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25 <br /> 1 In section 12 of the agreement, definitions of material changes are given for several categories <br /> 2 of revenues or costs. These definitions are given as percentages. <br /> 3 <br /> 4 The pie charts in Appendix A of the BRI Plan show the dollar amounts for costs and revenues. <br /> 5 <br /> 6 A comparison of section 12 with Appendix A appears to show that the dollar_amounts for a <br /> 7 material change could vary between $300,000 and almost$42 million. It would be prudent to <br /> 8 recognize dollar amounts, or at least use smaller percentages for large dollar amounts. <br /> 9 <br /> 10 Here are the rough estimates for the five categories, along with total dollar amounts. Also given <br /> 11 are the amounts that would be defined as a material change, given the percentages that are <br /> 12 specified. All of these numbers would need to be verified by staff, and are given here for <br /> 13 illustrative purposes. <br /> 14 <br /> 15 (A) Total revenues= $706.0 million 5% _ $35.3 million <br /> 16 <br /> 17 (B) LRT capital cost= $418.3 million 10% _ $41.8 million, 5% _ $20.9 million <br /> 18 <br /> 19 (C) LRT operating cost = $59.1 million 5% = about$3 million ($2.955 million) <br /> 20 <br /> 21 (D) Overall funds for bus service. This would appear to combine the costs for <br /> 22 several categories: MILK bus lanes ($24.5 million), bus operations($106.8 million), buses <br /> 23 ($17.6 million), and bus capital projects ($6.7 million). <br /> 24 The total amount is$155.6 million. If that total is correct, 5% _ $7.78 million <br /> 25 If the MILK project is considered separately, then 5% = about$1.23 million. <br /> 26 <br /> 27 (E) Funds provided to bus operators = 5% or$300,000, whichever is greater, but it is not <br /> 28 obvious where this amount would be in the summary information. <br /> 29 <br /> 30 Also in Appendix A there is $19.2 million for debt service. Presumably a lot of that would be for <br /> 31 financing the LRT project. In addition, it is not obvious how the $8.9 million for the <br /> 32 Hillsborough train station would be handled. <br /> 33 <br /> 34 The handout ends here. <br /> 35 <br /> 36 <br /> 37 Commissioner Yuhasz asked what would happen with the revenue if there was a <br /> 38 material change warranted and the three parties did not agree. <br /> 39 Wib Gulley said that the monies would be put in escrow until an agreement would be <br /> 40 reached. <br /> 41 Frank Clifton said that the issue for him is that all of the costs and projections and <br /> 42 revenues should not be allocated or spent without the Board's approval. <br /> 43 Wib Gulley said that he agrees with the Manager, but the decision about how to spend <br /> 44 the funds needs to have the support of the majority of the Board of County Commissioners <br /> 45 before any decision is made. <br /> 46 Chair Pelissier said that it is crucial to have the MPO as a signatory. She said that if <br /> 47 the plan is not in the MPO Plan, it cannot be eligible for federal funds. She said that it is vital <br /> 48 that everything in the plan also be part of the MPO's plans. She said that this is a regional plan <br /> 49 and the towns of Carrboro and Hillsborough do not have representation on other transportation <br />