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

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(a) Annual review presentations of the activities and progress made in implementation 26 of the Plan by Triangle Transit to the County and the MPO; (b) The process for review and vote by the County, the MPO and Triangle Transit's Board of Trustees or the role of the operating agency regarding on any significant or substantial revisions to the Plan required by changes experienced in revenues received, capital costs, operating expenses, or other substantial issues affecting the Plan; (c) A recognition and preservation of decision making responsibilities of the operating agencies; (d) Responsibility of Triangle Transit for direct disbursement of funds from the revenues received per Section V (above) to the public agency responsible for implementing the bus services set forth in the Plan; and (d) Other necessary provisions regarding implementation of this Plan as agreed to by the County, the MPO, and Triangle Transit. COST SHARING AGREEMENT The capital and operating costs for the 17.3 -mile LRT line will be shared by Orange and Durham counties. Accordingly, a separate cost sharing agreement between Orange County, Durham County and Triangle Transit has been developed. The cost sharing agreement sets forth the respective shares of the capital and operating costs that will be paid by each county for this project that cross both county and municipal borders. TAX LEVY AGREEMENT One additional agreement has been developed by Orange County and Triangle Transit relevant to the plan. In this tax levy agreement Triangle Transit agrees not to levy the half -cent transit sales tax for Orange County in the event of a successful referendum vote on the sales tax until after receiving a Resolution from the Orange County Board of County Commissioners requesting that the tax be levied. VIII. NEW STARTS PROCESS Federal New Starts Funding Process It is anticipated that Federal funds assisting in the planning and implementation of the Durham - Orange Light Rail Transit Project would be secured through the Federal Transit Administration's (FTA) discretionary New Starts program. New Starts is the federal government's primary financial resource for funding transit "guideway" capital investments. Projects seeking New Starts funding — like all federally - funded transportation investments in metropolitan areas — must emerge from a locally - driven, multimodal corridor planning process, as depicted graphically in this chart: 5/23/2012 - Page 126