Orange County NC Website
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Funding Source <br /> %2 cent sales tax (next year?) <br /> $10 vehicle registration fee (county gets $7 and Triangle Transit- $3) <br /> Orange County Transit Plan Finances <br /> (Prepared by Triangle Transit) <br /> Revenue: <br /> %2 Sales Tax $5M <br /> Vehicle Registration Fee $1.1M <br /> Finances <br /> Revenue Assumptions <br /> - %2 cent sales tax in Orange County approximately $5 million/year (annual growth rate <br /> approx. 2.0% to 2015, 2.5% beyond) <br /> - $10 additional vehicle registration fee in Orange County - $1.1 million/year <br /> - $460,000/year Triangle Transit Major Transit Investment fund (car rental dollars) <br /> - Orange County and Local Government Contributions (assumption 4): <br /> o Year 1 = Base $3.3 million + 0$ <br /> o Year 2 = Base $3.3 million + estimated $560,000 <br /> o Year 3 and beyond = Base $3.3 million + estimated $1.12 million <br /> - $87 million in borrowing <br /> - State and Federal contributions assumed <br /> Financial Model 2035 Balances <br /> • Light Rail Construction UNC — Leigh Village; 4.6 miles ( $347m) ( assumption 1) <br /> • Bus Operations and Maintenance ( $132m) <br /> • Debt Service ($87m) <br /> • Rail Operations and Maintenance ( $61 m) <br /> • Enhances MLK BRT Facilities Construction ($27m) <br /> • Eleven new buses purchased and their replacement every 12 years ($12m) <br /> Total Revenue: $673 million ( Orange County share approx. 20%) <br /> Total Expenditures: $667 million <br /> Funds Balance in 2035: +6million <br /> Orange County Transit Plan <br /> Main Components: <br /> Fixed Guideway Service (Long Range) (A1) <br /> Light Rail <br /> - Durham-Orange Alternative 4 — UNC Hospitals to Alston Avenue <br /> - UNC-Leigh Village —4.6 miles <br /> - Leigh Village —Alston Avenue — 12.8 miles <br /> Bus Rapid Transit (BRT) (A2) <br /> 2 potential corridors: <br /> - Martin Luther King, Jr. Corridor; OR <br /> - NC 54 Corridor <br />