Speaker 1: Adopted resolution supporting the Bay Area Rapid Transit General Obligation Bond measure to fund BART Safety, Reliability and Traffic Relief Program.
Speaker 0: Thank you.
Speaker 4: Thank you, Mayor Spencer. So this is my third and last pull forward item, but I thought this was important for the public to also hear a little bit about this BART general obligation bond measure on the November ballot. And so Robert Rayburn from the BART board was kind enough to come here tonight to give us a brief overview of what we're going to vote yes on in November.
Speaker 3: Thank you again. My name is Robert Rayburn, and I'm honored to represent the city of Alameda on the park board. It's really a pleasure to come before you with a project measure, IRR, which is a fix it first bond, three and a half billion dollar reinvestment to rebuild an aging infrastructure. You might know that I've been the champion for reinvestment in the core system since I took office in 2010. So this is critical for me. The residents of Alameda Ride BART, primarily the Lake Merritt, Fruitvale and 12th Street stations, as well as the West Oakland stations. And our ridership has been growing by leaps and bounds. The access to our stations from the city of Alameda, as you heard earlier, people want to have convenient access on the west end of the island as well as on the go to the Fruitvale Station. Walking and bicycling represent growing and very significant portions of our ridership today. This bond measure. It has 90% of the funds allocated to fix it. First, very unsexy projects, 90 miles of new track power substations. Everything at BART comes in multiples 177 escalators in 45 stations. The 125 elevators. Mechanical equipment does not tend to last 44 years. And we just celebrated our 44th birthday and the majority of our train cars are 44 years old. It's testimony to our mechanic's talent that they're running as reliably as we are running. I want to share for people who might say, well, safety and reliability for BART passengers seems like it's a very important thing, but maybe I don't ride Bart and. Let me just share that. Every morning during the morning commute out, peak commute, we're carrying over twice as many passengers under the bay as travel over the bridge. And that number has been growing over the past few years. So imagine if BART is not able to keep pace with the air bag projections for the new population of 2 million more people that will be rubbing shoulders with us, including on your Westin. We need the resources to rebuild and be able to carry more passengers by running the trains more frequently and of course, reliably. This measure on your agenda, it notes a 40 year maximum parcel tax. Well, 40 years is the maximum for any one issuance of a bond. And we intend to issue 30 year bonds in and do that every two years over a ten issuance period. So we would have a total of three and a half billion ALEC spread out the. Burden on the taxpayer is something we have to face up to. And it would average $8.98 per $100,000 of assessed valuation for either commercial or residential property. The highest rate would occur probably in the 2030s of around $17.50, and much lower rates would occur in the early on and in the final years of the bond in the 20 seconds. So I'll leave it at that and let you ask any questions.
Speaker 0: I have a question. So your estimate of how long property owners would be paying this would be how long? Our staff report said 48 years.
Speaker 3: 48 years for the overall length of all the bonds. So I gave Jennifer short a graph showing the schedule of our financial plan, and she can share that with each of you. And it shows each of those two year bond measures. So if we issue one, a 30 year bond next year, it will be retired in 2037.
Speaker 0: Okay. But overall, it's my understanding we're talking 48 years from the date we vote approximately. Yes. Okay. And then the moneys that will be brought in from this, they are brought in over time then. But you issue your bonds early. So when do you anticipate that the money will be spent? By how long is this money going to last?
Speaker 3: We would. Our plan is to issue the bonds every other year for ten issuances or ten tranches. So over 20.
Speaker 5: Years we would.
Speaker 0: Bond.
Speaker 3: And each of those bonds, by state law, you're obligated to perform, deliver 80% of the projects in the bond measure. And that will also be scrutinized by an independent oversight body headed by not only project area experts, but to League of Women Voters.
Speaker 0: Okay. I want to get back to that. 20 over 20 years, you're going to be issuing the bonds, right? Well, the money you said 80% will be spent within 20 years. 80% of all the money. But we're.
Speaker 7: Saying.
Speaker 3: Actually if you.
Speaker 0: Times your.
Speaker 3: Child the second the last bond would be issued 20 years from now, then that would be two years of. That we would have to perform that last, say, $350 million bond.
Speaker 0: Okay. And then that property owners, the estimate is that property owners will be paying this for 48 years.
Speaker 3: That's right.
Speaker 0: All right. And does this include any consideration of having a station in Alameda?
Speaker 3: As I mentioned, this is a fix it first bond focused. 90% of that three and a half billion is on the existing infrastructure, which is deteriorating. We've reserved 10% for access and planning studies. Now planning studies include a second transbay two, and I need engineering feasibility studies first before I can start even drawing broad brush lines on a map showing where it's possible to build a new line and potential new stations, he said.
Speaker 0: And this includes money for an engineering study, but not to build anything.
Speaker 3: It would not build.
Speaker 0: But it.
Speaker 3: Would be of a very substantial and robust study that would guide.
Speaker 0: Us and that would require that some additional bond at some point. If at some point someone comes up with a plan to have anything, and it.
Speaker 3: Would be one of the largest transportation projects in the United States.
Speaker 4: And we'd be looking and we'd be looking to the federal government for assistance as.
Speaker 0: Well. But I appreciate clarifying that so that the voters know what they're being asked to vote for any other promotion.
Speaker 4: Okay. Because I know it's getting late and we've got still.
Speaker 0: You want to make a motion?
Speaker 4: I would love to make a motion. So I move that the city council adopt the resolution supporting the Bay Area Rapid Transit, general obligation bond measure, defend BART Safety, Reliability and Traffic Relief Program 40 year maximum personal tax measure on the November ballot.
Speaker 0: All those in favor I motion carries unanimously. Thank you very much. You all right? Now we're on ride. Regular agenda item six A.
Speaker 1: Adoption of resolutions appointing Lisa Hall as a member in the Commission on Disability Issues and Carl Jenks as a member. The Social Service. Human Relations.
Speaker 3: Move approval.
Speaker 7: Second.
Speaker 0: All those in favor. Motion carries unanimously. Thank you, Counsel. Are they here? And can you repeat what we just did?
Adoption of Resolution Supporting the Bay Area Rapid Transit (BART) General Obligation Bond Measure to Fund BART’s Safety, Reliability and Traffic Relief Program (40 Year Maximum Parcel Tax Measure). (Transportation Planning 9161101)