Agenda - 12-08-2011 - Attachment 1

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1.APPROVAL OF THE TRANSIT PLAN: The parties to this agreement understand, support and agree with the Wake County Transit Plan dated . The plan details the bus service expansion strategy,the local rail priorities, governance structure, and the financial implementation plan. 2.TRANSIT SPECIFIC FUNDING SOURCES: The parties agree that additional funds for transit are needed locally and that new local tax sources of revenue, as allowed by the North Carolina General Assembly,should be pursued. The type of taxes that should be considered are: a. An additional %cent sales tax for all non-exempted goods sold within Wake County. This source shall require the approval of over 50%of the voters in a referendum to be enacted. b. A new$7.00 vehicle registration fee on all vehicles registered within Wake County. c. A$3.00 increase in the existing vehicle registration fee on all vehicles registered within Wake County. This fee would only go into effect if Triangle Transit Board of Trustees approve the increase. 3. GOVERNANCE: The parties agree to assign future decision-making authority on the Wake County Transit Plan to the Governing Board of the Capital Area Metropolitan Planning Organization (The Transportation Advisory Committee). The parties agree to abide by the final decisions of this agency. a. Information on major votes related to the Wake County Transit Plan and the Wake County local transit tax revenue shall be distributed to all parties at least 45 days prior to decision-making. Votes related to funding sources, investment priorities, and financial bonding shall be considered major votes. b. Elected officials representing any of the parties may request a "directed vote"from their Governing Board representative. When this type of vote is requested the representative may only vote in the way directed by a majority vote of the elected body. c. All proposed changes to the Wake County Area Transit Plan shall be routed through the Capital Area Metropolitan Planning Organizations standard plan modification procedure. This procedure shall include review by the Transportation Coordinating Committee, applicable public outreach, a public comment period and public hearing. 4. CONTINUANCE OF EXISTING LOCAL FUNDING: In accordance with NCGS 105-510 the parties of this agreement agree to maintain the dollar amount of non-sales tax local transit investment at or above the level budgeted on July 1, 2009. To meet this expectation a financial report detailing the amount of non-sales local tax money spent and verifying that at least$18,229,000 was spent will be produced annually.