET IMPACT ON TRANSPORTATION. M/S/C that the Commission discuss and possibly take action on this item. 7B. PRESENTATION BY SMITH BARNEY. Doug Auslander, Smith Barney, made a presentation to the Budget & Finance Committee for a forward interest rate swap arrangement. M/S/C that the Commission approve the execution of a resolution approving the Commission entering into a forward swap, and authorize the Executive Director to execute the swap agreement at a rate of 6.125% or less and related documents including the indenture and the remarketing agreement. 7C. QUARTERLY COST AND SCHEDULE REPORT. M/S/C that the Commission receive and file. 8. ADJOURNMENT. Commissioner Beirich adjourned the Budget and Finance Committee meeting at 12:15 p.m. Respectfully submitted, Natty Kolenhav'er, Office Services Manager :SC AGENDA ITEM #4 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 7, 1992 TO; Administrative Committee Budget and Finance Committee FROM: Dean Martin, Controller THROUGH: Jack Reagan, Executive Director SUBJ: Public Hearing for the Draft Measure A Strategic Plan Update 1992 Copies of the Draft Measure A Strategic Plan Update 1992 were given to the Commission at the August meeting. Subsequent to that, copies were also distributed to the Coachella Valley Association of Governments and the Western Riverside Council of Governments. Additionally, oral presentations were made to each group by Commission staff. Both COGS have been requested to review the plan and submit their comments to the Commission in time for formal presentation of the Plan at the November meeting. The Commission will conduct a public hearing at its October 14, 1992 meeting for the purpose of soliciting comments from the public on the Draft Strategic Plan. DM:sc AGENDA ITEM #5 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 7, 1992 TO: Administrative Committee Budget and Finance Committee FROM: Naty Kopenhaver, Office Services Manager THROUGH: Jack Reagan, Executive Director SUBJECT: Quarterly Economic Report Sponsorship The Inland Empire Economic Council is seeking the Riverside County Transportation Commission's support of their Quarterly Economic Report (QER). The QER (see attached sample) is published on a quarterly basis and is distributed to about 10,000 - 15,000 people. Publication of the QER started three years ago. It is an excellent source for demographic and economic information on the Inland Empire and is well received by governmental agencies, such as the Federal Reserve Bank, as the definitive source for up-to-date information about Riverside and San Bernardino Counties. It also provides analysis on the local economy and provides projections on the where the local economy is heading. A one-year sponsorship of the QER is $8,500 ($2,125 per issue). The San Bernardino Associated Governments has committed to sponsoring the QER. At present, the Commission does not published a newsletter. One publication, RCTC's Annual Report, is distributed using the local newspapers every October. By sponsoring the QER, the Commission will have an avenue to reach the business community to provide status of projects that are currently underway and completed. RECOMMENDATION That the Commission approve a one-year sponsorship ($8,500) of the Quarterly Economic Report. nk IEEC INLAND EMPIRE ECONOMIC COUNCIL QUARTERLY ECONOMIC REP 0 R T lV intei A U.S. RECOVERY IS FINALLY IN SIGHT.. s What does it mean for the Inland Empire? "l L 1. r . ratio ; the lol•tod 1 ;ion of tioutlu to C.iltlunti.t February, Vol 4, No. 2 55 00 US. economic recovery... politicians and pundits keep predicting it. When and how will it happen? The answer is cru- cial to understanding the Inland Empires near - term health. At 18 months the current recession is the longest since World War II, and it is not over yet. However, while the downturn has been long, it has not been deep. Today's 7.1% unemployment rate contrasts with rates over 10% in 1982-3. To establish a scenario for recovery, it is necessary to dissect the causes of the present slump and see where healing has begun. The In- land Empires probable future can then be placed in context. DEBT...DEBT...DEBT The seeds of the current recession were sown in the late 1970s when the public began shunning sacrifice and demanding instant gratification. The old saw, "a penny saved is a penny earned" lost out to the yuppie creed, "he with the most toys wins." To pay for immediate satisfaction, con- sumers, business and government went on a debt binge. Between 1980-1990, consumer in- stallment and mortgage debt rose from 74% to 94% of disposable income. Corporate debt as a percent of equity rose from 35% in 1983 to 47% in 1990. Federal debt went from 26% of U.S. Gross Domestic Product (GDP) in 1980 to 50% today. These debt loads became a burden as much of the borrowed money was not invested in THE U.S. DEBT BURDEN Consumer Debt as a % of Disposable Income. Corporate Debt as a % of Equity. Federal Deficit as a % of U.S. GDP. SAN BERNARDINO ASSOCIATED GOVERNMENTS (714) 884-8276 A planning council of cooperating interactive governments. increasing the productivity and earnings po- tential of individuals, companies or the nation. RECESSION BEGINS Consumers borrowed to buy goods, not to enhance their educations, skill levels and earn- ings ability. Thus, by mid-1990 high debt pay- ments were restraining consumer spending enough to set off the recession. Post -Persian COnhnurd on page 2 EDA (714) 788-9770 Providing aviation services. economic and community development. and redevelopment to enhance the quality of life in Riverside County. continued from page 1 Gulf War euphoria caused a brief upward spike in expec- ta nns and spending. However, the reality of the debt soon caused consumption to slide again, length- en a the downturn. In the 1980s, corporations did not borrow to invest in efficient tools or worker training. They borrowed to allow existing owners to cash out their equity. When the recession began, new corporate owners faced heavy debt payments without an increased ability to meet them. Worse, markets were being lost to more productive Asian and European competitors. Normal recession layoffs were thus exacerbated. Finally, the U.S. government has been borrowing to finance tax cuts, a defense build up, and transfer pay- ments (e.g. welfare), not to invest in productive infrastruc- ture. The economy has thus not been expanding or cre- ating a higher tax base. When the recession hit, the gov- ernment was thus left unable to undertake spending policies to counteract it. FINANCIAL SYSTEM WEAKNESS Problems in the banking system have worsened the situation. In the early 1980s, deposit rate deregulation increased the cost of funds to banks and S&Ls. Simulta- neously these institutions lost a secure, high yield lending source when major firms began borrowing directly from r •cial markets. The resultant profit squeeze forced banks t :cease their high -risk Third World, junk bond and non-residential lending. When the recession hit, many of these loans went sour, destroying bank equity and increasing regulatory oversight. This created the current credit crunch which until very recently has frustrated the Federal Reserve Bank's ("Fed") ability to stimulate the economy by mak- ing low cost bank funds available to firms wishing to invest. THE BASIS FOR RECOVERY The recessions dark side is seen in unemployment and income losses, a real estate collapse, bank and 5&L closures and corporate bankruptcies. However, its length has begun to set a base for a turnaround. Consumers have been restrained for 18 months. The tires are getting bald. The refrigerator is almost beyond repair. The married kids are sick of living with morn and dad. In effect, there is substantial pent-up durable good demand. More importantly, slack markets have restrained prices. In 1991, producer prices fell 0.1 %. Consumer prices were quite stable, up just 3.2%. In Southern California, - rose just 2.8%. LOW INTEREST RATES ... the major cure been able to lower With inflation low, the Fed has interest rates in earnest. In Dec-91, the discount rate banks pay to borrow reserves was cut to 3.5%, lowest since 19E4, Other short-term rates immediately fell, with the prime reaching 6.5% (vs. 10.0% in Dec-90). In the long market, the 30-year treasury bond tem- porarily fell to 7.39%, its lowest level since 1972. Mortgage and corporate long-term rates dropped with it. As debt caused the current recession, enough cannot be said about the importance of lower interest rates to ending it. CONSUMERS BENEFIT FROM LOWER INTEREST RATES Variable mortgage interest rates are based upon the short-term cost of funds to banks and S&Ls. The rate decline has thus left many home owners with $200-$300 more to spend on goods or reducing debt. Similar changes have helped households with fixed- rate mortgages. An. Inland Empire family with a 30-year fixed-rate mortgage written in 1988-1990 is paying an average of 10.78%. This debt can now be refinanced at 8.75%, saving $200-$300 a month. This is true despite the recent rise in rates from their 8.25% low. Finally, even credit card rates are starting to fall. ATTs card charges 16%. American Express Optima is cutting rates as low as 12.5%. Banks may be forced to follow. Again, lower monthly debt payments will allow consumers to pay off debt or increase spending. BUSINESS BENEFITS FROM LOWER INTEREST RATES Corporations are also finding that lower interest rates are reducing their debt loads. Firms with inventory or working capital loans tied to the prime rate are now paying 3.5% less than in Dec-90. A $10 million line thus costs $350,000 less in annual interest charges. Also, firms are refinancing billions of dollars in old debt. Moody's composite corporate bond index shows rates are 83 basis points below Feb-91. On a $100 million bond, that means an $830,000 annual interest savings. Many corporations are even reversing the 1980s process, taking in new owners and using their money to pay off debt. While ownership is diluted, this can lead to enormous cash flow savings. A $100 million equity issue, used to retire bonds issued at the Feb-91 rate of 9.55%, saves $9.55 million in annual interest expenses. This equity strategy has been encouraged by lower interest rates as savers have poured billions into stocks, directly or via mutual funds. They have done so out of frustration over low savings account and CD yields. Today's lower interest rates will aid American busi- ness in three other ways. First, in the 1980s U.S. rates were the world's highest, placing American firms at a competi- tive disadvantage vis-a-vis their international competitors, when they borrowed to invest in productive technology. That situation is now reversed. 2 continued on page 5 EMPLOYMENT INLAND EMPIRE 'PLOYMENT .,rDATE For the first time since the recession began, the Inland Empire had a year -over -year net job loss in Dec-91. For 17 months, the regions population related employment (e.g. services, retail) grew sufficiently to offset Losses in sectors de- pendent upon outside eco- nomic forces (e.g. manufac- turing, construction). In Dec- 91, this was not the case. Population related sec- tors added 7,600 jobs over Dec-90. However, export sectors jobs fell 10,200, leav- ing the region with an em- ployment loss of 2,600 or - n3%. As expected, the larg- decline was in construc- tion (-6, 700). Recovery in this sector will bedelayed until banks begin funding residential construc- tion. Possibly the President's proposals designed to encourage home purchases, plus lower inter- est rates, will speed that process. The general U.S. slowdown caused manu- facturing and wholesale trade to drop 5,400 jobs. These sectors will pick up with the U.S. economy (see lead article). Population growth did induce service em- ployment to rise 3,500 (1.9%) and retail to go up 300 (0.2 %). However, withconstructi0nand goads producing bringing less money to area workers, these gains were quite small. The strongest gain was in state and local government, a sector which will remain static for at least a year. LA/ORANGE WEAKNESS The chart shows how much stronger the Inland Empire economy has been compared to LA/Orange counties. Weaknesses there have --sally caused local employment declines. Inland Empire job growth will probably remain negative until the second quarter when goods production should stabilize, allowing the population driven sectors to again raise total employment. J JOBS IN SAN BERNARDINO & RIVERSIDE COUNTIES LABOR FORCE: Civil Labor Force Total S8/Riv Jobs Commuters SB/Riv Employed Unemployed Unemployment Rate D.6e1 Nw.H Oew1 $4,41 A41 ,lu1.e1 o.c.eo 1990.91 %CM. 1,126,100 1,117,900 780,900 778,800 253,200 248,600 1,034,100 1,027,400 92,100 90,500 8.2% 8.1% JOBS IN EXPORT SECTORS: Construction 56,E Dur Mant acluring 58,100 Non-Dur Manufad 29,100 Wholesale Trade 32,800 Federal Govt. 19,800 Transportation 22,000 Agri & Mining 21,900 Total Export 240,600 JOBS IN SERVICE SECTORS: Services 192,500 Retai Trade StatelLocal Govt Fin. Real Estate Public Utilities Total Service 160,600 139,200 33,200 14,800 540,300 1,121,400 1,106,400 1,106,900 780,200 774,100 763,700 237,800 231,700 242,500 1,018,000 1,005,800 1,006,200 103,400 100,600 100,700 9.2% 9.1% 9.1% 1,107,600 767,000 230,100 997,100 110,500 10.0% 1,089,300 783,503 219,500 1,003,000 86,300 7.9% 36,800 (2,600) 33,700 31,100 5,800 3.4% •0.3% 15.4% 3.1% 6.7% 58,600 61,700 64,100 64,300 62,200 63,600 (6,700) -10.5% 58,800 59,100 59,200 58,900 59,400 60,800 (2,700) •4.4% 29,200 29,500 29,400 29,500 29,400 30,000 (900) •3.0% 32,800 32,800 33,200 33,400 33,600 33,600 (800) •2.4% 19,700 19,700 19,800 19,800 19,800 19,800 0 0.0% 21,400 21,300 20,700 20,900 20,900 21,500 500 2.3% 19,800 20,200 20,900 20,700 21,800 21,500 400 1.9% 240,300 244,300 247,300 247,500 247,100 250,800 (10,200) -4.1% 193,400 193,400 190,900 1::,600 188,800 189,000 3,500 1.9% 159,100 156,000 154,900 153, 800 153,500 160,300 300 0.2 % 138,000 138,200 132,300 125,000 128,800 134,600 4,600 3.4% 33,200 33,400 33,900 33,900 33,700 33,800 (600) •1.8% 14,800 14,900 14,800 14,900 15,100 15,000 (200) •1.3% 538,500 535,900 526,800 516,200 519,900 532,700 7,600 1.4% TOTAL SB/RIV JOBS: 780,900 778,800 780,200 774,100 7153,700 757,000 7113,500 (2,600) -0.3% Source: California Employment Development Department. JOB GAIN (LOSS) FROM SAME MONTH PRIOR YEAR Inland Empire vs. L.A./Orange, 1991 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 0 INLAND EMPIRE L.A./ORANGE 3 HOME VOLUMES AND VALUES HOW DID SO. CALIF HOME PRICES MOVE BETWEEN Dec-90 & Dec-91? Riverside San Bdno Los Angeles San Diego Orange So. Calif. NEW HOMES Dec-90 Dec-91 177,558 159,899 174,770 177,118 228,100 212,409 234,069 222,346 267,804 249,576 218,847 202,441 % Chg -9.9% -1.3% -6.9% -5.0% -6.8% -7.5% Riverside San Bdno Los Angeles San Diego Orange So. Calif. RESALE HOMES Dec-90 132,248 122,975 227,679 190,427 231,793 201,880 Dec-91 134,759 127,763 228,472 196,229 235,810 206,196 % Chg 1.9% 3.9% 0,3% 3.0% 1.7% 2.1 % Source: TRW Real Estate Information, Riverside, California. nland Empire real estate markets appeared to begin stabilizing in 4th quarter 1991. Rcsale volume was 2.9% above 1990, as a 1.2% vol- ume drop in San Bernardino County was overcome by an 8.4% rise in Riv- erside County. At an average price of $127,763, San Bernardino prices were up 3.9%; Riversides at $134,759 were up 1.9%. New home sales were off 29% in both counties over 4th quarter 1990. However, in Dec-91 San Bernardino new home sales were down just 4.4%, with prices up 1.3%. Riverside County Dec-91 sales were off just 10.8%, how- ever in part this was due to a 9.9% drop in average price to $159,899. Looking ahead, lower prices and fixed mortgage rates at 8.75% - 9.0% should cause a rise in even Inland 'mpire new home sales in 1st quarter 992. J 1991 VOLUME TRENDS NEW HOMES 1990 1991 %Chg RESALE HOMES 1990 1991 %Chg San Bdno/Highland 807 752 -6.8% West SB Valley 2,193 1,799 -18.0% Victor Valley 1,855 1,351 -27.2% Mountains 29 20 -31.0% Hi/Low Desert 132 80 -39.4% Fontana/Rialto/Colton 1,331 762 -42.7% Loma Linda/Red/Yuc 496 281 -43.3% SAN BDNO CO. 6,843 5,045 -26.3% Riverside Rural 378 254 -32.8% Palm Springs Area 1,028 622 -39.5% Perris/Hemet 2,364 1,398 -40.9% Riverside 1,187 684 -42.4% Elsinore/Temecula 3,229 1,773 -45.1 % Corona/Norco 1,360 695 -48.9% Beaumont/Ban/Cali 475 199 -58.1 % Moreno Valley 1,688 576 -65.9% RIVERSIDE CO 11,709 8,201 -47.0% INLAND EMPIRE 18,552 11,246 39.4% Hi/Low Desert 1,949 1,819 Victor Valley 5,163 4,167 West SB Valley 7,575 7,512 Fontana/Rialto/Cotton 5,016 4,104 San Bdno/Highland 3,992 3,585 Loma Unda/Red(Yuc 2,070 1,956 Mountains 1,310 1,150 SAN BDNO CO. 27,075 24,293 Corona/Norco 2,108 2,077 Riverside 5,311 4,750 Moreno Valley 2,447 Beaumont/Ban/Calimesa 938 -6.7% -19.3% -0.8% -18.2% -10.2% -5.5% -12.2% •10.3% -1.5% -10.6% 2,127 -13.1% 733 -21.9% Riverside Rural 1,149 1,092 -5.0% Palm Springs Area 4,273 3,694 -13.6% Elsinore/Temecula 3,968 3,383 -14.7% Perris/Hemet 2,499 2,267 -9.3% RIVERSIDE CO 22,693 20,123 -11.3% INLAND EMPIRE 49,768 44,416 -10.8% Source: TRW Real Estate Information, Riverside, Califomia. 4th QUARTER 1991 VOLUME TRENDS NEW HOMES 4th-90 4th-91 % Chg Mountains Victor Valley West SB Valley San Bdno/Highland 7 403 547 257 Hi/Low Desert 20 Fontana/Rialto/Colton 328 Loma Linda/Red/Yuc 92 SAN BDNO CO. 1,654 Riverside Rural 77 Beaumont/Ban/Cali Riverside Perris/Hemet Elsinore/Temecula Corona/Norco Moreno Valley Palm Springs Area 74 242 457 636 239 255 248 RIVERSIDE COUNTY 2,228 INLAND EMPIRE 3,882 Pomona Valley 40 8 343 446 171 13 152 41 1,174 83 64 204 354 448 159 144 136 1,592 2,766 70 14.3% - 14.9% -18.5% 33.5% 35.0% - 53.7% -55.4% - 29.0% 7.8% -13.5% -15.7% •22.5% -29.6% -33.5% 43.5% -45.2% - 28.5% - 28.7% 75.0% RESALE HOMES 4th-90 4th-91 % Chg West SB Valley 1,707 1,922 Hi/Low Desert 470 478 Mountains 316 319 Loma Linda/Red/Yuc 466 469 San Bdno/Highland 907 879 Fontana/Rialto/Colton 1,181 1,040 Victor Valley 1,131 994 SAN BDNO CO. 6,178 6,101 Corona/Norco 402 590 Elsinore/Temecula 762 851 Riverside Rural 279 311 Palm Springs Area 842 Riverside 1,119 Perris/Hemet 503 Beaumont/Ban/Calimesa 207 Moreno Valley 532 RIVERSIDE COUNTY 4,646 INLAND EMPIRE 10,824 Pomona Valley 873 1,076 Source: TRW Real Estate Information, Riverside, California. 917 1,171 512 199 485 5,036 11,137 12.6% 1.7% 0.9% 0.6% -3.1% -11.9% •12.1% -1.2% 46.8% 11.7% 11.5% 8.9% 4.6% 1.8% -3.9% -8.8% 8.4% 2.9% 23.3% 4 continued from page 2 Second, low U.S. interest rates have reduced the value of the dollar. To Americans, foreign goods cost more, encouraging domestic purchases. To foreigners, U.S. goods are now cheaper, encouraging them to buy American. Both results mean more U.S. sales and jobs. Finally, financial institutions have been helped as their cost of funds have dropped faster than the rates they earn from lending, improving both income statements and balance sheets. This has been most evident on the East Coast where banks have been under stress longer. TIMING OF THE RECOVERY With low interest rates reducing the nation's debt burden, the forces necessary for a national recovery are in place. However, it should take 6-9 months for them to have a visible impact (]uly-September]. The turn will be gradual owing to the difficulty of working down debt loads and putting appropriate national spending and saving attitudes in place. The wild card will be the federal government. If the President and Congress vastly increase the federal deficit, long-term rates will take off, harming the recovery. Rates have already begun to rise in part from fear of such a pattern. If the government opts to stimulate growth with investment incentives and infrastructure projects paid for from defense cuts, the recovery should remain on track. CALIFORNIA ... recovery will lag a quarter California was late entering this downturn; it will be about one quarter late leaving it. Recessions require time to end as consumers, businesses and banks rethink their economic behavior. That process is only partially com- plete. Thus, unlike the past, a U.S. upturn will help California recover, not the other way around. Even as the state rebounds, it faces 2-3 years of in- hibited growth as defense employees and businesses tran- sition to other jobs. For California, a true peace dividend would include major federal contracts utilizing this sector to enhance U.S. economic productivity. Finally, for the first time, the speed of a California recovery appears to depend on the political sector's abil- ity to deal with the inefficiencies and costs of its regula- tory environment. CaJifornia has always been an expen- sive place to do business. Now, competitive states have become much more aggressive at taking advantage of this weakness. INLAND EMPIRE 4th quarter data reveal the Inland Empires economic strengths and weaknesses within this national and state context. During the recessions first 17 months, the area was California's only region continuously adding jobs. Weak- nesses in the sectors bringing money from the outside world (e.g. commuters, manufacturing, construction) were more than offset by growth in population -related sectors (e.g. services, education). In Dec-91, the area finally had a small 0.3% (2,600) job loss, as California's downturn overcame the region's internal. strength (Page 3 article). These small losses should continue through the 1st quarter as Southern California's economy begins to bottom. At that point, the Inland Empire's sound fundamentals should allow it to quickly return to outperforming both the state and nation. DEEPENING ECONOMIC BASE These solid fundamentals are reflected in 4th quarter non-residential real estate data. Net office space absorp- tion, at 254,209 feet, was the highest since before the recession. Office firms continued to migrate to the area as the regions population is now over 2.6 million, forcing them to establish a local presence. Office & Industrial Space Absorption (Sq. Ft.) Net Office Quarter Absorption Gross Industrial Absorption 3rd - 90 4th - 90 1st-91 2nd - 91 3rd - 91 4th-91 243,580 221,444 191,444 236,291 129,056 254,209 4,914,590 2,832,586 2,014,800 3,047,969 2,784,453 3,774,778 Source: Grubb & Ellis. Similarly, industrial space absorption at 3.8 million feet was the highest since Sep-90. With labor costs 13-30 L below L.A./Orange counties, and with ample space, the region continues to draw firms despite slack times. These numbers reveal that the Inland Empires eco- nomic base continues to deepen. As the recovery matures, these new office and industrial firms will give it a wider base from which to grow. STATUS OF A RESIDENTIAL REAL ESTATE RECOVERY In the all important residential real estate sector, the data points toward an early turnaround inhibited by a lack of construction financing. Low interest rates have led to an acceleration in home refinarngs, showing consumers are well aware of market trends. Dec-91 Riverside County home resales were 20.3% above Dec-90 and San Bernardino's were up 10.8%, as lower rates made monthly payments more affordable (Page 4 article). The new housing market also benefited from lower rates. In Dec-91, the deep year -over -year sales declines of the past several months dramatically lessened. Riverside continued on page G 5 continued from page 5 County sales were off 10.1 % (versus 47.0% for all 1991); San 'ernardino's were down 4.4% (versus 26.3%). Continued Low interest rates, a probable $5,000 first - ,me home buyer tax credit, pent-up demand, and prices averaging $75,000 below LA/Orange counties should cause Inland Empire new home sales to rise in lst quarter 1992. However, as the year progresses, the growth of such sales will be inhibited by lack of financing to build new inventory. California banks are only now beginning to repair their balance sheets in response to recent non-residential real estate losses. As yet, neither they nor their regulators have shown an appetite for any real estate lending. Until 1993, new home construction will thus be confined to a few large developers able to build without bank financ- ing. INLAND EMPIRE RECOVERY PATTERN With a deepening office and industrial sector, and a growing population, the Inland Empires recovery will begin once the LA/ Orange counties' economies stop con- tracting. Positive local growth should resume in the 2nd quarter as the regions commuter, manufacturing and construction sectors stop shrinking, while population - related sectors continue adding jobs. Local manufacturing, warehousing and transporta- _.on should start growing in the 3rd quarter in response to a US. turnaround. By the 4th quarter, funds paid to workers in these sectors will be moving through retail and service firms, inducing further employment gains and a good, but not great, Christmas season. Also in the 4th quarter, Inland Empire commuter - based income will benefit from the beginning of a general California recovery. This will further aid service and retail activity. Finally, construction will grow slowly from mid- year as large developers react to a shrinking new home inventory. However, lack of financing should restrain the sector until 1993. By the 1st quarter of that year, banks and their regulators should find pro formas for Inland Empire projects very solid. This points to a more complete recov- ery in 2nd quarter 1993. The regions economy will then be totally on track as construction workers add their spend- ing into local markets. SUMMARY Lower interest rates, made possible by stable prices, are beginning to relieve the debt load affecting consumers, businesses and banks. By 3rd quarter 1992, this should result in an evident U.S. recovery. California's lagging economy will benefit about one quarter later. The Inland Empires growing population has allowed it to outperform both the state and nation throughout the recession. Weaknesses in the areas manufacturing, com- muter and construction sectors will begin to heal in 1992, moving it back toward a faster growth scenario. — John Husing, Ph. D. — J We sincerely appreciate the contributions from the follow- ing companies who have made this publication possible: Fist Boston (213)253-2183 Proriig nnnrhir>ipr boat maiming b Itsr and local grxwarrinisros throughout Southern ca■ahria. Ransom (714) 381-5301 A daarMsd rral Web aryeria aeon traa ac iins, p dpTMebps, manages and silk tar p olit, coat toots prnjialc 1 lisrusliso County Caedrai Omit Anion (714) 881 -3355 Aced Wm ;mars; Q+ifh *Nadi swims b lie bind Empire, including ffaray whit soecaril, IR41, corium tsars aal rod aura tits atu equity loans. IEEC N aNO °:RE ECONOMIC CJuNCIL 800 N. Haven Ave., Suite 100 Ontario, CA 91764 (714) 941-7877 BULK RATE U.S. POSTAGE PAID Upland, CA Permit No. 392 AGENDA ITEM #CA RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 7, 1992 TO: Administrative Committee Budget & Finance Committee FROM: Dean Martin, Controller SUBJECT: First Quarter Measure A Revenues Measure A revenues for the quarter ending September 30, 1992 totaled $12,423,985. This compares to the first quarter of the prior year of $10,717,520. Though the 15.9% increase is impressive, it should be viewed cautiously as the first quarter of the prior year was "doomsday" quarter; it was the first quarter that reflected the full impact of the recession on Riverside County. First quarter results are also 4.6% ahead of projections. Though the Commission is pleased with first quarter results, it is also concerned with recent downward trends in key economic measures for the County. The Commission encourages local jurisdictions to continue to be prudently cautious with Measure A revenue expectations. STAFF RECOMMENDATION: Receive and file. DM:sc AGENDA ITEM #6B DATE: RIVERSIDE COUNTY TRANSPORTATION COI17MISSION October 7, 1992 TO: Administrative Committee Budget and Finance Committee FROM: Dean Martin, Controller SUBJECT: Interim Financial Advisory Contract with Public Financial Management, Inc. As instructed by the Commission, staff has prepared and sent out Requests for Proposal for financial advisory services. That process will be complete and selection made by December 1, 1992. In the meantime, there are financial items which need to be continued which require expert advice. The second firm on the Commission's short list from the original RFP for financial advisory services was Public Financial Management (PFM). Under single signature authority, the Executive Director has engaged PFM to assist staff in resolving pending items or a financial nature. Specifically, PFM will assist with the following: • Advise on proposals presented by members of the Commission's underwriting team for our late spring/summer planned debt issuance. • Revise Commercial Paper documentation in response to changes desired by one of the rating agencies. • Other financial matters as deemed necessary by the Executive Director. Under single signature authority up to $10,000 in services can be provided. Based on estimates furnished by PFM, the cost may be as high as $40,000, plus $4,500 for expenses. The actual amount may be lower, but is dependent upon the extent of the complexity of underwriter proposals and rating agency requirements. STAFF RECOMMENDATION: That the Commission authorize the Executive Director to increase the existing contract with PFM for an amount not -to -exceed $40,000, plus $4,500 for expenses for a total contract amount of $44,500, subject to review by Legal Counsel DM:sc AGENDA ITEM #6C RIVERSIDE COUNTY TRANSPORTATION CO1VIMIISSION DATE: October 7, 1992 TO: Administrative Committee Budget and Finance Committee FROM: Dean Martin, Controller SUBJECT: Presentation by Public Financial Management, Inc. on Potential "Hedge" Transactions Staff and the Commission's interim financial advisory, Public Financial Management, Inc. (PFM) will be prepared to discuss potential "hedge" transaction(s) in anticipation of a late spring/summer debt issuance. STAFF RECOMMENDATION: Discussion and possible action. DM:sc AGENDA ITEM #6D RIVERSIDE COiTNTY TRANSPORTATION COMMISSION DATE: October 7, 1992 TO: Administrative Committee Budget and Finance Committee FROM: Dean Martin, Controller SUBJECT: Structural Change to Loan for City of Murrieta At the June 10, 1992 Commission meeting, a commitment was made to loan the City of Murrieta up to $17 million to construct an interchange. The Commission, at that time, approved all necessary documentation subject to minor modifications approved by the Executive Director. The loan was approved under the following basic terms: • 5 year amortization beginning the earlier of project completion date, or March 1, 1995. • Interest rate equivalent to our existing bond yield (6.91885%) • Pledge of Measure A Revenues and Bridge & Road District fees. • Security interest in park land owned by the City in the form of Certificates of Participation (COP's). This, in effect, provided the Commission with the "full faith and credit" guarantee of the City's general fund. The first and fourth provisions combined made the City of Murrieta nervous that there might be too great an impact on the City's general fund. To address that concern, staff proposed a change in the structure of the deal that would reduce the potential general fund commitment, but still provide strong incentive for the City to pay the loan in full after five years. Staff is recommending that the loan be structured with a twelve year amortizing balance. After the first five years, the interest rate would increase from the current bond yield to the greater of 12 percent, or three percentage points above the referenced rate (i.e., prime) as then published by Bank of America. Page Two October 7, 1992 Structural Change to Loan for City of Murrieta The change in structure eases the burden on the City's general fund, while at the same time, providing financial incentive to pay the debt in full after five years. No doubt by that time, the City will have established themselves well enough to access the market with their own debt issuance. STAFF RECOMMENDATION: That the Commission approve the proposed changes in the City of Murrieta loan structure as follows: (1) Change amortization period from five (5) years to twelve (12) years; and (2) Change interest rate after five (5) years from the existing bond yield to the greater of 12% or three percentage points above the reference rate (i.e., prime rate) as then published by Bank of America. DM:sc7 AGENDA ITEM #6E RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 7, 1992 TO: Riverside County Transportation Commission FROM: Mark Massman, Measure A Project Manager Louis Martin, Project Controls Manager THROUGH: Jack Reagan, Executive Director SUBJECT: Cost and Schedule Reports for Month of September The attached material depicts the current cost and schedule status of contracts reported by Routes, commitments and Cooperative Agreements executed by the Commission. For each contract and Agreement, the report lists the authorized value approved by the Commission, percentage of contract amount expended to date and the project expenditures by route for the month ending August 31, 1992. Detailed supporting material for all schedules, contracts and Cooperative Agreement is available from Bechtel staff. STAFF RECOMMENDATION Receive and file. 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Staff has completed review of the draft versions of these studies and the draft Phase II Interim Traffic and Land Use Study for the Cajalco Corridor final report is being brought forward for presentation and review by RCTC. An Interim Technical Memorandum (ITM) that summarized P&D Technologies early efforts in defining alignment alternatives and potential environmental impacts for the Cajalco Corridor was completed in Spring 1991. This document recommended that a TIER 1 environmental document to preserve right-of-way be prepared. However, at the August 14,1991 Commission meeting it was decided that additional study of the traffic and land use issues within the Cajalco Corridor area was necessary. The main objectives of the additional study would be to determine the effect of interchange locations, the feasibility of rail options, evaluation of improvements on Cajalco relative to expanded alternatives on Route 91 (including a "double -deck" option), and evaluation of potential funding of alternatives (including evaluation as a toll road) before continuing the Tier I environmental analysis. The study team included P & D Technologies, KaWES Associates (evaluated a"double- deck" option on Route 91 between the Eastern Corridor junction with Route 91 and Interstate 15), JHK Associates (conducted "Toll Road" analysis), and Ernst & Young prepared a fiscal plan which evaluated various approaches for financing improvements for the Cajalco Corridor including "Toll Road" options. Page 2 October 7, 1992 Cajalco Corridor -Final Presentation of Study Results and Increase In Authorized Contract Amount For P&D Technologies to Complete Studies Extensive coordination with the public, local jurisdictions, other agencies (Orange County and U.S. Forest Service) and the various developers in the Lake Matthews/Corona area was also conducted to disseminate information about the Cajalco Study and obtain critical input. ITEM 2 In order for P & D Technologies to complete the Cajalco Corridor studies, coordinate with the public and give the "final" presentation they have requested an increase in their total contract amount of $21,408.85. RCTC staff has reviewed P&D Technologies request and have determined that the additional work summarized above was not covered in the original agreement. This supplement would increase the total amount of P&D Technologies Phase II contract from the $114,940.00 approved by the Commission at the February 13, 1992 meeting (Agenda Item 12E38) to $136,348.45. STAFF RECOMMENDATIONS: ITEM 1 That the Commission receive and discuss the "final" Cajalco Corridor Study. ITEM 2 That the Commission approve P&D Technologies' final request for funding in the amount of $21,408.85 which will conclude the current phase of study. KS:sc ihr AGENDA ITEM #713 DATE: TO: RIVERSIDE COUNTY TRANSPORTATION COMMISSION October 7, 1992 Administrative Committee Budget and Finance Committee FROM: Bill Hughes, Bechtel Project Coordinator THROUGH: Jack Reagan, Executive Director SUBJECT: Amendment 3 to PBQ&D Contract RCTC signed an MOU with SANBAG (R09020) in December of 1990 to be the lead agency for the portion of the Interstate 215 improvement that occurs in San Bernardino County south of Interstate 10. RCTC negotiated and signed a contract with PBQ&D (R09018) in August of 1990 to provide preliminary engineering and environmental documents for an HOV lane addition to 1215 for Interstate 215 from the East junction with State Route 60 north to Interstate 10. The contract was amended in December of 1990 to include the evaluation of the Ultimate alternative and to provide full environmental clearance for the Ultimate Project. PBQ&D will provide preliminary engineering and environmental studies to support the PSR, PR and EIR/EIS documents for the Interstate 215 improvements. Recently, management direction has both delayed and changed the scope of the project. The result of these changes is that additional alternatives will now have to be studied, and the project limits have been increased on the East, West and South in order to properly tie into adjacent projects. A recent management meeting with FHWA and Caltrans directed that the environmental study for the Ultimate alternative will be rescoped as a Tier I study, and that the preferred alternative will be a full standard HOV addition lone lane in each direction) throughout the project limits. Scoping discussions are currently being conducted with Caltrans to determine the timing and staging of the improvements so that improvements can be delivered at an early date if possible in key sections such as between the East and West Junctions with State Route 60. Where possible, the Measure alternative of providing a reduced standard HOV addition will be maintained as an initial stage to a full standard facility that will be added or improved upon at a future date. Another scoping meeting with FHWA and Caltrans has been scheduled for October 6. The results of this meeting and the impact of the changes on the scope, schedule and cost of the contract (Amendment 3) will be discussed at both the Budget & Finance, and Administrative Committees. STAFF RECOMMENDATION This item will be presented at meeting for possible action on contract amendment and 1-215 funding policy. WRH:sc AGENDA ITEM #8A DATE: TO: RIVERSIDE COUNTY TRANSPORTATION COMMISSION October 7, 1992 Administrative Committee Budget and Finance Committee FROM: Mark T. Massman, Measure A Project Manager THROUGH: Jack Reagan, Executive Director SUBJECT: UP Construction through Riverside Construction of a second main track by the Union Pacific Railroad (UPRR) through Riverside was included in the agreement to operate commuter trains between Riverside and Los Angeles. UPRR has been expediting this work in order that it be complete prior to initiation of service early next year. The work being performed by UPRR is specified in detail in the agreement. The Riverside City Council has directed City Staff to work out an encroachment permit with the UPRR in order to expedite the work. RCTC, SCRRA, UPRR, and City of Riverside staffs have met and worked out most of the terms of the encroachment permit with one exception. The City has requested that UP construct a barrier between Dewey Street and the UPRR property between Brockton and Palm Avenues. UPRR contends that this work is outside of the SCRRA agreement and not funded by UPRR. The cost of this barrier is estimated at $25,000. In order to meet City requirements and keep the track construction on schedule staff recommends that RCTC fund the barrier construction through amendment to the SCRRA/UPRR agreement for commuter rail service. UPRR has also been working with the City of Riverside to accomplish improvements of City street crossings at the same time as construction of the second main track. The City has submitted applications for Federal RR Crossing Safety Improvement (Section 130 funds) for most of the grade crossings in Riverside. Conversations with Caltrans Local Streets and Roads staff in Sacramento indicate that access to these funds may require a TIP amendment by RCTC. Staff is working with UPRR and City Staff to expedite release of these funds. STAFF RECOMMENDATION: That the Commission authorize addition of the Barrier construction on Dewey Street between Brockton and Palm Avenues in Riverside to the list of approved construction on the UPRR line and make available to SCRRA an additional $25,000. for this construction. AGENDA ITEM #8B RIVERSIDE COUNTY TRANSPORTATION COMMISSION MISSION DATE: October 7, 1992 TO; Administrative Committee Budget and Finance Committee FROM: Karl Sauer, Measure A Project Coordinator THROUGH: Jack Reagan, Executive Director SUBJECT: County Assistance with the Relocation of Residents on the Pierce Street Property and Request for Contracts for Asbestos Abatement and Demolition of Improvements for the Pierce and Cridge Street (Porter) Properties. Asbestos Removal and Demolition The Pierce and Cridge Street Properties were purchased as locations to accommodate construction of Commuter Rail Stations. To accommodate future improvements the existing structures on these sites must be demolished and removed. Phase I environmental review of the sites indicates that there is minor amount of floor tiles containing asbestos on the Pierce Street Property which must be disposed of. Staff has estimated that the cost for the asbestos abatement work for the Pierce Street Property should not exceed $5,000. Staff has concurred with legal counsel that this asbestos abatement work would not require to be advertised for bid. Legal counsel recommended that a Request For Proposal be mailed to selected qualified firms as was the case for the asbestos abatement work performed for the Route 74 Measure A Highway Improvement Project in the City of Perris. Staff has also estimated that the total cost for demolition and removal of improvements for both the Pierce Street Property and the Cridge Street Property should not exceed $50,000. Staff has concurred with legal counsel that the demolition work for these properties should be advertised for bid and let to the lowest qualified bidder. Staff will be working with legal counsel on the wording for the Request for Proposal for the Asbestos Abatement work and advertisement for the Demolition of Improvements Work. The standard contract language approved by RCTC can not be used for this construction work. A contract will be worked out with legal counsel similar to that used by RCTC/Perris/BB&K for the Asbestos Removal and Demolition work for the Route 74 project managed by Bechtel for the City of Perris. Page 2 October 7, 1992 County Assistance with the Relocation of Residents on the Pierce Street Property and Request for Contracts for Asbestos Abatement and Demolition of Improvements for the Pierce and Cridge Street (Porter) Properties. Relocation Assistance The County Real Property Division has been assisting RCTC with the relocation of residents that were still residing on the Pierce Street Property after it was purchased by the Commission. Their diligent and forthright actions have resulted in the expedient relocation of all the tenants in accordance with Federal Relocation Assistance Act guidelines. The projected total cost to relocate the residents is $25,000. STAFF RECOMMENDATION: That the Commission approve solicitation of bids for asbestos abatement work and demolition of improvement work for the Pierce and Cridge Street Properties. Staff recommends that contracts be awarded to the lowest bidder for each type of work. Staff recommends that RCTC authorize a total budget of $10,000.00 for the Asbestos Abatement and $60,000 for the Demolition of Improvements and authorize the Executive Director to execute contracts for the work as developed by Legal Counsel. KS:sc AGENDA ITEM #8C RIVERSIDE COUNTY TRANSPORTATION CONIAIISSION DATE: October 7, 1992 TO: Administrative Committee Budget and Finance Committee FROM: Mike Davis, Environmental Manager THROUGH: Jack Reagan, Executive Director SUBJECT: Supplemental Contract (Amendment # 1 ) for Yvonne M. Neal Environmental Consultant to Complete the Environmental Studies for the Downtown Riverside Commuter Rail Station (RCTC Agreement #R0- 9220) RCTC received a request from Yvonne M. Neal dated September 11, 1992 for an increase in her authorized contract amount for conducting environmental studies for the Downtown Riverside Commuter Rail Station. The majority of this request is for: 1. Supplementary traffic studies by DKS and Associates. 2. Continuing effort on Preliminary Site Investigations (PSI) for hazardous materials being conducted by Tetra Tech, Inc. 3. Conducting a process to obtain input and develop community consensus on a signing package for the downtown Riverside commuter rail station. This request is in the amount of $25,000. The total amount of the Yvonne M. Neal contract ($210,000.) approved by Commission at the February 13, 1992 meeting (Agenda Item 12D2) would increase to $235,000. RCTC staff has reviewed the Yvonne M. Neal request and have determined that the additional work summarized in their September 11, 1992 letter was not covered in the original agreement and is necessary for completion of the environmental studies for the Downtown Riverside Station. This extra work consists of follow-up hazardous waste work on the Quinlan property and remediation monitoring for the 4-parcels owned by Birtcher. Two additional alternatives also require evaluation in the DKS traffic study. The work to develop a signing package is in response to City of Riverside Design Review Board comments on the station design package. Page Two October 7, 1992 STAFF RECOMMENDATION: That the Commission direct staff to develop (to be reviewed by Legal Counsel) and authorize the Executive Director to implement an amendment to contract RO9220 in the amount of $25,000 for the above identified additional work. This will bring the total not -to -exceed value of the contract to $235,000. MD:sc AGENDA ITEM #8D RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 7, 1992 TO: Administrative Committee Budget and Finance Committee FROM: Tom Horkan, Bechtel Project Coordinator Mark Massman, Bechtel Project Manager THROUGH: Jack Reagan, Executive Director SUBJECT: Downtown Commuter Rail Station - Revision to Commission Approved Design, Shifting of Contracting Agency, Authorization to Bid Construction RCTC and Bechtel staff have been working with SCRRA and their consultants on the re -design of the downtown commuter rail station. At the September RCTC meeting the Commission redirected the design of the station to include an approximate 1,000 foot center platform and no side platform. The re -design is expected to save the RCTC approximately $600,000 from the original design of two platforms. SCRRA has been working further on the design of the center platform and believe that best design would include a platform of 26 feet in width, as opposed to 24 feet in width. The additional two feet will be needed for adequate clear walking space between the mini -platforms that service handicap passengers. With the 24 foot platform only six feet remained for walking space between the side -by -side mini - platforms. SCRRA feels and RCTC staff concur that additional walking space will be needed for passengers alighting from trains. The eight foot walkway proposed with the 26 foot platform allows for three passengers to travel concurrently through the platform as well as better accommodate wheelchair users. The current estimated construction cost of the 26 foot platform is $1,900,000. RCTC staff has envisioned that RCTC would bid and administer the construction work for the downtown platform. The work for the downtown platform will be funded through State Transit Capital Improvement (TCI) funds. To access these funds, agencies must be qualified by Caltrans to be a recipient agency. RCTC was in the process of being qualified to receive and distribute such funds. However, due to the difficulty in completing the review process because of state staff turnover RCTC will access the funds under the auspices of the Los Angeles County Transportation Commission which has already received such approval. Page Two October 7, 1992 Downtown Commuter Rail Station - Revision to Commission Approved Design, Shifting of Contracting Agency, Authorization to Bid Construction For your information, RCTC has executed an agreement with SCRRA for the purposes of using the LACTC as the pass through for the project funds. Therefore, staff recommends that SCRRA should bid and administer the contract for the downtown station. The station re -design is expected to be complete and ready for bid on October 26, 1992. SCRRA is proposed to be the agency that will bid the construction package. Staff recommends that the Commission authorize SCRRA to bid the package as soon as the construction documents may be assembled. The bidding of the package in late October should allow the station construction to be completed in time for an April start up of service. STAFF RECOMMENDATION That the Commission authorize the following actions on the downtown station: 1. Proceed with the design of the 26 foot center platform. 2. Authorize SCRRA to be the contracting agency for the station construction. 3. Authorize SCRRA to bid the construction package at the earliest feasible date and authorize SCRRA to administer the contract for construction. 8 TM:sc AGENDA ITEM #8E DATE: TO: RIVERSIDE COUNTY TRANSPORTATION COMMISSION October 7, 1992 Administrative Committee Budget and Finance Committee FROM: Mark T. Massman, Measure A Project Manager THROUGH: Jack Reagan, Executive Director SUBJECT: Turnkey Lease/Purchase Arrangement with UPRR for Limonite Commuter Rail Station RCTC has applied for Congestion Management and Air Quality (CMAQ) funds for the Limonite Commuter Rail Station and the Union Pacific Railroad (UPRR). Staff is working with RTA staff in submitting an application for these funds. Staff feels that it may be difficult to follow normal Federal Transit Agency (FTA) processes and maintain the expedited schedule for station implementation. As an alternative, RCTC and RTA staff has been exploring the possibility of working out a turnkey lease/purchase arrangement with UPRR. RTA staff has contacted FTA staff and has received indication that this may be an acceptable approach to FTA. Staff has contacted UPRR management and found them receptive to a turnkey lease purchase arrangement under which: 1. UPRR would finance and construct the Limonite station and parking lot on UPRR property as designed by RCTC (presumably in accordance with FTA contracting guidelines). 2. RCTC would lease the Limonite station from UPRR until CMAQ funding is made available by FTA. 3, RCTC would purchase the completed station (land, parking lot, and platform) from UPRR using CMAQ funds. RCTC staff is meeting with UPRR on September 30, 1992 to outline the conceptual framework of a turnkey lease/purchase deal. The basic cost of the deal to RCTC would be the financing and management costs incurred by UPRR. Staff plans to present a conceptual agreement framework to the Commission. STAFF RECOMMENDATION: That the Commission: 1, Authorize staff to work with RTA staff in submitting a CMAQ application to FTA for a turnkey lease/purchase arrangement for the Limonite Commuter Rail Station. 2. Authorize staff to develop a turnkey lease/purchase agreement with UPRR subject to FTA approval of the compatible CMAQ application. The detailed agreement will be brought back at a future meeting for final approval. MM:sc AGENDA ITEM #8F RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: October 7, 1992 TO: Administrative Committee Budget and Finance Committee FROM: Tom Horkan, Bechtel Project Coordinator THROUGH: Jack Reagan, Executive Director SUBJECT: Contract with Huitt-Zollars for Serfas Club Commuter Rail Station A commuter rail station on the Santa Fe Railroad line from Riverside to Los Angeles and Irvine is proposed to be located near the intersection of Serfas Club Drive and Pomona Rincon Road in the City of Corona. RCTC recently completed a selection process to rank consultants to complete site planning; environmental study and clearance; and preparation of plans, specifications, and estimates for commuter rail stations in the Metrolink system. The second ranked firm in the selection process was Huitt-Zollars. Huitt-Zollars, Inc. has an office in Tustin and has extensive station work for the Dallas Area Rapid Transit. Staff prepared a Request for Proposal for the Serfas Club station planning and engineering work. Huitt-Zollars, Inc. has responded to that RFP with a proposed scope of work. Staff has found the proposed work to be in general accordance with the RFP and is currently negotiating final scope and cost. Consultant Proposal The proposed scope of work for the Serfas Club station will be done in three phases of work. Phase I is a planning phase which involves developing site plan options, identifying physical site constraints, and identification of potential environmental issues. Phase II will involve all of the environmental studies and preparation of the environmental document for the project. RCTC is proposed to be the lead agency and the expected environmental clearance is expected to be a negative declaration under CEQA. Phase III of the project will include final design and the preparation of Plans, Specifications and Estimates for the construction bid package. Page Two October 7, 1992 Contract with Huitt-Zollars for Serfas Club Commuter Rail Station To assist in the completion of the three phases of the work effort a project advisory committee will be formed consisting of staff from the City of Corona, SCRRA, RTA, Schiermeyer Consulting Services, RCTC, Bechtel, and the project consultant. Staff will be completing negotiations this week and expects to present the proposed contract scope and cost at the meetings. The RCTC standard consultants agreement will be executed for the consulting services. STAFF RECOMMENDATION That the Commission approve the contract with Huitt-Zollars, Inc. for completion of planning, environmental, and design services for the proposed Serfas Club Drive commuter rail station. The final proposed consultant scope and cost will be presented at the meeting. TH:sc AGENDA ITEM #8G DATE: TO: FROM: THROUGH: SUBJECT: RIVERSIDE COUNTY TRANSPORTATION COMMISSION October 7, 1992 Administrative Committee Budget and Finance Committee Tom Horkan, Bechtel Project Coordinator Jack Reagan, Executive Director Contract with Daniel, Mann, Johnson, and Mendenhall (DMJM) for Pierce Street Commuter Rail Station and planning for Van Buren Commuter Rail Station Two potential commuter rail station sites on the Santa Fe Railroad line in the City of Riverside are proposed adjacent to the intersection of Pierce and Magnolia, and near the intersection of Van Buren and Indiana. RCTC owns an approximately 14 acre parcel at Pierce and Magnolia and adjacent to the Santa Fe tracks. RCTC will be acquiring a small parcel of property at Van Buren and Indiana as part of the use rights agreement with Santa Fe. The RCTC staff proposes to pursue station implementation at the Pierce Street site and begin planning for the optimum location of a station at Van Buren. RCTC recently completed a selection process to rank consultants to complete site planning; environmental study and clearance; and preparation of plans, specifications, and estimates for commuter rail stations in the Metrolink system. The third ranked firm in the selection process was Daniel, Mann, Johnson, and Mendenhall (DMJM). DMJM is located in San Bernardino and has extensive commuter rail and station experience. Staff prepared two (2) Request for Proposals for these potential rail stations. The RFP for the Pierce Street site includes station planning, environmental and engineering work. DMJM has responded to that RFP with a proposed scope of work. The RFP for Van Buren includes a planning effort to determine optimum site location and other potential uses near the site. Staff has found the proposed work to be in general accordance with the RFP and is currently negotiating final scope and cost. Project advisory committees will be formed for the project development work. The committees will consist of staff from the City of Riverside, SCRRA, RTA, Schiermeyer Consulting Services, RCTC, Bechtel, and the project consultant. Page Two October 7, 1992 Contract with Daniel, Mann, Johnson, and Mendenhall (DMJM) for Pierce Street Commuter Rail Station and planning for Van Buren Commuter Rail Station Staff will be completing negotiations this week and expects to present the proposed contract scope and cost at the meetings. Staff proposes executing one agreement with DMJM for both work efforts. The RCTC standard consultants agreement will be executed for the consulting services. STAFF RECOMMENDATION That the Commission approve the contract with DMJM for completion of planning, environmental, and design services for the proposed Pierce Street commuter rail station, and for planning services at the Van Buren location. The final proposed consultant scope and cost will be presented at the meeting. TH:sc