Agenda - 05-03-2012 - 1 - Laserfiche WebLink

Browse Search

~~ti~~~- ~ 3 ORANGE COUNTY, DURHAM COUNTY and RESEARCH TRIANGLE REGIONAL PUBLIC TRANSPORTATION AUTHORITY INTERLOCAL AGREEMENT COST SHARING FOR LRT RAIL PROJECT This Interlocal Agreement ("Agreement") dated , 2012 is entered into by and between Orange County ("Orange"), a political subdivision of the State or North Carolina and Durham County ("Durham"), a political subdivision of the State of North Carolina, and Research Triangle Regional Public Transportation Authority, d/b/a Triangle Transit ("lTA"). Durham, Orange, and TTA may be referred to individually as "Party" and collectively as "Parties". Whereas, the Parties each desire to provide for the future transportation needs of Durham and Orange, understanding that enhanced mobility options will support a high quality of life, strengthen economic development, and enhance sustainability; and Whereas, Durham and Orange mutually desire to support and share the costs for the planning, construction, operation, and maintenance ("Costs") of a 17.3 mile passenger rail service running from Durham to Orange along a corridor as outlined in Attachment One, containing 16 stations, four of which are located in Orange County, and utilizing light rail vehicles (`LRT Project"} as an important element in meeting their future transportation needs and supporting efficient, sustainable development patterns; and Whereas, the Farties acknowledge that the LRT Project will be managed, planned, constructed; maintained'and operated by the TTA according to the Bus and Rail Investment Plans ("BRI Plans") asadopted or subsequently modified by the Parties; and Whereas, pursuant to NCGS 105-510 and 105-561 revenues to fund the construction, maintenance and operation of the LRT Project will be collected and distributed by TTA; and Whereas the Parties have bargained to agreement on an equitable division of responsibility to pay for the Costs of the LRT rail project. Now therefore, in light of the mutual covenants contained herein and provided that the LRT Project moves through planning and construction as set forth in the BRI Plans, the Parties hereby agree as follows: 1. The total capital cost for the LRT Project through 2035 is now estimated to be $1.378 billion dollars. Over the coming years the Parties acknowledge that the LRT Project will move from preliminary to final design, which will result in a more precise project description and more accurate capital costs. As a result of this and as with any major capital project planned and constructed Page ~ 1