administration & finance committee agenda call to...

ADMINISTRATION & FINANCE COMMITTEE

Thursday, February 15, 2018

12:00 PM

VTA Conference Room B-106

3331 North First Street

San Jose, CA

AGENDA

CALL TO ORDER

1. ROLL CALL

2. PUBLIC PRESENTATIONS:

This portion of the agenda is reserved for persons desiring to address the Committee on

any matter not on the agenda. Speakers are limited to 2 minutes. The law does not

permit Committee action or extended discussion on any item not on the agenda except

under special circumstances. If Committee action is requested, the matter can be placed

on a subsequent agenda. All statements that require a response will be referred to staff

for reply in writing.

3. ORDERS OF THE DAY

CONSENT AGENDA

4. ACTION ITEM - Approve the Regular Meeting Minutes of January 18, 2018.

REGULAR AGENDA

5. ACTION ITEM -Recommend that the VTA Board of Directors review and accept the

Fiscal Year 2018 Statement of Revenues and Expenses for the period ending December

31, 2017.

6. ACTION ITEM -Recommend that the VTA Board of Directors authorize the General

Manager to execute a sole source contract with Dellner Inc., in an amount up to

$1,795,738 to procure the components needed for the overhaul of 173 couplers on VTA’s

fleet of Light Rail Vehicles.

Santa Clara Valley Transportation Authority

Administration & Finance Committee February 15, 2018


Manager to amend the Rail Rehabilitation (Phase 6) and Crossovers & Interlockings

Contract (C16189F) with DMZ Transit (Joint Venture) by an amount of $1,100,000 for

additional signal work, increasing the total contract amount to $9,713,750.


Manager to issue competitive developer Request for Proposals (RFP) for Joint

Development (JD) at the Blossom Hill, Ohlone/Chynoweth, and Curtner JD sites,

consistent with VTA’s Joint Development Policy.

9. INFORMATION ITEM -Receive information on future framework for replacement

parking policy.

10. INFORMATION ITEM -Receive the Monthly Investment Report December 2017.

Receive presentations on Actuarial Assumed Discount Rate & implications and

VTA/ATU Pension Plan Portfolio.

11. INFORMATION ITEM -Receive an update on the Metropolitan Transportation

Commission (MTC) Means-Based Fare Study.

OTHER ITEMS

12. Items of Concern and Referral to Administration.

13. Review Committee Work Plan. (Srinath)

14. Committee Staff Report. (Srinath)

15. Chairperson's Report. (O'Neill)

16. Determine Consent Agenda for the March 1, 2018 Board of Directors Meeting.

17. ANNOUNCEMENTS

18. ADJOURN

In accordance with the Americans with Disabilities Act (ADA) and Title VI of the Civil Rights

Act of 1964, VTA will make reasonable arrangements to ensure meaningful access to its

meetings for persons who have disabilities and for persons with limited English proficiency who

need translation and interpretation services. Individuals requiring ADA accommodations should

notify the Board Secretary’s Office at least 48-hours prior to the meeting. Individuals requiring

language assistance should notify the Board Secretary’s Office at least 72-hours prior to the

meeting. The Board Secretary may be contacted at (408) 321-5680 or

[email protected] or (408) 321-2330 (TTY only). VTA’s home page is

www.vta.org or visit us on www.facebook.com/scvta. (408) 321-2300: 中文 / Español /

日本語 / 한국어 / tiếng Việt / Tagalog.

Santa Clara Valley Transportation Authority

Administration & Finance Committee February 15, 2018

Disclosure of Campaign Contributions to Board Members (Government Code Section 84308) In

accordance with Government Code Section 84308, no VTA Board Member shall accept, solicit,

or direct a contribution of more than $250 from any party, or his or her agent, or from any

participant, or his or her agent, while a proceeding involving a license, permit, or other

entitlement for use is pending before the agency. Any Board Member who has received a

contribution within the preceding 12 months in an amount of more than $250 from a party or

from any agent or participant shall disclose that fact on the record of the proceeding and shall not

make, participate in making, or in any way attempt to use his or her official position to influence

the decision. A party to a proceeding before VTA shall disclose on the record of the proceeding

any contribution in an amount of more than $250 made within the preceding 12 months by the

party, or his or her agent, to any Board Member. No party, or his or her agent, shall make a

contribution of more than $250 to any Board Member during the proceeding and for three

months following the date a final decision is rendered by the agency in the proceeding. The

foregoing statements are limited in their entirety by the provisions of Section 84308 and parties

are urged to consult with their own legal counsel regarding the requirements of the law.

All reports for items on the open meeting agenda are available for review in the Board

Secretary’s Office, 3331 North First Street, San Jose, California, (408) 321-5680, the Monday,

Tuesday, and Wednesday prior to the meeting. This information is available on VTA’s website

at http://www.vta.org and also at the meeting.

NOTE: THE BOARD OF DIRECTORS MAY ACCEPT, REJECT OR MODIFY

ANY ACTION RECOMMENDED ON THIS AGENDA.

Administration & Finance Committee

Thursday, January 18, 2018

MINUTES

CALL TO ORDER

The Regular Meeting of the Administration and Finance Committee (A&F) was called to

order at 12:01 p.m. by Chairperson O’Neill in Conference Room B-106, VTA River Oaks

Campus, 3331 North First Street, San Jose, California.

1. ROLL CALL

Attendee Name Title Status

Larry Carr Vice Chairperson Present

David Cortese Alternate Member NA

Dev Davis Alternate Member NA

Daniel Harney Alternate Member NA

Sam Liccardo Member Present

Teresa O'Neill Chairperson Present

Ken Yeager Member Present

A quorum was present.

2. PUBLIC PRESENTATIONS:

Roland Lebrun, Interested Citizen, made the following comments: 1) informed the

Committee about an incident that happened when taking VTA light rail; 2) noted VTA

should have signal priority; and 3) suggested relocating Clipper readers at the end of the

VTA light rail platform.

3. ORDERS OF THE DAY

There were no Orders of the day.

4. Determine the Committee Vice Chairperson for calendar year 2018.

Chairperson O’Neill opened the floor for nominations.

Member Liccardo nominated Member Yeager as the Committee Vice Chairperson.

Due to conflicts with certain A&F meeting dates, Member Yeager declined the position

of Vice Chairperson and nominated Larry Carr.

4

Administration & Finance Committee Minutes Page 2 of 6 January 18, 2018

M/S/C (Yeager/Liccardo) to close the nominations and elect Larry Carr as the

Committee Vice Chairperson for for 2018.

RESULT:

MOVER:

SECONDER:

AYES:

NOES:

ELECTED 2018 VICE CHAIRPERSON-

Agenda Item #4

Sam Liccardo, Member

Larry Carr, Member

Carr, Liccardo, O’Neill, Yeager

None

ABSENT: None

CONSENT AGENDA

Chairperson O’Neill noted a member of the public’s request to comment on Agenda

Item #5., Approve the Regular Meeting Minutes of December 21, 2017.

5. (Removed from the Consent Agenda and placed on the Regular Agenda.)

Approve the Regular Meeting Minutes of December 21, 2017.

6. 2018 A&F Committee Meeting Schedule

M/S/C (Liccardo/Carr) to approve the 2018 Administration and Finance (A&F)

Committee Meeting Schedule.

7. Quarterly Purchasing Report October 1 through December 31, 2017

M/S/C (Liccardo/Carr) to review the Quarterly Purchasing Report for October 1

through December 31, 2017.

8. Monthly Investment Report - November 2017

M/S/C (Liccardo/Carr) to receive the Monthly Investment Report November 2017.

RESULT:

MOVER:

SECONDER:

AYES:

NOES:

APPROVED- Consent Agenda #6-#8


Larry Carr, Member


None

ABSENT: None

NOTE: M/S/C MEANS MOTION SECONDED AND CARRIED AND, UNLESS OTHERWISE INDICATED,

THE MOTION PASSED UNANIMOUSLY.

4


REGULAR AGENDA

5. Regular Meeting Minutes of December 21, 2017

Mr. Lebrun directed the Committee to page 2 of 6, Agenda Item #9. Authorization for

Addition of Sites to VTA Joint Development Portfolio, paragraph 3, and clarified his

statement was the Bay Area Rapid Transit (BART) Milpitas Station should have been

built underneath the elevated VTA light rail station, which would then eliminate the need

for a connector between the two stations.

M/S/C (Liccardo/Carr) to approve the Regular Meeting Minutes of December 21, 2017,

as amended.

RESULT:

MOVER:

SECONDER:

AYES:

NOES:

APPROVED- Consent Agenda #5, as amended


Larry Carr, Member


None

ABSENT: None

9. Silicon Valley Express Lanes Electronic Toll Systems Integration Services - Task

Order #2

Gene Gonzalo, Engineering Group Manager, provided an overview of the staff report.

Discussion ensued about the following: 1) reasons for the multiple task orders, noting it

was part of the Request for Proposal (RFP) strategy; 2) 2018 State Transportation

Improvement Program (STIP) funding already programmed; and 3) any opportunities for

other funding sources.

Public Comment

Mr. Lebrun made the following comments: 1) expressed concern about long wait times

due to ramp metering; 2) commented about motorists using surface streets to avoid ramp

meters; 3) provided suggestions on which area to focus efforts to decongest traffic; and 4)

suggested incentivizing motorists to use Caltrain from the Blossom Hill Station.

M/S/C (Carr/Liccardo) to recommend that the VTA Board of Directors authorize the

General Manager to execute Task Order #2A for $693,604 and Task Order #2B for

$3,512,769 with TransCore to perform Design Development Services for the Silicon

Valley Express Lanes Program Phase 3 Electronic Toll System (ETS) for a total amount

of $4,206,373, with Task Order #2B to be issued when the 2018 State Transportation

Improvement Program (STIP) funds are secured.

RESULT:

MOVER:

SECONDER:

AYES:

NOES:

APPROVED- Consent Agenda #9

Larry Carr, Member



None

ABSENT: None

4


10. Delegation of Authority for VTA Highway Projects

Ron Golem, Deputy Director of Real Estate, provided an overview of the staff report.

M/S/C (Liccardo/Carr) to recommend that the VTA Board of Directors; 1)Authorize

the General Manager to execute all documents required for VTA’s acquisition (or

possession and use) of the requisite right-of-way, or properties used for replacement

rights or public infrastructure, for the VTA Capital Program for Highways and the 2016

Measure B Program, where: (a)the purchase price equals the statutory offer of just

compensation established for the property; or (b) the purchase price is within 15%

above the statutory offer of just compensation established for the property; and 2)

Authorize the General Manager to execute all documents necessary to convey easement

rights or fee title for the requisite right-of-way, or replacement rights or public

infrastructure, for the VTA Highway Program projects and the 2016 Measure B program,

to: (a) utility providers for replacement rights, along with requisite access rights, related

to utility relocations; and (b) public agencies for the operation and maintenance of public

infrastructure.

RESULT:

MOVER:

SECONDER:

AYES:

NOES:



Larry Carr, Member


None

ABSENT: None

11. Approval of RFP for Milpitas Transit Center Joint Development Site

Mr. Golem provided an overview of the staff report.

Discussion ensued about the following: 1) if in-lieu fees for affordable housing are to be

considered, the Board must review the policy for in-lieu fees and its implementation prior

to the approval of the joint development; 2) ensure that the language relating to in-lieu

fees is clear so that affordable housing units can be built; 3) consider minimum height

and density requirements as part of the RFP; and 4) the possibility of pursuing air rights

for a future development.

Public Comment

Mr. Lebrun recommended that the first several stories of this building site be used for

parking to buffer the housing development from transportation noise.

M/S/C (Yeager/Carr) to recommend that the VTA Board of Directors authorize the

General Manager to issue a competitive Request for Proposals (RFP) for the Milpitas

Transit Center Joint Development site. The solicitation will seek proposals to design,

finance, build and operate a Transit-Oriented Development consistent with the Milpitas

Transit Area Station Plan, pursuant to a long-term ground lease from VTA. VTA staff

will review all submittals and recommend a developer to the Board of Directors for an

Exclusive Negotiations Agreement (ENA).

4


RESULT:

MOVER:

SECONDER:

AYES:

NOES:



Larry Carr, Member


None

ABSENT: None

OTHER ITEMS

12. Items of Concern and Referral to Administration

There were no items of Concern and Referral.

13. Committee Work Plan

Raj Srinath, Chief Financial Officer, made the following comments for the February 2018

A&F meeting: 1) reported the Monthly Investment Report will be placed on the regular

agenda; and 2) consultants from NEPC Investment and Cheiron Consulting will provide a

presentation on VTA’s investment activities.

On order of Chairperson O’Neill and there being no objection, the Committee

reviewed the Committee Work Plan.

14. Committee Staff Report

There was no Committee Staff Report.

15. Chairperson’s Report

There was no Chairperson’s Report.

16. Determine Consent Agenda for the February 1, 2018 Board of Directors Meeting

CONSENT:

Agenda Item #9. Recommend that the VTA Board of Directors authorize the General

Manager to execute Task Order #2A for $693,604 and Task Order #2B for $3,512,769

with TransCore to perform Design Development Services for the Silicon Valley Express

Lanes Program Phase 3 Electronic Toll System (ETS) for a total amount of $4,206,373,

with Task Order #2B to be issued when the 2018 State Transportation Improvement

Program (STIP) funds are secured.

Agenda Item #10. Recommend that the VTA Board of Directors; 1) Authorize the

General Manager to execute all documents required for VTA’s acquisition (or possession

and use) of the requisite right-of-way, or properties used for replacement rights or public

infrastructure, for the VTA Capital Program for Highways and the 2016 Measure B

Program, where: (a) the purchase price equals the statutory offer of just compensation

established for the property; or (b) the purchase price is within 15% above the

statutory offer of just compensation established for the property; and 2) Authorize the

General Manager to execute all documents necessary to convey easement rights or fee

title for the requisite right-of-way, or replacement rights or public infrastructure, for the

4


VTA Highway Program projects and the 2016 Measure B program, to: (a) utility

providers for replacement rights, along with requisite access rights, related to utility

relocations; and (b) public agencies for the operation and maintenance of public

infrastructure.

Agenda Item #11. Recommend that the VTA Board of Directors authorize the General

Manager to issue a competitive Request for Proposals (RFP) for the Milpitas Transit

Center Joint Development site. The solicitation will seek proposals to design, finance,

build and operate a Transit-Oriented Development consistent with the Milpitas Transit

Area Station Plan, pursuant to a long-term ground lease from VTA. VTA staff will

review all submittals and recommend a developer to the Board of Directors for an

Exclusive Negotiations Agreement (ENA).

REGULAR:

None.

17. Announcements

There were no Announcements.

18. Adjournment

On order of Chairperson O’Neill and there being no objection, the meeting adjourned

at 12:34 p.m.

Respectfully submitted,

Theadora Abraham, Board Assistant

VTA Office of the Board Secretary

4

Date: January 31, 2018

Current Meeting: February 15, 2018

Board Meeting: March 1, 2018

BOARD MEMORANDUM

TO: Santa Clara Valley Transportation Authority


THROUGH: General Manager, Nuria I. Fernandez

FROM: Chief Financial Officer, Raj Srinath

SUBJECT: Fiscal Year 2018 Statement of Revenues and Expenses for the Period Ending

December 31, 2017

Policy-Related Action: No Government Code Section 84308 Applies: No

ACTION ITEM

RECOMMENDATION:

Recommend that the VTA Board of Directors review and accept the Fiscal Year 2018 Statement

of Revenues and Expenses for the period ending December 31, 2017.

DISCUSSION:

This memorandum provides a brief discussion of significant items and trends on the attached

Statement of Revenues and Expenses through December 31, 2017. The schedule has been

designed to follow the same company-wide line item rollup as included in the adopted budget.

The columns have been designed to provide an easy comparison of actual to budget activities for

the current fiscal year including year-to-date dollar and percentage variances from budget. The

current staff projections of Revenues and Expenses for Fiscal Year 2018 are also included.

The following are highlights of the current Statement of Revenues and Expenses:

Revenues

Fiscal year-to-date Total Revenues (line 14) are $6.3M lower than budget estimates primarily

due to the delay in recording of revenues from 2016 Measure B (line 6). These funds are

currently held in escrow until the outcome of pending litigation. Additional negative variances

are attributed to Sales Tax based accounts, including 1976 Half-Cent Sales Tax (line 3) and

Measure A Sales Tax Operating Assistance (line 5), which are recorded through December based

on estimates. Final second quarter actual sales tax collections will be available in mid-March.

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Sales Tax Based Revenue, including 1976 Half-Cent Sales Tax (line 3) and Measure A Sales Tax

Operating Assistance (line 5), accounted for a collective negative variance of $0.9M.

Expenses

Overall, Fiscal year-to-date Total Expenses (line 44) were $9.1M under budget driven primarily

by favorable variances in Materials & Supplies (line 16), Security (line 17), Professional &

Special Services (line 18), Other Services (line 19), Reimbursements (line 31), and Paratransit

(line 33). This was partially offset by a negative variance in Labor (line 15).

Materials & Supplies (line 16), Professional & Special Services (line 18) and Other Services

(line 19) reflect favorable variances of $0.9M, $2.3M and $0.9M, respectively due primarily to

timing of planned activities.

Security (line 17) shows a favorable variance of $1.5M due to deferred security ramp-up and

contract staff vacancies.

Reimbursements (line 31) has a positive variance of $3.5M due primarily to efforts related to the

Light Rail Vehicle fleet mid-life overhaul.

Paratransit (line 33) shows a favorable balance of $1.7M largely due to fewer rides provided than

were assumed in the budget and the delayed move to its new location in the Eastridge

neighborhood of San Jose.

A negative variance of $3.5M in Labor (line 15) is largely the result of overtime costs for bus

and light rail maintenance.

Projections

Current staff projections for the fiscal year reflect a negative Operating Balance (line 45) of

$1.6M. This decrease over the budgeted Operating Balance is due primarily to higher than

anticipated State Transit Assistance (STA) revenues as a result of the State’s recent adoption of

SB1 - The Road Repair and Accountability Act of 2017. The projection further assumes the

pending litigation regarding 2016 Measure B will be resolved and the related year-end actual

revenue will align with budgeted estimates.

Under Expenditures, the projections reflect that current trends in Security, Fuel, Traction Power,

Insurance, Reimbursements, and Paratransit will continue to some extent and result in positive

variances at year end. Lastly, a positive variance is projected in Labor due to the delayed service

expansion tied to the extension of BART to San Jose.

SUMMARY:

Through the first six months of the year, revenues were $6.3M below budgeted projections and

expenses were $9.1M below budget estimates, for an overall positive variance of revenues over

expenses (line 45) of $2.8M. Current staff projections for the fiscal year reflect a negative

Operating Balance of $1.6M, which would be funded from Sales Tax Stabilization and Operating

5

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Reserves. Staff will continue to monitor expenditure levels and provide updated projections

throughout the year.

FISCAL IMPACT:

There is no fiscal impact as a result of this action.

Prepared by: Celia Pedroza, Budget Administration Manager

Memo No. 6240

ATTACHMENTS:

FY18 2Q Rev Exp Attachment (DOCX)

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SANTA CLARA VALLEY TRANSPORTATION AUTHORITY

STATEMENT OF REVENUES AND EXPENSES

Fiscal Year 2018

through December 31, 2017

(Dollars in Thousands)

Line Category

Fiscal Year-

to-Date

Actual

Fiscal Year-

to-Date

Budget

Year-to-

Date

Variance

%

Variance

FY 2018

Current

Budget1

FY 2018

Projection2

1 Fares-Transit 17,274 16,879 395 2.3% 35,742 35,302

2 Fares-Paratransit 999 1,158 (159) -13.7% 2,328 2,010

3 Sales Tax Revenue 109,942 110,751 (809) -0.7% 215,343 212,920

4 TDA 51,640 51,091 549 1.1% 101,211 100,073

5 Measure A Sales Tax-Oper. Asst. 22,842 22,981 (139) -0.6% 44,684 44,191

6 2016 Measure B - Transit OPS 0 6,500 (6,500) -100.0% 14,060 14,060

7 STA 5,673 5,150 523 10.1% 10,300 17,467

8 Federal Operating Grants 2,026 1,916 110 5.8% 3,831 3,942

9 State Operating Grants 1,210 687 523 76.2% 1,373 2,125

10 Investment Earnings 1,267 1,792 (525) -29.3% 3,584 3,584

11 Advertising Income 1,310 1,400 (90) -6.4% 2,800 2,800

12 Measure A Repayment Obligation 2,097 2,426 (330) -13.6% 15,596 14,937

13 Other Income 1,430 1,261 169 13.4% 4,173 4,343

14 Total Revenues 217,708 223,990 (6,281) -2.8% 455,024 457,753

15 Labor Costs 162,563 159,125 (3,439) -2.2% 329,982 327,827

16 Materials & Supplies 18,222 19,105 884 4.6% 38,191 38,191

17 Security 7,253 8,705 1,452 16.7% 17,409 14,725

18 Professional & Special Services 1,907 4,230 2,323 54.9% 8,645 8,645

19 Other Services 4,504 5,393 889 16.5% 10,718 10,718

20 Fuel 4,619 5,143 524 10.2% 10,469 9,697

21 Traction Power 2,397 2,725 328 12.0% 5,312 4,861

22 Tires 1,113 1,183 70 5.9% 2,387 2,387

23 Utilities 1,687 1,795 108 6.0% 3,593 3,593

24 Insurance 2,900 3,234 333 10.3% 6,467 5,994

25 Data Processing 2,359 2,398 39 1.6% 5,022 5,022

26 Office Expense 128 219 91 41.4% 425 425

27 Communications 837 810 (27) -3.3% 1,620 1,620

28 Employee Related Expense 432 633 201 31.8% 1,211 1,211

29 Leases & Rents 230 548 318 58.1% 904 904

30 Miscellaneous 413 442 29 6.6% 878 878

31 Reimbursements (21,804) (18,278) 3,526 19.3% (36,555) (43,607)

32 Subtotal Operating Expense 189,761 197,411 7,649 3.9% 406,679 393,092

33 Paratransit 10,673 12,336 1,662 13.5% 24,671 21,786

34 Caltrain 4,484 4,484 0 0.0% 8,967 8,967

35 Altamont Corridor Express 2,526 2,589 63 2.4% 5,177 5,177

36 Highway 17 Express 175 185 10 5.4% 370 370

37 Monterey-San Jose Express Service 18 18 0 0.0% 35 35

38 Contribution to Other Agencies 487 552 65 11.8% 1,082 1,082

39 Debt Service 3,327 3,003 (324) -10.8% 21,581 21,905

40

Subtotal Other Expense 21,689 23,165 1,476 6.4% 61,883 59,323

41 Operating & Other Expenses 211,450 220,575 9,125 4.1% 468,562 452,415

42 Transfer to Capital Reserve 0 0 0 N/A 5,000 5,000

43 Contingency 0 0 0 N/A 1,916 1,916

44 Total Expenses 211,450 220,575 9,125 4.1% 475,478 459,331

45 Operating Balance 6,258 3,414 2,844 (20,454) (1,578)

Note: Totals and percentages may not be precise due to independent rounding.

1 Reflects Adopted Budget approved by the Board on June 1, 2017 2 Reflects current staff projection as of January 23, 2018

5.a

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SANTA CLARA VALLEY TRANSPORTATION AUTHORITY

SOURCES AND USES OF FUNDS SUMMARY

Fiscal Year 2018

through December 31, 2017

(Dollar in Thousands)

Line Description

FY18

Adopted

Budget1

FY18

Current

Budget

FY18

Projected

Actual2

Operating Balance

1 Total Operating Revenues 455,024 455,024 457,753

2 Total Operating Expenses (475,478) (475,478) (459,331)

3 Operating Balance (20,454) (20,454) (1,578)

Operating Balance Transfers

4 Operating Balance (20,454) (20,454) (1,578)

5 Transfer From/(To) Operating Reserve 20,454 20,454 1,578

6 Transfer From/(To) Sales Tax Stabilization Fund - - -

7 Transfer From/(To) Debt Reduction Fund - - -

8 Balance to Undesignated Reserves - - -

Operating Reserve

9 Beginning Operating Reserve 66,659 66,659 66,659

10 Transfer From/(To) Operating Balance (20,454) (20,454) (1,578)

11 Ending Operating Reserves 46,205 46,205 65,081

12 Operating Reserve %3 9.4% 9.4% 13.2%

Note: Totals may not be precise due to independent rounding.

1 Adopted Budget approved by the Board on June 1, 2017 2 Staff Projection as of January 23, 2018 3 Line 11 divided by subsequent fiscal year budgeted Operating Expenses

5.a

Date: February 8, 2018



BOARD MEMORANDUM




FROM: Chief Operating Officer, Inez Evans

SUBJECT: Light Rail Coupler Parts Contract

Policy-Related Action: No Government Code Section 84308 Applies: Yes

ACTION ITEM

RECOMMENDATION:

Recommend that the VTA Board of Directors authorize the General Manager to execute a sole

source contract with Dellner Inc., in an amount up to $1,795,738 to procure the components

needed for the overhaul of 173 couplers on VTA’s fleet of Light Rail Vehicles.

BACKGROUND:

VTA owns, operates and maintains a fleet of 99 Light Rail Vehicles (LRVs) manufactured by the

Kinkisharyo Corporation in 2001. The LRVs consist of mechanical, electrical and pneumatic

coupler assemblies (hereinafter, “couplers”) at each end of the LRV that were originally

manufactured by Dellner, Inc. Including spare coupler units, VTA has 208 couplers. VTA has

determined that the couplers, which are in excess of 15 years old, have reached their mid-life

stage and are in need of a complete overhaul and refurbishment, including preventative

replacement of certain components and replacement or refurbishment of parts that may show

damage or excessive wear. The coupler overhaul program seeks to bring the coupler back to like-

new manufacturer specifications and functional performance.

As part of this refurbishment and overhaul, various parts, hardware, and components will be

disassembled, inspected, tested, reassembled, function tested and quality assurance verified as a

complete coupler assembly ready to be installed onto a VTA LRV. VTA has already procured

the necessary parts for the overhaul of 35 of the 208 couplers. This contract is for parts and

fasteners required to overhaul the remaining 173 of VTA’s 208 couplers.

The coupler components in this contract include bearings, and other specialized components that

are only available through Dellner, Inc., the Original Equipment Manufacturer (OEM) of the

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coupler. The coupler is considered a safety-critical component, and purchase of the coupler

components from the OEM is the best course of action to ensure compatibility, reliability and

safety.

DISCUSSION:

The overhaul program is required to protect the large investment VTA has made in the light rail

vehicles so that VTA may continue to provide safe and reliable transportation to our patrons.

VTA is also required to have a comprehensive maintenance program as directed by the

California Public Utilities Commission (CPUC).

All light rail transit systems in the State of California are required to operate their LRVs in

properly maintained and safe working condition as documented in the systems' approved

operating rules and procedures, which includes processes for mid-life rehabilitation of the LRV

fleet. The couplers are included in the mid-life overhaul rehabilitation program.

VTA has adopted the manufacturer’s recommended maintenance program into its internal

procedures. Replacing the key components of the LRV’s coupler system ensures that these

vehicles will operate in optimal condition for the remaining years of their expected useful lives.

Many of the coupler components specified in this contract are manufactured to order. As such,

the lead time from procurement to product delivery may be many months. It is therefore crucial

that this contract is executed in a timely manner to minimize lead times.

ALTERNATIVES:

As these parts are only available through Dellner, Inc., there are no practical alternatives to

purchasing these components from another vendor.

SMALL BUSINESS ENTERPRISE (SBE) PARTICIPATION:

Based on the limited scope of work and no subcontracting opportunities, no specific goal has

been established by the Office of Business Diversity Programs for this contract. Contractor is

encouraged to make reasonable efforts to meet VTA’s SBE overall annual goal of 19 percent in

its procurement of ancillary services and products associated with the performance of this

contract.

FISCAL IMPACT:

This action will authorize up to $1,795,738 to procure parts and fasteners for the coupler

overhaul. Appropriation for this contract is included in the FY18-FY19 Adopted VTA Transit

Fund Operating Budget.

Prepared by: Daniel Hecht

Memo No. 6397

ATTACHMENTS:

6397 - LR Coupler Parts - Gov Code 84308 (PDF)

6

Attachment A

Light Rail Coupler Parts Contract Procurement List of Contractors

Firm Name Name Role Location

Dellner, Inc. Jeron Cain President 8334-H Arrowridge Blvd.

Charlotte, NC 28273

6.a




BOARD MEMORANDUM




FROM: Chief Engineering & Program Delivery Officer, Carolyn M. Gonot

SUBJECT: Amend the Rail Rehabilitation (Phase 6) and Crossovers & Interlockings

Contract (C16189F)

Policy-Related Action: No Government Code Section 84308 Applies: Yes

ACTION ITEM

RECOMMENDATION:

Recommend that the VTA Board of Directors authorize the General Manager to amend the Rail

Rehabilitation (Phase 6) and Crossovers & Interlockings Contract (C16189F) with DMZ Transit

(Joint Venture) by an amount of $1,100,000 for additional signal work, increasing the total contract

amount to $9,713,750.

BACKGROUND:

On February 2, 2017, the VTA Board of Directors authorized execution of a contract with DMZ

Transit (Joint Venture) in the amount of $6,891,000 for the construction of the Rail Rehabilitation

(Phase 6) and Crossovers & Interlockings Contract (C16189F). See Exhibit A for a list of sub-

contractors on the DMZ Transit Team.

This contract is part of an ongoing capital rail replacement, rehabilitation, maintenance and

improvement program to ensure that the light rail track infrastructure remains safe and reliable

for continued service. The scope includes track replacement, construction of crossovers, and

installation of related equipment at various locations, including switch machines and signaling

work.

DISCUSSION:

With the expected opening of BART to Berryessa this summer, VTA staff has updated the light

rail operating plan showing increased service to meet the anticipated increased ridership

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demands from BART and the implementation of the Next Network. This plan includes

significant service changes on the Tasman East light rail segment with decreased headways and

increased capacity, especially during event service with the BART connection at the Montague

light rail platform. This operating plan results in the need to increase capacity by performing

specific light rail track improvements prior to the opening of the new BART service.

Two of the most critical improvements needed to increase capacity are;

1. Upgrade the existing signal system on the aerial structure to Automatic Block Signaling

(ABS) to facilitate train movements through the area of congestion and eliminate the

current chokepoint at that location.

2. Upgrade an existing manual switch at Hostetter to automatic power switch to allow more

flexibility for turning trains around and other train movements.

This work is highly specialized and the improvements need to be completed and operational by

mid-June 2018. The DMZ (JV) team is qualified and has the appropriate specialties to perform

this work, in particular the signaling expertise of the joint venture. The team is currently

performing very similar work on the VTA light rail system through this contract and is already

mobilized with the resources to complete this work in time for the BART opening.

The following table summarizes the original and proposed contract terms. For information, the

amounts provided fully utilize the original contract contingency.

Vendor Name: DMZ (Joint

Venture)

Original Contract

Amount:

$6,891,000

Contract Number: C16189F Prior Modifications: $1,722,750

Original Contract Term(s): 450

Days

Current Contract

Amount:

$8,613,750

Revised Contract Term: 550 Days Amount Requested: $1,100,000

Solicitation Type: Bid Total Amount

Including Request:

$9,713,750

Procurement Type: Competitive % of Request to

Current Amount:

12.8%

UDBE Goal: N/A % Modifications

including request to

original contract:

40.1%

DBE Goal: 11.6%

original scope

Funding Source(s): Federal grants and VTA

Transit funds

ALTERNATIVES:

There are no practical alternatives to the recommended action. Delaying this action would

increase the risk of operational failure when the BART extension is opened and when the Next

Network is implemented.

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FISCAL IMPACT:

This action will authorize an additional $1,100,000 for the Rail Rehabilitation (Phase 6) and

Crossovers & Interlockings Contract (C16189F). Appropriation for this expenditure is included

in the FY18 Adopted VTA Transit Fund Capital Budget. This contract is funded with federal

grant funds and local VTA Transit funds.

DISADVANTAGED BUSINESS ENTERPRISE (DBE) PARTICIPATION:

Based on identifiable subcontracting opportunities, a Disadvantaged Business Enterprise (DBE)

goal of 11.4% was established by the Office of Business Diversity Programs for this contract.

Contractor has committed to 11.6% DBE participation for all original work. Contractor is

currently achieving 10.98% DBE participation with approximately 49% of the contract value

paid to date. Contractor is required to meet the committed goal for the change order work or

provide required good faith effort.

Prepared by: Adolf Daaboul, Sr. Transportation Engineer

Memo No. 6398

ATTACHMENTS:

6398_Exhibit A - List of Sub-Contractors (PDF)

7

Exhibit A List of Sub-Contractors

Contractor Firm City and State Contractor Role Contact Email Address

DMZ Transit (DMZ and

B&C), a Joint Venture

Concord, CA Prime [email protected]

Sub-Contractors

Titan Services, Inc. Phoenix, AZ OCS & Electrical [email protected]

San Jose Transport Gilroy, CA Trucking & Disposal [email protected]

CMC Traffic Control San Francisco, CA Traffic Control [email protected]

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BOARD MEMORANDUM





SUBJECT: Joint Development Developer RFP’s for San Jose Signature Review Sites

Policy-Related Action: No Government Code Section 84308 Applies: No

ACTION ITEM

RECOMMENDATION:

Recommend that the VTA Board of Directors authorize the General Manager to issue

competitive developer Request for Proposals (RFP) for Joint Development (JD) at the Blossom

Hill, Ohlone/Chynoweth, and Curtner JD sites, consistent with VTA’s Joint Development Policy.

BACKGROUND:

The Blossom Hill, Ohlone/Chynoweth and Curtner JD sites are located in the City of San Jose, within General Plan-designated Urban Villages. The General Plan places them in Horizon 2, which has an undetermined timeframe for implementation. The City of San Jose allows for expedited development of sites within Urban Village Plans through its Signature Review process, and the City’s Planning Department has provided VTA with information on requirements for these sites to be eligible for Signature Review. This would involve an increased amount of ground floor commercial uses to meet the minimum square footage identified by the City, in return the City would allow residential units for the creation of a mixed-use project.

Attachment A details the location of Blossom Hill, Ohlone/Chynoweth and Curtner JD sites in the region and the local area. These sites were originally acquired and constructed to serve as Park and Ride lots for the Guadalupe Corridor project. The Ohlone/Chynoweth Station includes VTA’s first Joint Development Project, done through a long-term ground lease with Eden Housing, Inc. for 194 affordable housing units.

Both Blossom Hill and Curtner Park and Ride lots are significantly underutilized, while the Ohlone/Chynoweth Park and Ride lot has a moderate level of transit rider usage. VTA Staff (staff) will identify and propose Transportation Demand Management strategies for any future JD projects.

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DISCUSSION:

Staff held a series of community meetings in January 2018 for each location to hear from the neighborhood on its future vision for the site. Overall, public feedback was positive toward the idea of TOD in their neighborhoods. Many attendees desire improvements to station access to address safety concerns. Other general items of concern included parking, way finding, and nearby homeless activity. Staff also contacted the City Council member’s office for each of the three sites to discuss the site and potential opportunities and challenges for a JD project.

The developer RFP’s will state that VTA seeks to enter into a long-term ground lease, with payments based on the fair market value of the site. Developers will design, finance, build and operate a Transit-Oriented Development (TOD) consistent with the City of San Jose’s Envision 2040 General Plan and Signature Review/Urban Village Plan framework. The RFP’s will require that any residential use must provide that at least 20 percent of residential units be affordable units, pursuant to VTA’s Affordable Housing Policy set forth in the Joint Development Policy.

The RFP’s would be issued through the spring and summer of 2018 to facilitate marketing the opportunities to the largest potential pool of market-rate and affordable housing developers.

Staff will evaluate RFP submittals and submit a recommendation to the Board of Directors for an Exclusive Negotiations Agreement (ENA) for each site. Staff will then work with the selected developer for each site, the local community, and the City to refine the proposed project to maximize its benefits. This would include the final size of the JD project, its location and site plan, and how the project would support current transit usage and future ridership growth.

The selected developers would be responsible for taking the lead in working with the local community and obtaining final entitlements from the City of San Jose, subject to VTA approval of the application to the City and the final project. Compared to prior JD projects, staff is not seeking to obtain full entitlements prior to RFP issuance and instead intends to use the developer’s expertise in obtaining entitlements. This approach is expected to facilitate more efficient and direct engagement with all parties, and shorten the overall entitlement timeline as well as potentially reduce entitlement costs.

ALTERNATIVES:

The Board could provide additional guidance for RFP’s requirements, or identify another timeframe to issuance of the RFP’s.

FISCAL IMPACT:

Expenses associated with issuance of an RFP will be paid from the Joint Development Fund.

Based on the current fair market value of land in the area, a future JD project pursuant to a

ground lease would be expected to generate substantial new annual revenues.

Prepared by: Ron Golem

Memo No. 6291

ATTACHMENTS:

Memo 6291 Attachment A (PDF)

8

Attachment A

CURTNER

OHLONE/CHYNOWETH

BLOSSOM

HILL

8.a

Blossom Hill:

Curtner:

8.a

Ohlone/Chynoweth:

8.a



Board Meeting: N/A

BOARD MEMORANDUM





SUBJECT: Formulation of a Joint Development Replacement Parking Policy

FOR INFORMATION ONLY

BACKGROUND:

VTA’s Joint Development (JD) Portfolio contains 25 properties that the VTA Board has

designated as priority sites for Transit-Oriented Development (TOD) projects with the goal of

generating revenues, increasing ridership, and catalyzing transit-oriented communities. All of

these sites, except for two, consist of Park and Ride lots, and it is envisioned that JD projects

would be built on a portion of each of these lots, consistent with local plans and zoning.

Parking is a significantly underutilized resource at VTA. VTA has a total of 7,525 parking stalls

located at JD Park and Ride lots. Less than 3,800 of those spaces are actively used as of October

2017. (Attachment A contains a breakdown by station.).

Transit agency experience throughout the US has shown that the cost of 100% replacement of

parking spaces used for JD projects is one of the largest impediments to the feasibility of JD

projects, with the potential to prevent projects and eliminate revenue generation.

Previous committee discussions have highlighted the need for further evaluation of how to create

optimal JD projects that reduce the need for replacement parking, while at the same time

ensuring that VTA maintains sufficient parking to accommodate current and future transit riders.

This includes ensuring that VTA can accommodate future desired growth in rail transit riders.

A VTA replacement parking policy would provide guidance for County residents, local agencies,

developers, transportation planners, and others on how to best manage the dual objectives of

creating JD projects, including affordable housing, while supporting future ridership growth.

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DISCUSSION:

Staff, working with a multi-disciplinary development and transportation planning consultant

team has conducted research to assess both opportunities and constraints to developing JD sites

on a portfolio wide and individual site basis. This includes evaluation of current and future

parking demand and supply. Parking demand is dynamic, and varies by station location, as well

as transit service (e.g. stations where there is both VTA light rail and Caltrain service). Riders of

commuter shuttles are increasingly utilizing VTA Park and Ride lots, which is a consideration

pursuant to the Commuter Shuttle Policy recently adopted by the Board of Directors.

Given these considerations, any replacement parking policy should provide flexibility to

accommodate unique conditions on a site-by-site basis, while at the same time establishing a

consistent process for evaluating parking demand and the parking supply that need to be

provided for transit riders and residents and workers in JD projects.

Another consideration is a generational and cultural shift already underway in individual car

usage, and the impact of Transportation Network Companies (Uber, Lyft, etc.); car sharing

services; and increased uses of other modes of transportation. For example, garage operators in

San Francisco report a decrease of 10% to 25% in parking demand over the past few years due to

these factors.

Research on other agency practices for JD replacement parking and Transportation Demand

Management (TDM), including BART; Portland TriMet; LA Metro; Washington, DC WMATA;

and King County, WA Metro has highlighted a range of best practices and strategies for

replacement parking. These include:

Developing clear station access goals and priorities for all modes of transportation

(pedestrian, bicycle, carpool, private vehicle, etc.);

Shared parking for use by transit riders and occupants of JD projects;

Use of paid parking and parking pricing to shift demand;

Coordination with Transportation Network Company (TNC’s) and car share solutions to

address first and last mile challenges;

Station specific analysis, coordinated with local jurisdictions, to address the specific

station area context, transit ridership goals, and provide cost-benefit analysis;

Encouragement of no parking minimums by local jurisdictions; and

Replacement parking standards established on a site by site basis, with evaluation of

ridership gains from JD projects as well as excess parking capacity, to determine project-

specific replacement parking requirements.

The chart on the following page summarizes how various agencies use different replacement

parking and TDM tools:

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Agencies

Def

ined

Acc

ess

Pri

ori

ties

Sh

are

d P

ark

ing

Paid

Park

ing

TN

C C

oord

inati

on

Loca

l Ju

risd

icti

on

Coord

inati

on

No P

ark

ing

Min

imu

ms

(Ju

risd

icti

on

s)

Sit

e b

y S

ite

Rev

iew

BART

TriMet

LA METRO

WMATA

King County Metro

Staff will provide a presentation at the meeting that provides additional examples and insight into

considerations related to replacement parking, TDM, and provision of parking to meet future

transit needs. Some of the topics for discussion could include:

Station area access priorities (pedestrian, bicycle, carpool, private vehicle, etc.);

Framework for analyzing tradeoffs between JD replacement parking and transit ridership;

Considerations for implementation of paid parking; and

Other policy or local factors that will need to be addressed.

Discussion with the Advisory Committees will be used to inform and shape staff’s preparation of

a draft JD replacement parking policy to be added to VTA’s Joint Development Policy. Such a

draft policy would be presented as an action item to the Advisory and Standing Committees prior

to final consideration by the Board of Directors.

Prepared By: Ron Golem & Jessie O'Malley Solis

Memo No. 6406

9

ATTACHMENT A:

PARK & RIDE UTILIZATION

Joint Development Portfolio

Park and Ride Lot Usage October 20171 Station Stalls Occupied Stalls

Almaden 189 37

Alum Rock 110 97

Berryessa/N. San Jose BART Not in Service Not in Service

Blossom Hill 511 220

Branham 271 52

Capitol 951 205

Cerone N/A N/A

Cottle 421 237

Curtner 474 80

Evelyn n/a n/a

Gilroy * 471 282

Hostetter 100 81

Alder 275 92

VTA Block n/a n/a

Milpitas Transit Center (new) Not in Service Not in Service

Morgan Hill* 486 328

Ohlone 549 517

River Oaks N/A N/A

Diridon N/A N/A

San Martin* 167 84

Santa Clara* 321 305

Santa Teresa 1155 251

Snell 430 112

Tamien** 644 771

Total 7,525 3,751

1. Light Rail Park and Ride Lots Usage (Operations, Oct. 2017) * Caltrain Station

**Caltrain and Light Rail Station

Note: limited additional parking surveys indicate that parking by riders of commuter shuttles usage is a factor at some VTA Park and Ride lots. For example, 10% of the occupied parking at Tamien Station is utilized by commuter shuttle riders; at Ohlone/Chynoweth commuter shuttle riders represent approximately 30% of Park and Ride lot usage.

9.a



Board Meeting: N/A

BOARD MEMORANDUM





SUBJECT: Monthly Investment Report - December 2017


BACKGROUND:

The investment activities of the Santa Clara Valley Transportation Authority are in compliance

with the Investment of Non-Trust Held Funds Investment Policy, the VTA Retirees’ Other Post-

Employment Benefits Trust Investment Policy and the ATU, Local 265 Pension Plan’s

Investment Policy.

DISCUSSION:

Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the fourth

quarter of 2017, according to the "advance" estimate released by the Bureau of Economic

Analysis. The increase in real GDP in the fourth quarter reflected positive contributions from

personal consumption expenditures (PCE), nonresidential fixed investment, exports, residential

fixed investment, state, local and federal government spending. In the third quarter, real GDP

increased 3.2 percent.

Headline consumer prices, as measured by the consumer price index (CPI), rose 2.1% year over

year as of December 2017. Core CPI, which excludes volatile food and energy prices increased

at a rate of 1.8% year over year as of December 2017. The Federal Reserve continues to target an

inflation rate of 2.00%.

The unemployment rate in the San Jose-Sunnyvale-Santa Clara MSA was 2.7% in December

2017, unchanged from a revised 2.7% in November 2017, and below the year-ago estimate of

3.4%. This compares with an unadjusted unemployment rate of 4.2% for California and 3.9% for

the nation during the same period.

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Market Watch

The S&P 500 Index returned 1.11% in December 2017. Large cap stocks returned 1.11% and

small cap stocks returned -0.41%. Within the large cap space, growth stocks underperformed

value stocks, returning 0.78% and 1.44%, respectively. The top-performing sectors were

consumer discretionary, energy, and materials & processing. The worst-performing sectors were

technology, health care and utilities.

The Barclays Aggregate index returned 0.46% in December 2017. The current month investment

grade corporate debt returned 0.90% and agency mortgage backed debt returned 0.30%.

In global markets, the United States 10 year government bond yield ended the month at 2.41%,

unchanged from November. The European 10 year government bond yield ended the month at

0.43% and the Japanese 10 year government bond yield finished December at 0.05%.

VTA Enterprise Funds

VTA Enterprise Funds are invested in portfolios managed by Payden & Rygel, the State of

California Local Agency Investment Fund (LAIF) and an interest bearing checking account.

Investment performance for the Payden & Rygel managed accounts are included below.

The Payden & Rygel weighted average composite portfolio outperformed its policy benchmark

in December by 0.04%. The current yield for the Payden long-term portfolio is 1.86%, the mid-

term portfolio is 1.68%, and the short-term portfolio is 1.57%.

At month-end the current yield for funds invested in LAIF was 1.24% and the VTA’s checking

accounts was 0.55%.

Market performance for each Payden & Rygel account is summarized in the following table:

Investment Performance as of December 2017

Asset Class Fund Manager Dec 3 Mo Y-T-D 1 Yr 3 Yr 5 Yr 10 Yr I-T-D

Long-Term

Fixed Income

Payden & Rygel 0.05% -0.31% 1.50% 1.50% 1.48% 1.16% 2.87% 3.94%

Barclays US Govt. Intermediate Index 0.03% -0.40% 0.50% 0.50% 0.91% 0.79% 2.68% 3.82%

Mid-Term

Fixed Income 1

Payden & Rygel 0.06% -0.04% 1.09% 1.09% 1.01% 0.86% - 1.34%

Merrill Lynch 1- 3 Year Treasury Index 0.01% -0.25% 0.43% 0.43% 0.62% 0.56% - 0.92%

Short-Term

Fixed Income 2

Payden & Rygel 0.11% 0.28% 1.29% 1.29% 0.91% 0.67% 0.97% 1.67%

iMoneynet Money Market Index 0.08% 0.25% 0.81% 0.81% 0.36% 0.22% 0.42% 1.19%

Composite Portfolio Returns 0.07% -0.03% 1.22% 1.22% 1.12% 0.88% 1.95% 3.33%

Policy Benchmark Returns 0.03% -0.17% 0.53% 0.53% 0.66% 0.54% 1.60% 3.14% 1 Implemented February 11, 2009 2 Implemented February 14, 2003

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VTA Retirees’ Other Post-Employment Benefits (OPEB) Trust

The VTA Retirees’ OPEB Trust Investment Policy requires the following asset allocation:

Asset Allocation Range Target Actual

Domestic Fixed Income 15-30% 23% 20%

Domestic Large Cap Index

Int’l Equity Emerging Market

28-68%

0-10%

51%

6%

54%

7%

Private Real Estate

Absolute Return

Cash

6-16%

0-15%

0-03%

11%

8%

1%

10%

8%

1%

The Retirees’ OPEB composite portfolio outperformed its policy benchmark by 0.09% in the

current month. The current yield for the fixed income portfolio is 3.91% and the current effective

duration is 4.56 years.

Market performance for each money manager is summarized in the following table:



Large Cap Index State Street 1.11% 6.63% 21.77% 21.77% 11.38% 15.74% 8.50% 5.67%

S&P 500 Index 1.11% 6.64% 21.84% 21.84% 11.43% 15.81% 8.50% 5.57%

Fixed Income Dodge & Cox 0.45% 0.59% 5.14% 5.14% 3.86% 3.57% 5.29% 5.91%

Barclays US Aggregate Bond Index 0.46% 0.39% 3.55% 3.55% 2.25% 2.10% 4.01% 5.11%

Emerging Market State Street EM(2) 3.44% 7.41% 37.19% 37.19% 26.46%

MCSI World Emerging Market 3.59% 7.44% 37.28% 37.28% 27.25%

US Core Real Estate UBS 4 2.35% 6.30% 6.30% 6.39%

NCREIF NFI-ODCE 2.35% 7.91% 7.91% 7.95%

Absolute Return Lighthouse 3 0.60% 1.70% 5.07% 5.07% 4.36%

HFRI FoF Index 0.90% 2.03% 7.74% 7.74% 5.72%

Absolute Return Sky Bridge 3 1.01% 2.47% 9.15% 9.15% 5.61%

HFRI FoF Index 0.90% 2.03% 7.74% 7.74% 5.72%

Composite Portfolio Returns 1.14% 4.65% 16.12% 16.12% 8.66% 11.07% 7.93% 7.06%

Policy Benchmark Returns 1.05% 4.36% 15.59% 15.59% 8.42% 9.82% 7.01% 5.94% 2 Funded June 30, 2016 3 Funded January 28, 2016 4 Funded January 4, 2016

DODGE & COX - The Fixed Income portfolio manager underperformed its benchmark in

December 2017 by 0.01%. The portfolios’ lower exposure to long-term bonds (10+ years) is the

main detractor from relative performance for the month.

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A 7.00% rate of return assumption is used in the annual actuarial analysis for the Retirees’

OPEB. The results of the actuarial analysis determine VTA’s annual contribution rates. Any

difference between actual investment returns and the 7.00% assumed annual return is recognized

in the same year. The annual returns for the Retirees’ OPEB portfolio have been equivalent to or

exceeded the 7.00% assumed rate of return in 10 out of 15 years.

Historic Portfolio Performance for the last fifteen calendar years:

Year Performance Year Performance Year Performance

2003 17.2% 2008 -20.9% 2013 18.9%

2004 7.6% 2009 22.2% 2014 10.8%

2005 3.9% 2010 12.5% 2015 1.1%

2006 11.7% 2011 4.0% 2016 9.3%

2007 6.1% 2012 12.4% 2017 16.12%

SCVTA-ATU, Local 265 Pension Plan Assets

It is the policy of the SCVTA-ATU Board of Pensions to have a well-managed investment

program that provides for the financial needs of the pension plan and allows the investments to

be appropriately diversified and prudently invested to protect the safety of the principal while

maintaining a reasonable return. Assets are invested within the following investment guidelines:



Domestic Large-Cap Value 10-20% 15% 16%

Domestic Large-Cap Index 5-15% 10% 11%

Domestic Small-Cap Value 5-15% 10% 11%

Int’l Equity Developed Markets 8-18% 13% 14%

Int’l Equity Emerging Markets

US Core Real Estate

Absolute Return

0-10%

5-15%

4-14%

5%

10%

9%

6%

9%

8%

Cash 0-05% 1% 0%

The SCVTA-ATU Pension Plan composite portfolio outperformed its policy benchmark in

December 2017 by 0.11%. The current yield of the Dodge & Cox Fixed Income portfolio is

3.80% and the current effective duration is 4.56 years.


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Large-Cap Value

Stocks

Boston Partners 2.06% 7.11% 20.06% 20.06% 9.58% 15.01% 9.10% 9.89%

Russell 1000 Value Index 1.46% 5.33% 13.65% 13.65% 8.63% 14.03% 7.10% 7.22%

Large-Cap Index State Street 1.11% 6.63% 21.77% 21.77% 11.38% 15.74% 8.50% 7.27%

S&P 500 Index 1.11% 6.64% 21.84% 21.84% 11.43% 15.81% 8.50% 7.18%

Small-Cap Value

Stocks

Wedge 5 -0.75% 2.14% 6.25% 6.25% 9.87% 14.46% 9.00% 10.28%

Russell 2000 Value Index -0.95% 2.05% 7.84% 7.84% 9.54% 13.00% 8.17% 9.85%

Int’l Equity Dev.

Markets Growth

MFS 6 1.97% 6.13% 33.99% 33.99% 12.03% 9.16% 5.13% 5.28%

MSCI AC World ex-US Growth Index 2.16% 5.76% 32.01% 32.01% 9.28% 7.97% 2.40% 2.40%

Emerging Market State Street EM7 3.44% 7.41% 37.19% 37.19% 26.46%

MCSI World Emerging Market 3.59% 7.44% 37.28% 37.28% 27.25%

US Core Real Estate UBS 8 2.35% 6.30% 6.30% 8.78% 9.68% - 10.81%

NCREIF NFI-ODCE 2.35% 7.91% 7.91% 10.52% 11.60% - 12.79%

Absolute Return Lighthouse 9 0.60% 1.70% 5.07% 5.07% 4.36%

HFRI FoF Index 0.90% 2.03% 7.74% 7.74% 5.72%

Absolute Return Sky Bridge 9 1.01% 2.47% 9.15% 9.15% 5.61%

HFRI FoF Index 0.90% 2.03% 7.74% 7.74% 5.72%

Composite Portfolio Returns 10 1.09% 3.82% 14.65% 14.65% 7.96% 9.22% 7.58% 8.39%

Policy Benchmark Returns 0.98% 3.30% 13.31% 13.31% 7.35% 8.49% 5.83% 6.26%

5 Funded April 1, 2009. Prior manager was Brandywine with the same benchmark. 6 Funded December 14, 2007. Prior managers were Putnam and Fidelity with MSCI EAFE as their benchmark. 7 Initially funded June 30, 2016 8 Initially funded July 1, 2010. UBS Realty Investors LLC with NCREIF NFI-ODCE as their benchmark. Report 45 days after quarter ended. 9 Funded January 28, 2016

10 Investment performances by prior managers are included in composite returns and historical policy benchmark returns.




BOSTON PARTNERS - The Domestic Large Cap Value Equity manager outperformed its

policy benchmark in December 2017 by 0.60%. Stock selection in the energy and financial

sectors both contributed to outperformance for the month.

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WEDGE - The Domestic Small Cap Value Equity manager outperformed its policy benchmark

in December 2017 by 0.20%. Stock selection in the finance sector and particularly in the bank

and insurance subsectors contributed to the relative outperformance for the month.

MFS - The International Equity manager underperformed its policy benchmark in December

2017 by 0.19%. Stock selection within the basic materials and healthcare sectors both

contributed to the relative underperformance for the month.

LIGHTHOUSE - The Absolute Return manager underperformed its policy benchmark in

December 2017 by 0.30%. Quantitative strategies were the primary driver of relative

underperformance for the month.

SKYBRIDGE - The Absolute Return manager outperformed its policy benchmark by 0.11% in

December 2017. Relative value, event driven and structured credit strategies all contributed to

outperformance for the month.

A 7.00% rate of return assumption is used in the annual actuarial analysis for the ATU Pension

Plan. The results of the actuarial analysis determine VTA’s annual contribution rates. The

annual returns for the ATU Pension Plan portfolio have been equivalent to or exceeded the

7.00% assumed rate of return 11 out of 15 years.

Historic Portfolio Performance (calendar year) for the last fifteen calendar years:

Year Performance Year Performance Year Performance

2003 21.5% 2008 -19.7% 2013 16.5%

2004 12.2% 2009 25.7% 2014 7.2%

2005 7.2% 2010 14.0% 2015 0.5%

2006 14.5% 2011 1.7% 2016 9.2%

2007 5.8% 2012 14.5% 2017 14.65%

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ATU Spousal Medical Trust Fund, Dental, and Vision Plan

Asset allocation for the ATU Spousal Medical Trust Fund (including funds for dental and vision

plans) is provided for in the SCVTA-ATU Pension Plan Investment Policy.



Domestic Large Cap Index 50-70% 60% 65%

Cash 0-5% 2% 4%

The ATU Spousal Medical Trust Fund composite portfolio outperformed its policy benchmark in

the current month by 0.03%. The current yield for the fixed income portfolio is 3.80% and the

current effective duration is 4.20 years.


Investment Performance as of November 2017

Asset Class Fund Manager Nov 3 Mo Y-T-D 1 Yr 3 Yr 5 Yr 10 Yr I-T-D



Large-Cap

Index

State Street 1.11% 6.63% 21.77% 21.77% 11.38% 15.74% 8.50% 9.12%

S&P 500 Index 1.11% 6.64% 21.84% 21.84% 11.43% 15.81% 8.50% 9.11%

Composite Portfolio Returns 0.88% 4.55% 15.50% 15.50% 8.52% 11.14% 8.08% 8.04%

Policy Benchmark Returns 0.85% 4.11% 14.22% 14.22% 7.82% 10.26% 6.98% 7.33%




Other Data

The valuation of VTA’s securities is provided by Interactive Data Corporation (IDC), Merrill

Lynch Securities Pricing Service and Bloomberg Generic Pricing Service. These firms are the

leading providers of global securities data. They offer the largest information databases with

current and historical prices on securities traded in all major markets.

This report complies with VTA’s adopted investment policies. Based on budgeted revenues and

expenditures as well as actual transfers to/from reserves, there are sufficient funds available to

meet expenditure requirements for the six months ending June 30, 2018.

Prepared By: Sean Bill, Investment Program Manager

Memo No. 6375

10

VTA INVESTMENT COMPOSITE PORTFOLIO PERFORMANCE.

PER GENERAL LEDGER BALANCE - SETTLEMENT DATE

FOR THE MONTH OF DECEMBER 2017

SUMMARY: DECEMBER 31, 2017 (1) Fiscal 18 Fiscal 18

Nov-17 Dec-17 Year-to-Date Year-to-Date Change for the Month

Description Book Value Book Value Nov 2017 Dec 17 Realized Realized

/Cost /Cost Earnings - $ Earnings - $ Earnings - $

VTA FUNDS

1 - Fixed Income - Long-Term Investment Pool 212,229,004 212,242,257 1,354,978 1,665,388 310,410

2 - Fixed Income - Mid-Term Investment Pool 562,258,467 562,745,772 2,892,421 3,634,917 742,496

3 - Fixed Income - Short-Term Investment Pool 215,748,016 215,926,886 1,273,613 1,546,132 272,519

4 - VTA Bond Funds with Fiscal Agent (2) 75,173,066 78,939,863 147,729 191,315 43,586

5 - Funds with LAIF Investment Pool 52,000,000 35,000,000 167,382 212,023 44,641

6 - Funds with Union Bank-Congestion Management 13,176,816 12,767,104 5,252 6,420 1,168

7 - Funds with Union Bank-Measure B 1,871,980 1,850,800 880 1,044 164

8 - Funds with Union Bank Pooled DDA account 13,546,512 27,030,001 25,377 30,138 4,761

Total VTA Funds 1,146,003,861 1,146,502,683 5,867,632 7,287,377 1,419,745

RETIREES' OPEB FUNDS

1 - Retirees' OPEB -Fixed Income 62,512,541 62,844,131 1,188,346 1,460,335 271,989

2 - Retirees' OPEB -State Street - Index 47,802,619 47,802,619 9,461,580 9,461,580 0

3 - Retirees' OPEB -State Street - EM 16,000,000 16,000,000 0 0 0

4 - Retirees' OPEB -US Core Real Estate - UBS 30,000,000 30,000,000 0 0 0

5 - Retirees' OPEB -Sky Bridge Capital 11,000,000 11,000,000 0 0 0

6 - Retirees' OPEB -Lighthouse Partners 11,000,000 11,000,000 0 0 0

178,315,160 178,646,750 10,649,926 10,921,915 271,989

ATU PENSION FUNDS

1 - VTA/ATU Pension Fund -Fixed Income 143,213,095 144,029,123 2,175,077 2,854,194 679,117

2 - VTA/ATU Pension Fund -Stock Large Cap Value - BOSTON 71,306,197 72,349,995 1,922,205 2,966,262 1,044,057

3 - VTA/ATU Pension Fund -State Street - Index 14,782,135 14,782,135 0 0 0

4 - VTA/ATU Pension Fund -Stock Small Cap Value - WEDGE 45,157,440 45,161,725 1,483,053 1,487,782 4,729

5 - VTA/ATU Pension Fund -Int'l - Equity Growth - MFS 43,074,856 43,074,856 0 0 0

6 - VTA/ATU Pension Fund -Emerging Markets - State Street 24,000,000 24,000,000 0 0 0

7 - VTA/ATU Pension Fund -US Core Real Estate - UBS 25,000,000 25,000,000 8,402,142 8,402,142 0

8 - VTA/ATU Pension Fund -Sky Bridge Capital 22,000,000 22,000,000 0 0 0

9 -VTA/ATU Pension Fund -Lighthouse Partners 22,000,000 22,000,000 0 0 0

Total ATU Pension Funds 410,533,723 412,397,834 13,982,477 15,710,380 1,727,903

ATU SPOUSAL MEDICAL PLAN FUNDS

1 - ATU Spousal Med Fund -Dodge & Cox - Index 5,927,234 5,927,234 0 0 0

2 - ATU Spousal Med Fund -State Street - Index 7,607,187 7,607,187 0 0 0

Total ATU Spousal Plan Funds 13,534,421 13,534,421 0 0 0

Total Investments 1,748,387,165 1,751,081,688 30,500,035 33,919,672 3,419,637

Legend:

(1) Total includes contributions / withdrawals made during current month.

(2) Bonds Reserves and/or Debt Service Funds

Attachment Page # 1

10.a

VTA INVESTMENT COMPOSITE PORTFOLIO PERFORMANCEMONEY MANAGERS' TOTAL MARKET RETURN - TRADE DATE

FOR THE MONTH OF DECEMBER 2017

SUMMARY: December 31, 2017 Total Market Value Dec Total Market Return Total Market Return

(1) VTA Benchmark

Previous Current $Unrealized %Unrealized Calendar Calendar

Description Month Month Gain/Loss Gain/Loss YTD YTD

1 - Fixed Income Long-Term Investment Pool 210,905,254 211,010,421 105,167 0.05% 1.50% 0.50%1 - Fixed Income Mid-Term Investment Pool 561,587,860 561,942,184 354,324 0.06% 1.09% 0.43%2 - Fixed Income Short-Term Investment Pool 216,257,486 216,485,556 228,070 0.11% 1.29% 0.81%

3 - VTA Bond Funds with Fiscal Agents 75,173,066 78,939,863

4 - Funds with LAIF Investment Pool 52,000,000 35,000,000

5 - Funds with Union Bank-Congestion Management 13,176,816 12,767,104

6 - Funds with Union Bank-Measure B 1,871,980 1,850,800

7 - Funds with Union Bank DDA account 13,546,512 27,030,001

Total VTA Funds 1,144,518,974 1,145,025,929

1 - Retirees' OPEB - Fixed Income 64,191,814 64,482,654 290,840 0.45% 5.14% 3.55%2 - Retirees' OPEB - State Street - Index 168,981,447 170,862,591 1,881,144 1.11% 21.77% 21.84%3 - Retirees' OPEB - State Street EM 21,994,746 22,751,344 756,598 3.44% 37.19% 37.28%3 - Retirees' OPEB - US Core Real Estate (2) 32,898,938 32,898,938 5 - Retirees' OPEB - Sky Bridge (2) 11,917,486 12,042,010 6 - Retirees' OPEB - Lighthouse (2) 12,026,655 11,996,048

Total Retirees' OPEB Funds 312,011,086 315,033,585

1 - VTA/ATU Pension Fund-Fixed Income 146,551,049 147,165,268 614,219 0.42% 4.79% 3.55%

2 - VTA/ATU Pension Fund-Stock Large Cap Value 92,613,878 94,520,235 1,906,357 2.06% 20.06% 13.65%

3 - VTA/ATU Pension Fund-State Street - Index 61,420,436 62,104,183 683,747 1.11% 21.77% 21.84%

4 - VTA/ATU Pension Fund-Stock Small Cap Value 59,284,767 58,840,474 (444,293) -0.75% 6.25% 7.84%

5 - VTA/ATU Pension Fund- Int'l - Equity Growth 81,186,589 82,788,637 1,602,048 1.97% 33.99% 32.01%

6 - VTA/ATU Pension Fund- Emerging Markets S. Street 32,992,119 34,127,017 1,134,898 3.44% 37.19% 37.28%

7 - VTA/ATU Pension Fund- US Core Real Estate (2) 51,905,558 51,905,558

8 - VTA/ATU Pension Fund- Sky Bridge (2) 23,834,972 24,084,019

9 - VTA/ATU Pension Fund- Lighthouse (2) 24,053,310 23,992,097

Total Pension Fund 573,842,678 579,527,488

1 - ATU Spousal Med Fund - Dodge & Cox - Index 9,061,060 9,097,942 36,882 0.41% 4.36% 3.55%

2 - ATU Spousal Med Fund-State Street - Index 18,659,674 18,867,398 207,724 1.11% 21.77% 21.84%

Total ATU Spousal Funds 27,720,734 27,965,340

Total Investments 2,058,093,472 2,067,552,342

Legend:

(1) Total includes contributions / withdrawals made during current month.

(2) Performance reported quarterly. Attachment Page # 2

10.b

SCVTA - ATU, Local 265 Pension Plan

TOTAL FUND ASSET POLICY TARGETS VS. PEER UNIVERSE

Cash is excluded from Total Fund performance.Diversified Real Assets was funded at 5% in February 2018.

Asset Allocation vs. TargetPolicy Universe Average

_

Domestic Equity 35.0% 30.4%International Equity 13.0% 18.8%Emerging Markets Equity 5.0% 3.2%Domestic Fixed Income 22.0% 24.1%Emerging Market Debt -- 0.7%Global Bonds -- 2.0%GAA/Risk Parity -- 5.1%Private Equity -- 4.4%Hedge Funds 9.0% 2.8%Real Estate 10.0% 6.0%Real Assets 5.0% 1.1%Cash 1.0% 1.4%Total 100.0% 100.0%

XXXXX

10.c


TOTAL FUND PERFORMANCE SUMMARY (GROSS OF FEES)

**VTA Based data

10.c


TOTAL FUND RISK STATISTICS VS. PEER UNIVERSE

3 Years Ending December 31, 2017

Anlzd Std Dev Rank Sharpe Ratio Rank Sortino RatioRF Rank

_

Total ATU Pension 5.79% 47 1.26 32 1.71 26Policy Index 5.52% 30 1.26 37 1.68 30InvestorForce Public DB $250mm-$1BGross Median 5.84% -- 1.18 -- 1.57 --

XXXXX

5 Years Ending December 31, 2017

Anlzd Std Dev Rank Sharpe Ratio Rank Sortino RatioRF Rank

_

Total ATU Pension 5.64% 36 1.57 21 2.51 25Policy Index 5.41% 23 1.55 32 2.36 46InvestorForce Public DB $250mm-$1BGross Median 5.80% -- 1.46 -- 2.33 --

XXXXX

10.c

• Dodge & Cox mandate expanded to include High Yield on June 10, 2014

• Hedge Funds Strategy funded January 28, 2016

• Diversified Real Assets Strategy funded January 11, 2018

• Allocations funded from fixed income strategy

• Increased expected return while holding risk constant

• Emerging Market Debt

• Private Credit

ACTIONS TAKEN TO DIVERSIFY PLAN

ADDITIONAL DIVERSIFYING ASSETS TO CONSIDER

10.c



Board Meeting: N/A

BOARD MEMORANDUM





SUBJECT: Update on the Metropolitan transportation Commission (MTC) Means Based

Fare Study


BACKGROUND:

The Metropolitan Transportation Commission (MTC) continues to explore options to implement

a regional means based fare program. They have identified up to $8.0 million in SB1 - Regional

Population based funds as a potential source of funds to cover the anticipated administrative

costs and a portion of the fare revenues lost by the transit operators. VTA staff had provided a

preliminary update to the Board of Directors on December 7, 2017 highlighting the potential fare

revenue impact to VTA of up to $14 million per year.

VTA currently offers discounted monthly passes to low income individuals through the Transit

Assistance Program and quarterly passes to homeless and at risk of homeless individuals through

the UPLIFT program with the County of Santa Clara.

DISCUSSION:

At a meeting of transit operators’ staff in January 2018, MTC staff shared a proposed framework

for a regional means based fare program which continues to be in development. MTC’s proposal

at the current time is to initiate a pilot program with the following attributes:

The program will be a pilot program designed to assess usage and cost

Initial participants will be BART, Caltrain, SFMTA, and Golden Gate Transit

Discount will be available on Clipper only

Operators offer a minimum discount of 20%

Administrative costs are expected to be $1.5-2.0 million per year

MTC will make available $8 million per year from SB1 - population based funds

Operators to cover remaining costs/revenue loss

11

of 2

The program will be subject to cancellation if SB1 is repealed

Program could start in 2019

If VTA elects to participate in the program, VTA could experience lost fare revenues up to $14

million. VTA’s share of the funds available from MTC will be low as BART and SFMTA are

expected to get the bulk of the funds in proportion to their revenue loss.

If VTA elects to not participate in the program, VTA will not receive any funds allocated for this

program.

Prepared By: Ali Hudda

Memo No. 6448

11

Doc ID Origin Short TitleA&F

2/15

BOD

3/1

A&F

3/15

BOD

4/5

A&F

4/19

BOD

4/20

BOD

5/3

A&F

5/17

BOD

6/7

BOD

6/22

BOD

8/2

A&F

8/16

6398Division - Engineering and Transportation

Program Delivery / Adolf Daaboul

Change Order to Rail Rehab Const. ContractA A

6240Dept - Accounting & Budget Administration /

Carol Lawson

Revenue & Expense Report 2Q FY18A A

6291Dept - Real Estate / Ron Golem Joint Development Developer RFP’s for San

Jose Signature Review SitesA A

6397 Division - Operations / Inez Evans Light Rail Coupler Parts Contract A A

6375Dept - Finance / Sean Bill Monthly Investment Report - December 2017

I

6406Dept - Real Estate / Ron Golem Formulation of a Joint Development

Replacement Parking PolicyI

6448

Division - Finance and Budget / Ali Hudda Update on the Metropolitan transportation

Commission (MTC) Means Based Fare Study I

6401Division - Planning and Programming /

Marcella Rensi

City of Saratoga - Prospect Road Complete

StreetsA

6435

Division - Planning and Programming /

Marcella Rensi

Senate Bill (SB) 1, State Transit

Assistance/State of Good Repair Resolution A

6430Dept - Human Resources & Diversity

Programs / Alberto Lara

2017 Employees of the YearI


Program Delivery / Kevin Kurimoto

SVRT Program UpdateI

6437Division - Finance and Budget / Ali Hudda Audit Dashboard F/U:Audit Recommendations,

as of Dec. 31, 2017I

6394Dept - Board Secretary / Stephen Flynn Recognition of 2017 Advisory Committee

ChairpersonsI


Program Delivery / Ven Prasad

Installation of Solar Panels on Milpitas Parking

GarageA A

6029Dept - Real Estate / Ron Golem Approval of BART Parking Garage Revenue

Collection ContractorA A

6416Dept - Real Estate / Ron Golem Alder Joint Development Site - Issue of

Developer RFPA A

6417Dept - Real Estate / Ron Golem Follow Up on Great Mall Transit Center

DispositionA A

5786Dept - Project Development / Casey Emoto Cooperative Funding Agreement with City of

Santa ClaraA A

6376 Dept - Finance / Sean Bill Monthly Investment Report - January 2018 I

6428 Dept - Board Secretary / Stephen Flynn Decommission ECRRT PAB A

6413 Dept - Transportation Planning / Jim Unites Transit Service Guidelines Policy Update A

6289Office of the Auditor General / Bill Eggert Special Events & Stadiums Service

AssessmentA

Administration & Finance Committee Work Plan

February - August 2018

2/9/2018 1 of 3

13

Diaresco_M

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2/15

BOD

3/1

A&F

3/15

BOD

4/5

A&F

4/19

BOD

4/20

BOD

5/3

A&F

5/17

BOD

6/7

BOD

6/22

BOD

8/2

A&F

8/16



6412 Office of the Auditor General / Bill Eggert FY 2018 VTA Risk Assessment Refresh A

6429

Division - Business Services / Mitsuno

Baurmeister

Equal Employment Opportunity/Affirmative

Action Plan January 1, 2018 – December 31,

2021

I


Program Delivery / Suja Prasad

VTP Hwy Program Semi-Annual Report

Ending October 31, 2017I





Program Delivery / Suja Prasad

Measure A Semi-Annual Report ending

December 31, 2017I

6395 Dept - Transportation Planning / Jim Unites Transit Service Changes - April 2018 I

6399Dept - Transportation Planning / Chris

Augenstein

Development Review Annual Report for 2017I

6027 Dept - Real Estate / Ron Golem Update of Joint Development Policy A A


Carol Lawson

Revised VTA Transit Fund Comprehensive

Reserve PolicyA A

6232

Dept - Environmental Program & Resource

Management / Julia Nelson

2017 Environmental Programs and Resources

Management On-Call Contract RFP A A

6377Dept - Finance / Sean Bill Monthly Investment Report - February 2018

I


Program Delivery / Ken Ronsse

Track Intrusion AbatementA

6422 Dept - Board Secretary / Stephen Flynn Amend Admin Code and CAC Bylaws A

5735Dept - Maintenance Operations / James

Wilhelm

Procurement for 40' Electric BusesA

6403 Division - Business Services / Alberto Lara Retiree's Recognition May 2018 I




6384Dept - Project Development / Casey Emoto Transportation Technology Strategic Plan

Development Status ReportI


Carol Lawson

Revenue & Expense Report 3Q FY18A A

6378 Dept - Finance / Sean Bill Monthly Investment Report - March 2018 I


Program Delivery / Ken Ronsse

Pavement Management - North YardA

5795Office of the Auditor General / Stephen Flynn BART SV C700 C700 Contract Compliance

AssessmentA

6288Office of the Auditor General / Stephen Flynn A/P Master Data Internal Audit

A

6410Division - Business Services / Mitsuno

Baurmeister

Community Partnership RecognitionI

2/9/2018 2 of 3

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2/15

BOD

3/1

A&F

3/15

BOD

4/5

A&F

4/19

BOD

4/20

BOD

5/3

A&F

5/17

BOD

6/7

BOD

6/22

BOD

8/2

A&F

8/16







Program Delivery / Ven Prasad

I-880/I-280/Stevens Crk LandscapingA




6407Dept - Real Estate / Ron Golem Approval of Proposed Tamien Joint

Development AgreementA

6408Dept - Real Estate / Ron Golem Santa Clara Station on Proposed Joint

Development AgreementA

2/9/2018 3 of 3

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administration & finance committee agenda call to...

Documents