Minutes 09-18-2012 - Laserfiche WebLink

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II. Assessment of progress in getting federal and state funding Here is suggested language, adding benchmarks and also adding state funding to the assessment process. 10. (second number 10). Eight years after the date of execution of this Agreement, the Parties agree to assess if the New Starts application for the LRT project in the Plan is still in the federal pipeline for New Starts rail projects and making reasonable progress to receive federal funding. The rate of progress will be measured by the following benchmarks and timelines: (1) whether the project has already been allowed to enter Preliminary Engineering (2 to 3 years after submission of the New Starts application), whether the project has already been issued a Record of Decision (additional 2 to 3 years), and the rate of progress being made toward receiving a Full Funding Grant Agreement (additional 3 to 4 years after receiving the Record of Decision). If not, the Parties agree to work collaboratively to develop an Alternative Bus and Rail Investment Plan which reflects this fact and sets out revised funding for transit projects and services. At the same time, there will be a similar assessment of whether the project is making reasonable progress toward receiving a State Full Funding Grant Agreement. If not, the Parties also agree to work collaboratively to develop an Alternative Bus and Rail Plan, as specified above for federal funding. III. Definition of"material" change. In section 12 of the agreement, definitions of material changes are given for several categories of revenues or costs. These definitions are given as percentages. The pie charts in Appendix A of the BRI Plan show the dollar amounts for costs and revenues. A comparison of section 12 with Appendix A appears to show that the dollar amounts for a material change could vary between $300,000 and almost $42 million. It would be prudent to recognize dollar amounts, or at least use smaller percentages for large dollar amounts. Here are the rough estimates for the five categories, along with total dollar amounts. Also given are the amounts that would be defined as a material change, given the percentages that are specified. All of these numbers would need to be verified by staff, and are given here for illustrative purposes. (A) Total revenues = $706.0 million 5% _ $35.3 million (B) LRT capital cost = $418.3 million 10% _ $41.8 million, 5% _ $20.9 million (C) LRT operating cost = $59.1 million 5% = about $3 million ($2.955 million) (D) Overall funds for bus service. This would appear to combine the costs for several categories: MLK bus lanes ($24.5 million), bus operations ($106.8 million), buses ($17.6 million), and bus capital projects ($6.7 million). The total amount is $155.6 million. If that total is correct, 5% _ $7.78 million