Agenda - 06-05-2012 - 7a - Laserfiche WebLink

Browse Search

Triangle Transit operations are partially funded by a five percent (5 %) tax on car rentals in Wake, Durham, and Orange Counties. Under existing policy adopted by the TTA Board, 50% of the rental car tax revenues are dedicated to advancing long -range bus and rail transit. Since a significant portion of all cars rented and driven in the three counties are rented at the RDU International Airport, it is difficult to determine which rentals are driven primarily in one county or another. Therefore, the 50% rental revenues dedicated to long -term transit were allocated by county according to the percentage of population in the Triangle Region, which is: Wake (68 %); Durham (21.5%); Orange (10.5 %). The Triangle Transit rental car tax proceeds directed to project development in Orange County are estimated to be $582,000 in 2013. Over the life of the plan to 2035, the rental car tax is expected to generate $21.3 million in Year -of- Expenditure (YOE) dollars for Orange County. E. NC State Government Funding The plan includes a 25% capital cost contribution by the NC Department of Transportation ( NCDOT) for both light rail and commuter rail projects in Orange County. This level of participation was established by the State in Charlotte's Lynx Blue Line light rail project in 2003. The plan assumes that NCDOT also pays for 10% of bus capital costs (replacement buses, new buses, park and ride lots, etc) consistent with its current practices. Over the life of the plan to 2035, the contributions of NCDOT are expected to total $130.6 million in Year -of- Expenditure (YOE) dollars in Orange County. F. Federal Government Funding The plan assumes that the Federal Government contributes 50% of the capital cost for the light rail project in Orange County. This was the federal level of participation in the Charlotte Lynx Blue Line light rail project and is consistent with federal funding outcomes for most rail projects in the Federal Transit Administration's New Starts program in recent years. The plan assumes that the Federal Government also pays for 80% of bus capital costs, consistent with its current practices, and continues to provide operating appropriations consistent with present Federal Transit Administration operating grant formulas. Over the life of the plan to 2035, the contributions of the Federal Government are expected to total $248 million in Year -of- Expenditure (YOE) dollars in Orange County. G. Transit Fares The plan assumes fares for all operating agencies remain unchanged from the existing fare structures. • Light Rail farebox recovery ratio: 20% • Triangle Transit bus farebox recovery ratio: 15% • Chapel Hill Transit bus farebox recovery ratio: 0% • Orange Public Transportation bus farebox recovery ratio: 3.5% 5/23/2012 - Page 124 24