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August Board Actions

SANDAG HOLDS PUBLIC MEETING TO DISCUSS FINANCING OPTIONS TO ACQUIRE SOUTHBAY EXPRESSWAY: The SANDAG Board of Directors heard a report from staff and representatives from the Barclays investment banking team on financing options for acquiring the South Bay Expressway. On July 29, 2011, the Board approved acquiring the SR 125 toll road (assuming the Caltrans Development Franchise Agreement) for $344.5 million, subject to various conditions and contingencies. The presentation laid out two financing options for acquiring the franchise agreement for the South Bay Expressway: purchase with toll revenue bonds or purchase with a TransNet loan/swap option. Staff will provide updates and more information at future Policy Advisory and Board of Directors meetings as the Due Diligence process continues throughout the fall. This process involves a number of activities, including: reviewing financing options; assessing the roadway, toll collection, and traffic management assets; and conducting a financial audit. The Board is expected to consider a recommendation to proceed with the acquisition and complete the transaction by December 31, 2011. (Item #2: Staff contact, Marney Cox, (619) 699-1930 or mco@sandag.org)

Project Manager(s)

David Hicks, Communications Manager
Phone: (619) 699-6939, E-mail: david.hicks@sandag.org

For media inquiries, please contact the SANDAG Public Information Office at (619) 699-1950 or pio@sandag.org.