Item 6b Memo
PORT OF SEATTLE MEMORANDUM COMMISSION AGENDA Item No. 6b Date of Meeting June 30, 2009 DATE: June 23, 2009 TO: Tay Yoshitani, Chief Executive Officer FROM: Michael Ehl, Director, Airport Operations George England, Program Leader, Aviation Capital Improvement Program SUBJECT: Lift the suspension and restart the entire Rental Car Facility (RCF) program, authorize additional funds required to complete the program, process suspension change orders and allow a one-time change order policy adjustment. ACTION REQUESTED: Request for authorization for Chief Executive Officer to: 1) Lift the suspension on and to restart the entire RCF program given the successful sale of bonds to finance the program; and 2) Prepare contract documents; execute and award outside professional services agreements; prepare and execute outside utility agreements; and perform contract administration and execution for the Bus Maintenance Facility (BMF) and Off-Site Roadway Improvements (ORI) as part of the RCF (CIP# 102167) project at Seattle-Tacoma International Airport (Airport) for an additional $591,670 for a total authorization to date of $6,610,000; and 3) Prepare contract documents; perform construction services; execute and award outside professional services agreements; prepare and execute outside utility agreements; advertise and award major and small works contracts; pre-purchase materials and equipment including contract award and execution; perform contract administration and execution; issue letter to Turner Construction Company (Turner) to lift the suspension on the RCF GC/CM contract; and re-baseline the schedule for restarting the RCF and Main Terminal Improvements (MTI) as part of the RCF Construction (CIP #100266) project at the Airport for an additional $27,826,000 for a total authorization to date of $350,260,970; and 4) Execute multiple change orders for an estimated not to exceed value of $16.8 million and up to 260 calendar days of contract time extension for the suspension/restarts costs and schedule impacts; and 5) Revise the Commission notification requirements for the cumulative total of all change orders established under Resolution 3605 from 10% to 18%, a one-time change specific only for the RCF GC/CM Total Construction Contract (TCC). COMMISSION AGENDA T. Yoshitani, Chief Executive Officer June 18, 2009 Page 2 of 16 SYNOPSIS: On December 15, 2008, the Commission authorized the suspension of most work under the contract for construction of the RCF for a period not to exceed one year. The financial markets have made significant improvements in the past seven months making it possible for the Port to secure a combination of short and long-term financing for the RCF program in a manner that poses less risk to the Port's liquidity. The total cost and time impact of the suspension is dependent on the specific date that the Commission lifts the suspension allowing staff to restart the program. Remobilization and construction restart will begin after the Port issues the restart notice and it is estimated to take two to four weeks for work on-site to fully resume. The estimated cost of the suspension is at $25.8 million and with a construction delay of up to 260 days based on issuing a restart notice effective July 1, 2009. In addition to the $25.8 million in suspension related cost, staff has also identified the need for an additional $6.2 million in budget, not related to the suspension, but required to complete the entire program. This total increase of $32 million, which includes some amount of contingency, requires a $6,973,300 increase to the original program budget of $412.3 authorized in May 2008, bringing the total program budget to $419.3 million. This revised budget was used in the financial analysis for the bond issue. The items requiring additional budget include a 0.5% increase in the Washington State sales tax, increased overhead allocations due to changes to the organization, increased general administrative overheads in meeting the revised procurement requirements, additional scope (mostly utility related), and corrections for errors made in the initial program budget completed in 2007. The RCF GC/CM contract was negotiated based on the 90% construction documents with a 100% conforming design development allowance and an anticipated scope allowance. Zero-cost change orders are issued to approve expenditures from these allowances. To date, several no-cost change orders have been executed for approved expenditures of $186k, with another $2.18million under review and negotiation within the 100% conforming design development allowance. The anticipated scope allowance currently has no expenditures. Approved expenditures from these two allowances will be reported to Commission in the monthly RCF briefing. The Port and Turner have been discussing the estimated cost and schedule impacts to the RCF GC/CM contract based on work resuming in July. With the first round of information received by Turner and their subcontractors, staff has estimated up to $16.8 million in contractor claims and up to 260 calendar days of time extension associated with the suspension/restart. There are fifty-four (54) first-tier subcontractors managed by Turner. Up to 60 change orders will have to negotiated and executed to settle these costs and adjust the contract time. Given the significant impact of the suspension and to minimize time and costs processing Commission memorandums COMMISSION AGENDA T. Yoshitani, Chief Executive Officer June 18, 2009 Page 3 of 16 and notifications required under Resolution 3605, staff recommends a blanket authorization for executing these suspension/restart change orders. The Commission will be notified as to the final amounts of these change orders via the monthly RCF program update. In addition, the suspension/restart change orders represent approximately 8% of the original contract total. Resolution 3605 requires Commission notification when the cumulative total of all change orders exceeds 10% of the contract. Staff recommends a one-time adjustment to this threshold increasing it from 10% to 18% for only the RCF GC/CM TCC. A number of future requested actions will be required to authorize the remaining work to complete the entire program. PROJECT DESCRIPTION AND JUSTIFICATION: The RCF program includes four main projects: the RCF, BMF, ORI, and MTI. The project statement and objectives listed below focus on the primary RCF project. Project Statement: Deliver a consolidated RCF at South 160th Street and International Boulevard by the end of second quarter of 2012. Project Objectives: Accommodate rental car operational needs to match an Airport activity level of 45 Million Annual Passengers Accommodate approximately ten full-service rental car companies and provide flexibility for market share changes Provide equipment and facilities necessary for a consolidated busing operation Minimize overall program capital costs and facility operating and maintenance costs Minimize the impacts to the surrounding community Meet the requirements of applicable permits, codes and agreements, including the Interlocal Agreement with the City of SeaTac Minimize impacts to future Airport and non-Airport development projects COMMISSION AGENDA T. Yoshitani, Chief Executive Officer June 18, 2009 Page 4 of 16 PROJECT SCOPE OF WORK AND SCHEDULE: Scope of Work: The RCF program includes four main projects, and is described in the following paragraphs and attached exhibits. The RCF project includes the construction of a five-level structure totaling approximately two million square feet and is shown in Exhibit A. Four of the five levels provide ready/return and fuel/wash areas, while the fifth level provides the customer service building, bus curbs and staging, employee parking, and other drop-off/pick-up areas all to support rental car operations. The BMF project includes the construction of a 22,000 square foot bus maintenance facility, a bus wash/clean area, a compressed natural gas (CNG) fueling facility, a bus parking area, and an employee parking area. These facilities will support the consolidated rental car busing operation and the existing employee parking busing operation as shown in Exhibit B. The ORI project includes the construction of improvements to the transportation system surrounding the RCF. These improvements include the widening of International Blvd. and South 160th St., construction of a new on-ramp to eastbound State Route 518, and the reconstruction of both Host Rd. and the westbound State Route 518 off-ramp to International Blvd. The MTI project includes the construction of bus curbs and other associated improvements at each end of the arrivals curbside at the Main Terminal to support the consolidated rental car busing operation. Schedule: Re-start RCF program and facility construction: July 2009 RCF Start-up of Operations: Second Quarter 2012 STRATEGIC OBJECTIVES: This project supports the Port's strategy to "Ensure Airport Vitality" and to "Exhibit Environmental Stewardship through our Actions." The RCF program provides a long-term solution for rental car operations at the Airport. In addition, the RCF and BMF projects are pursuing a sustainable design and are considering the total cost of ownership as part of significant design decisions. The consolidated rental car busing operation will also be supported by a fleet of CNG powered buses in an effort to address regional air quality concerns. COMMISSION AGENDA T. Yoshitani, Chief Executive Officer June 18, 2009 Page 5 of 16 BUSINESS PLAN OBJECTIVES: This project supports the Aviation Division's Non-Aeronautical Business Plan Strategy. The RCF program provides a long-term solution for rental car operations at the Airport, which contributes to the Airport's non-airline net income. FINANCIAL ANALYSIS: Capital Budget/Authorization Summary: The following capital budget and authorization summary is for the RCF program and includes the RCF Environmental Review (CIP #C100444), RCF Schematic Design (CIP #C101610), RCF Design (CIP #C102167), RCF Construction (C#100266), and Rental Car Buses (CIP #C800032). This summary does not include the RCF Property Acquisition (CIP #C101110). Approved Budget Current Current Description 2009 Budget Change Revised Budget Authorization Rental Car Facility (RCF) $322,958,700 $27,813,300 $350,772,000 $322,946,000 Bus Maint. Facility (BMF) $21,072,000 $7,210,000 $28,282,000 $3,446,830 Off-Site Road Imp. (ORI) $18,083,000 $1,459,000 $19,542,000 $2,977,100 Main Terminal Imp. (MTI) $3,023,000 $360,000 $3,383,000 $583,746 Cons. Busing Operation $17,327,000 $0 $17,327,000 $0 Program Sub-Total $382,463,700 $36,842,300 $419,306,000 $329,953,676 Unallocated Contingency $29,869,000 ($29,869,000) $0 $0 Program Total $412,332,700 $6,973,300 $419,306,000 $329,953,676 Requested Authorization $28,417,670 Remaining Budget to be Authorized $60,934,654 As identified in the table above there is a wide range of budget changes for the RCF program that are described below. The result of all of these budget changes is the full allocation of the remaining unallocated contingency and a budget increase of $6,973,300. While there is no unallocated contingency remaining for the RCF program, each project does include appropriate contingencies for continuing design development, escalation, construction, and hazardous materials. RCF: the total budget for the RCF project increases by $27,813,300 consisting of $17,010,000 in suspension related construction costs (delay claims, payments for utilities, escalation, insurance, and claims contingency); $1,596,000 for sales tax on the additional construction suspension costs; $5,930,000 in suspension related soft costs (up to 12 months delay and time extension); $3,226,000 in additional soft costs (preparing as-builts drawings, COMMISSION AGENDA T. Yoshitani, Chief Executive Officer June 18, 2009 Page 6 of 16 design claims, increased overhead, administrative overhead, and increased staffing), and $51,300 in minor budget transfers and corrections. BMF: the total budget for the BMF project increases by $7,210,000 for adding the CNG fueling facility, fit-out of the employee parking maintenance bays, utility design and construction costs, escalation on owner provided furniture/equipment, the sales tax increase, and additional soft costs (for a 12 month schedule extension, increased overhead, administrative overhead, staff changes, and minor budget corrections). ORI: the total budget for the ORI project increases by $1,459,000 for utility design and construction costs, hazardous materials removal and disposal (potential contaminated soils), the sales tax increase, and additional soft costs (for 12 month schedule extension, increased overhead, administrative overhead, staff changes, and other minor budget corrections). MTI: the total budget for the MTI project increases by $360,000 for escalation on construction costs, the sales tax increase, and additional soft costs (for schedule extension, increased overhead, increased administrative overhead and staff changes). The following capital budget and authorization summary is for RCF Design (CIP #C102167) and includes the design and advance work for the BMF and ORI projects. The design and advance work for the RCF and MTI projects is included in RCF Construction (CIP #C100266). Original Budget $4,551,330 Budget Increase $591,670 Budget Transfers $1,467,000 Revised Budget $6,610,000 Previous Authorizations $6,018,330 Current request for Authorization $591,670 Total Authorizations, including this request $6,610,000 Remaining Budget to be Authorized $0 The following capital budget and authorization summary is for RCF Construction (CIP #C100266) and includes the design and advance work for the RCF and MTI projects, and the construction of the RCF program. COMMISSION AGENDA T. Yoshitani, Chief Executive Officer June 18, 2009 Page 7 of 16 Original Budget $360,793,256 Budget Increase $6,381,630 Budget Transfers $26,693,738 Revised Budget $393,868,624 Previous Authorizations $322,434,970 Current request for Authorization $27,826,000 Total Authorizations, including this request $350,260,790 Remaining Budget to be Authorized $43,607,834 Project Cost Breakdown: For the requested Authorization for RCF Design (CIP #C102167): Construction costs $0 Sales tax $0 Outside professional services $309,667 Other $282,003 Total $591,670 For the requested Authorization for RCF Construction (CIP #C100266): Construction costs $17,010,000 Sales tax $1,596,000 Outside professional services $5,930,000 Other $3,290,000 Total $27,826,000 Change Orders: The Commission authorized staff to use the GC/CM contracting approach to construct the RCF project and Turner was selected as the contractor. As standard practice with GC/CM contracting, to facilitate the start of construction and to take advantage of a favorable bidding market, first round of bids (approximately 83% of the estimated construction value) were received and based on the 90% Construction Documents. The Port and Turner negotiated several allowances within the TCC to cover anticipated cost that could not be fully defined during development of the TCC. Monies are approved for expenditures within these allowances are contained within the TCC, and do not increase the original construction contract unless the allowances are exceeded. COMMISSION AGENDA T. Yoshitani, Chief Executive Officer June 18, 2009 Page 8 of 16 RCF GC/CM Contract: Maximum Allowable Construction Cost (MACC) $161,717,850 Risk Reserve $5,775,121 MACC Contingency (2%) $3,334,160 Total MACC $170,829,131 Negotiated Support Services (Reimbursables) $15,145,816 GC/CM Fee (7.4%) $13,724,446 100% Conforming Design Development Allowance $8,371,329 Anticipated Scope Allowance $5,944,063 General Conditions/Additional Insurance $11,484,914 Total Construction Contract (TCC) $224,837,739 Allowances within the Total Construction Contract: The majority of the sub-bid packages have been bid and awarded. 100% Contract Documents were issued to Turner and the process of conforming the contract documents from 90% to final design began. Cost proposals were received in fall '08 and review and negotiations are underway. No-cost change orders authorizing $186k of expenditures from the 100% conforming design development allowance have been executed. The review and negotiation of another $2.18 million of costs is in the process of being finalized into subsequent no-cost change orders. The anticipated scope allowance currently has no expenditures. Due to the high bids received last year for ornamental metals, this scope of work was revised and the work package will be rebid after the suspension is lifted. The bid costs for the ornamental metals will primarily be paid using the 100% conforming design and anticipated scope allowances and may consume a significant portion of these allowances. Approved expenditures from these two allowances are within the previously authorized budget of $322,434,970 for the RCF Construction. No additional budget or funding is required for these approved expenditures. Approved expenditures from these two allowances will be reported to Commission in the monthly RCF briefing. Suspension/Restart Change Orders: There are fifty-four (54) first-tier subcontractors on this project. Turner and staff have estimated the suspension/restart costs based on preliminary information from subcontractors at up to $16,800,000 with a time extension of up to 260 calendar days. Turner is working on a revised COMMISSION AGENDA T. Yoshitani, Chief Executive Officer June 18, 2009 Page 9 of 16 construction schedule that will be submitted to the Port by end of July showing new turnover milestone dates and substantial completion dates. Turner anticipates submitting all suspension/restart contractor cost proposals to the Port by end of July, with cost and schedule impacts based on their revised schedule. Up to 60 change orders will have to negotiated and executed to settle these costs and adjust the contract time over the next several months. Due to the complex nature of suspension/restart on construction contracts, an auditing firm will be used to support the change order effort. The GC/CM contract has a Disputes Review Board, which has been actively engaged in discussing the various elements of suspension/restart cost impacts, justification, validation and documentation. Staff may issue unilateral change orders when costs cannot be resolved in a timely way. Lastly, since extended schedules typically incurs a higher cost to the owner, staff and Turner will also be looking for selected acceleration to reduce the time extension required and reduce the extended overhead cost impacts. Given the significant impact of the suspension and to minimize time and costs processing Commission memorandums and notifications required under Resolution 3605, staff recommends a blanket authorization for executing these suspension/restart change orders. The Commission will be notified as to the final amounts of these change orders via the monthly RCF program update. The anticipated schedule and cost impacts are included in the additional $27,826,000 being requested. One-Time Change Order Policy Adjustment: The estimated $16.8 million of suspension/restart change orders represent approximately 8% of the original contract total. Resolution 3605 requires Commission notification when the cumulative total of all change orders exceeds 10% of the contract. Staff recommends a one-time adjustment to this threshold increasing it from 10% to 18% for only the RCF GC/CM TCC. Source of Funds: The RCF Design (#C102167) and Construction (#C100266) projects are included in the 2009- 2013 capital budget and plan of finance as committed projects. The source of funds for these projects, as identified in the plan of finance, includes Customer Facility Charge (CFC) revenues, bonds paid by CFC revenues, and the Airport Development Fund. The total cost for the RCF program is estimated at $419,306,000 of which $407,096,000 is anticipated to be funded by CFC revenues or bonds paid by CFC revenues. The remaining $12,210,000 is anticipated to be funded by the Airport Development Fund. The $12.2 million represents the portion of the BMF project needed to support the Port's employee parking busing operations, the completion of the Small Operator Area tenant improvements, the installation of a Wi-Fi system for customers, and the installation of Common Use Self-Service (CUSS) kiosks as part of the RCF project. COMMISSION AGENDA T. Yoshitani, Chief Executive Officer June 18, 2009 Page 10 of 16 On October 21, 2008, the Commission authorized up to $20 million in interim funding from the Airport Development Fund for the RCF program. With the impending successful sale of the bonds and the implantation of the financing plan for the RCF program, the $20 million in interim funding will be refunded to the Airport Development Fund. Financial Analysis: The project is categorized as a Revenue/Capacity Growth project. This project represents a business expansion of our existing rental car operations. CIP Category Revenue/Capacity Growth Project Type Business Expansion Risk adjusted Discount Rate See below Key risk factors See below Project cost for analysis $419,306,000 Business Unit (BU) Operations, Landside Rental Cars Effect on Business Performance See below IRR/NPV N/A, see below CPE Impact Less than $0.01 in 2012 As a cost recovery project, tradition financial analysis measures such as net present value (NPV) and internal rate of return (IRR) are not meaningful. The CFC is set and adjusted as needed to cover the costs paid be CFC's (including debt service). The current CFC is $5.00 per transaction day. We anticipate that the CFC would need to increase to accommodate the anticipated CFC funded costs (bond requirements and consolidated busing) by the start up of RCF operations in early 2012. Assuming the total project costs identified above, the CFC would likely be increased to $6.50 per transaction day. The aviation-funded costs for the BMF project (approximately $9.6 million) are costs associated with the Port's employee parking busing operation. Over time, the employee parking business unit sets the monthly employee parking rates to approach recovering its estimated actual costs. The costs for the Small Operator Area tenant improvements (approximately $1,178,000) are anticipated to be recovered through a rent surcharge to the small operator area rental car concessionaires. However, if space is vacant within the Small Operator Area, not all of the costs may be recovered. The costs for the CUSS kiosks (approximately $1,033,000), will be recovered through the Airline rate base, and will result in less than a $0.01 increase in the Costs per Enplanement (CPE) in 2012. COMMISSION AGENDA T. Yoshitani, Chief Executive Officer June 18, 2009 Page 11 of 16 SUSTAINABILITY AND LIFE CYCLE COSTS: During the design development process, the project team has evaluated options that consider the total cost of ownership as part of the decision process. Currently, the RCF program has identified the following up-front capital costs, annual operating costs, and estimated annual renewal and replacement costs: Annual Operating & Annual Renewal & Description Capital Costs Maintenance Costs Replacement Costs Rental Car Facility (RCF) $350,772,000 $6,863,600 $3,079,000 Bus Maint. Facility (BMF) $28,282,000 $435,500 Included Above Off-Site Road Imp. (ORI) $19,542,000 N/A N/A Main Terminal Imp. (MTI) $3,383,000 N/A Included Above Cons. Busing Operation $17,327,000 $8,177,200 $1,640,000 Totals $419,306,000 $15,476,300 $4,719,000 The annual operation and maintenance costs for the RCF project will be the responsibility of the rental car companies. The annual renewal and replacement costs will be funded by CFC revenues and are included in the overall financial plan for the RCF program. The majority of the annual operation and maintenance costs, as well as the annual renewal and replacement costs, for the BMF project will be funded by CFC revenues and are included in the overall financial plan for the RCF program. The remaining costs will be captured as part of the employee-parking program. The annual operation and maintenance costs, as well as the annual renewal and replacement costs, for the improvements completed with the ORI project will be the responsibility of the City of SeaTac and the Washington State Department of Transportation. The annual operation and maintenance costs, as well as the annual renewal and replacement costs, for the MTI project will be funded by CFC revenues and are included in the overall financial plan for the RCF program. The annual operation and maintenance costs, as well as the annual renewal and replacement costs and fleet expansion costs, for the consolidated busing operation will be funded by CFC revenues and are included in the overall financial plan for the RCF program. COMMISSION AGENDA T. Yoshitani, Chief Executive Officer June 18, 2009 Page 12 of 16 ALTERNATIVES CONSIDERED AND THEIR IMPLICATIONS: Three alternatives were considered for the RCF program. These alternatives include the following: Alternative 1 Do-Nothing: Under this alternative the suspension would continue until the Port can secure more long-term financing than might currently be available. If continuation of the suspension extends beyond the previously authorized year then the suspension effectively becomes alternative 2. As reported on December 15, 2008, the estimate cost impact under this alternative could be up to $85 million, which would require termination of the contractor and hence require a new design and bidding process. This large cost and schedule impact makes this alternative unattractive. This is not the recommended alternative. Alternative 2 Termination for Convenience: Under this alternative, the Port would terminate its contract with Turner. This alternative has the most significant impact of the alternatives considered. Suspending construction and terminating the contract would involve: 1) the suspension of as many as 2,500-3,000 jobs, 2) up to $20 million in contractor claims, 3) up to $65 million in additional project costs for re-design, re-bid, commodity and labor cost increases, 4) additional operating costs to maintain the stormwater water quality treatment facilities on the RCF site, and 5) rental car operational impacts depending on the length of time (6 months to two years) before construction is restarted. The RCF project would be rebid , and the bus purchase, BMF, ORI, and MTI projects would be delayed until long-term funding is secured. Given the uncertainty of when the project would be re-bid, the current lease with the rental car companies would be allowed to expire on October 31, 2009 and a new bidding process would be implemented for space in the Main Garage. Given the already crowded conditions that exist for the rental car companies operating in the Main Garage, it is quite likely that the number of companies in the Main Garage would be reduced because of the new lease. This would lead to additional courtesy vehicle traffic on International Blvd. and the Airport terminal roadway system due to the increase in off-site rental car companies. This is not the recommended alternative. Alternative 3 Restart the Project: Under this alternative, the Port would direct Turner to resume full construction activities to complete the RCF by the end of 2011. This alternative results in the lowest cost impact to the Port and the program which amounts to $6,973,300. The overall program schedule will be re-baselined to support a spring 2012 completion date. This is the recommended alternative. TRIPLE BOTTOM LINE: The RCF program will provide a long-term solution for rental car operations at the Airport. The business agreement, at a minimum, will lead to a nearly full cost recovery model with minimal impacts to the CPE. The region will continue to receive the economic benefit of the Airport rental car market. In addition, with the completion of the environmental review efforts, adverse COMMISSION AGENDA T. Yoshitani, Chief Executive Officer June 18, 2009 Page 13 of 16 environmental or community impacts were minimized by vehicle miles traveled on local streets by a significant number and replacing high emission rental car shuttles with CNG buses. BACKGROUND: On May 13, 2008, the Commission authorized funding for the construction of the RCF. The source of funding at the time of the authorization was expected to be CFC revenues and bonds backed by CFC revenues that were to be issued in 2008. On July 1, 2008, the Commission passed Resolution No. 3600, as amended, authorizing the issuance of CFCbacked revenue bonds to fund all of the RCF program costs. These bonds would have been secured solely by CFC revenues. Due to deteriorating market conditions, the Port decided not to proceed with the bond issue at that time. Since then, credit markets in general, and the taxable municipal market in particular, had worsened and the Port had not been able to proceed with this transaction. On October 14, 2008, the Commission authorized the use of general Airport funds in the amount not to exceed $20 million as interim funding to allow continuation of RCF program in support of the original May 2011 program target. This budget was established using Turner's estimated cash flow projection for the entire construction as provided to the Port in September. It was thought to be sufficient to fund construction through the end of March 2009, by which time longer-term financing would be secured. In early November 2008, Turner provided a revised cash flow estimate that showed faster spending than previously communicated. The two major factors behind this were 1) the exceptionally dry weather in the fall that allowed significantly more construction activity than previously estimated and 2) updated cash flow data with subcontractor input resulting in higher estimated projected construction expenditures through March 2009. Project expenditures would now exceed the previously approved $20 million in interim funding as well as the accumulated CFC revenues by the end of December or early January 2009. The Port and Turner immediately began analyzing various alternatives and associated cash flows. A key assumption in this analysis was that access to long-term credit markets would continue to be constrained for the near future. Because of this analysis, the Port directed Turner to slow down construction by deferring non-critical-path work in November 2008. In addition, staff developed three alternatives for the Commission's consideration. On December 15, 2008, the Commission authorized the suspension of most work under the RCF construction contract for a period not to exceed one year. Design for the BMF and ORI projects would continue and be funded by the continuing CFC revenues. On May 12, 2009, the Commission was briefed on the proposed financing plan for the entire RCF program. Earlier this month, the Commission also completed the first and second readings COMMISSION AGENDA T. Yoshitani, Chief Executive Officer June 18, 2009 Page 14 of 16 for a number of resolutions to provide the financing for the RCF program and authorized the design of the CNG fueling facility as part of the BMF project. PREVIOUS COMMISSION ACTIONS OR BRIEFINGS: The following list of previous Commission actions or briefings are only related to the design and construction of the RCF program and do not include the related property acquisition actions. February 9, 1998, the Commission authorized $2,125,000 for the solicitation and execution of contracts for outside professional services for preparation of project analysis reports (PARs). The RCF project is one of three projects that undertook the PAR process with a total budget of $790,000. June 27, 2000, the Commission authorized $412,000 to complete post PAR pre-design and project definition for the RCF project. March 27, 2001, the Commission authorized $3,500,000 for the completion of schematic development for the RCF project. July 8, 2004, the Commission was briefed on the status of the RCF program. October 12, 2004, the Commission was briefed on the status of the RCF program. November 9, 2004, the Commission authorized $18,675,000 for the completion of facility design for the RCF project, and for procurement of a GC/CM for the delivery of the project. May 24, 2005, the Commission heard the first reading and on June 14, 2005, the Commission passed Resolution No. 3542 which imposed a CFC on customers of rental car companies accessing the Airport for the purposes of financing, designing, constructing, operating, and maintaining a consolidated RCF and common use transportation equipment and facilities, which are used to transport customers between the consolidated RCF and other Airport facilities. January 9, 2007, the Commission was briefed on the status of the RCF program. February 27, 2007, the Commission authorized $9,210,183, including $6,460,183 in additional design funding for the RCF program and $2,750,000 for preconstruction services and for demolition of buildings on the RCF site. April 30, 2007, the Commission authorized $1,800,000 for a five-year Cost Advancement Agreement for technical consulting services to support the Airport rental car concessionaires in their deliberations with the Airport. June 12, 2007, the Commission authorized $870,000 in additional design funding for technical consulting services to support the Airport Rental Car Concessionaires. COMMISSION AGENDA T. Yoshitani, Chief Executive Officer June 18, 2009 Page 15 of 16 January 22, 2008, the Commission was briefed on the reassessment of the RCF alternatives and the status of the RCF program. The Commission imposed a moratorium of undefined duration on the program. February 26, 2008, the Commission deferred action on the project and requested a Project Management Plan be created. March 11, 2008, the Commission authorized $5,000,000, including $850,000 for additional design funding for the RCF program and $4,150,000 for additional preconstruction services and for preparation of the RCF site for construction. April 22, 2008 the Commission was briefed on the status of the RCF program. May 13, 2008, the Commission authorized 1) $3,574,300 in additional design funds for the RCF program, 2) the award of the GC/CM contract to Turner Construction Company and $286,500,000 for the construction of the RCF project, and 3) the execution of a change order in the amount of $1,606,710 for additional construction staff and logistics facilities. June 3, 2008 the Commission authorized a Change Order exceeding $200,000 for the RCF project. June 10, 2008, the Commission heard the first reading and on July 1, 2008, the Commission passed Resolution No. 3599, which amends and restates Resolution 3542 and requires Port staff to raise the CFC to satisfy all of the obligations of the Bonds. June 10, 2008, the Commission heard the first reading and on July 1, 2008, the Commission passed Resolution No. 3600, which authorized the issuance and sale of special facility CFC revenue bonds in series in the aggregate principal amount not to exceed $425,000,000 for the RCF program. June 24, 2008 the Commission was briefed on the status of the RCF program. August 5, 2008 the Commission authorized a Change Order exceeding $200,000 for the RCF project. August 26, 2008 the Commission was briefed on the status of the RCF program. September 23, 2008 the Commission was briefed on the status of the RCF program. October 21, 2008, the Commission authorized the use of up to $20,000,000 in general Airport funds to provide temporary funding for the RCF program. October 28, 2008 the Commission was briefed on the status of the RCF program. November 11, 2008 the Commission was briefed on the status of the RCF program and authorized $552,000 for the ORI project for design and advance utility relocations. COMMISSION AGENDA T. Yoshitani, Chief Executive Officer June 18, 2009 Page 16 of 16 December 15, 2008 the Commission authorized the suspension of most work under the contract for construction of the RCF project for an indefinite period, not to exceed one year. Design for the BMF and ORI projects would continue. January 27, 2009 the Commission was briefed on the status of the RCF program and financial markets. March 5, 2009 the Commission was briefed on the status of the financial markets and financial plan options for the RCF program. May 12, 2009 the Commission was briefed on the proposed financial plan for the RCF program. June 2, 2009, the Commission heard the first reading and on June 9, 2009, the Commission passed Resolution No. 3619, which authorized the issuance and sale of revenue bonds in the aggregate principal amount not to exceed $425,000,000 for the RCF program. June 2, 2009, the Commission heard the first reading and on June 9, 2009, the Commission passed Resolution No. 3620, which authorized the issuance and sale of Subordinate Lien Revenue Bond Anticipation Note in the principal amount not to exceed $100,000,000 for the RCF program. June 2, 2009 the Commission authorized $607,000 for the BMF project for design of the CNG Fueling Facility and the advance relocation of facilities. June 9, 2009, the Commission heard the first reading and on June 23, 2009, the Commission passed Resolution No. 3621, which authorized the issuance and sale of CFC Revenue Bond Anticipation Note in the principal amount not to exceed $100,000,000 for the RCF program. June 23, 2009 the Commission was briefed on the upcoming action request to lift suspension and to restart the entire RCF program.
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PDF files are created with text and images are placed at an exact position on a page of a fixed size.
Web pages are fluid in nature, and the exact positioning of PDF text creates presentation problems.
PDFs that are full page graphics, or scanned pages are generally unable to be made accessible, In these cases, viewing whatever plain text could be extracted is the only alternative.