Agenda - 03-22-2012 - 7d - Laserfiche WebLink

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2 PROVISIONS General Fund The BOCC also stated at the work session that the future agreement must include provisions that there is no financial exposure to Orange County that would cause general fund dollars to be expended in the future for LRT, whether it was capital or operating. The sensitivity to the potential of cost overruns and the limitations in sales tax revenue growth as compared to Durham County was cited as an important consideration. Re-examination of Agreement; Updates and Thresholds The agreement should also include provisions to re-examine the Orange County/Durham County cost sharing agreement if revenues or costs vary a yet to be determined percentage (5% for discussion purposes). Maintenance of Proposed Bus Service Hours Proposed bus service hours should also be maintained irrespective of the costs allocated to LRT with consideration for the reinvestment of rail dividend hours (i.e. when rail routes replace existing bus service, how do you convert to additional bus hours or projects). Small Capital In addition, the cost sharing proposal should also not affect Orange County's intent to allocate monies to the Hillsborough passenger train station (i.e. Amtrak at this time). ACTION This agenda item, if approved, would allow the Board Chair and the assigned contingent to forward to Durham County, the joint county's cost share proposal and allow their full county board to discuss and confirm before institutionalizing the agreement. In addition, Orange County representatives could further `negotiate' within the parameters of this tentative proposal. This item and agreement would return for formal BOCC approval at a later date. FINANCIAL IMPACT: There is no direct financial implication with this item. RECOMMENDATIONS: The Manager recommends the Board discuss and consider authorizing the Board Chair to continue discussions with Durham County officials towards a mutually agreed Light Rail Transit (LRT) two county cost share agreement.