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OC Streetcar Project Revised Capital Funding Plan <br />Page 3 <br />Based on the announcement, CaISTA is awarding the OC Streetcar Project a <br />$25.52 million grant toward the New Starts project cost, contingent upon the <br />receipt of a federal New Starts full funding grant agreement. The award <br />leaves a $14.48 million gap in the funding plan that the revised plan will address. <br />On June 27, 2016, the Board approved the City of Anaheim concluding all <br />planning work on the Anaheim Regional Connector Project with OCTA taking <br />over any future work on this concept. There is approximately $9.17 million in <br />FTA funds that remain available from that project, which is in the same FTA grant <br />as the OC Streetcar. OCTA is limited in how it may redirect the remaining FTA <br />funds and only projects within the existing grant are eligible to use the funds. <br />For this reason, it is recommended that these funds be used for the <br />OC Streetcar to avoid risk of their loss. This change will make up part of the <br />funding gap in the plan. It is recommended that the remaining difference of <br />$5.32 million be funded using M2 Project S. The use of additional M2 Project S <br />funds for this project fits well within the most recent Project S revenue <br />projections. <br />The table below compares the July funding strategy to the proposed, revised <br />funding plan. <br />Funding Sources <br />Prior Plan <br />Updated Plan <br />Difference <br />% of Project <br />(millions) <br />Funding <br />Federal New Starts* <br />$ <br />148.96 <br />$ <br />148.96 <br />$ <br />- <br />Federal CMAQ <br />53.03 <br />53.03 <br />- <br />Federal FTA 5307* <br />4.09 <br />13.26 <br />9.17 <br />Sub -Total Federal <br />$ <br />206.08 <br />$ <br />215.25 <br />$ <br />9.17 <br />72.2% <br />State Cap -and -Trade* <br />$ <br />40.00 <br />$ <br />25.52 <br />$ <br />(14.48) <br />8.6% <br />Sub -Total State and <br />Federal <br />$ <br />246.08 <br />$ <br />240.76 <br />$ <br />(5.32) <br />80.8% <br />M2 - Project S <br />$ <br />51.83 <br />$ <br />57.15 <br />$ <br />5.32 <br />19.2% <br />TOTAL* <br />$ <br />297.91 <br />$ <br />297.91 <br />$ <br />100.0% <br />*Final amounts contingent upon state and federal approvals. <br />Another TIRCP grant of approximately $2.48 million for mobile ticketing <br />equipment will provide supplemental funding for a mobile ticketing project, which <br />is beyond the existing scope for the OC Streetcar New Starts Capital Funding <br />Plan. Staff intends to return to the Board at a later date on the specific scope and <br />schedule for use of this grant award. <br />I+ O <br />