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5 <br /> 1) Approval of the Wake County Transit Plan, specifically the financial plan as required by the <br /> Local Government Sales Tax Act ("the Act") N.C.G.S. 105-508, et seq. The Act requires that <br /> in the event of expansion of the Special District,existing members must approve the financial <br /> plan of any new member;and <br /> 2) Approval & Execution of an Agreement Setting Forth the Mutual Understanding of the <br /> Parties as to the Scope and Content of the Financial Plan Between Research Triangle <br /> Regional Public Transportation Authority ("GoTriangle'): Durham County; Orange County; <br /> Wake County,- Capital Area Metropolitan Planning Organization; Durham, Chapel-Hill, <br /> Carrboro Metropolitan Planning Organization,- and Burlington-Graham Metropolitan <br /> Planning Organization ("Agreement"). The purpose of this Agreement is to set forth the <br /> formal approval of the Financial Plan for the Special District as required by the Act and a <br /> mutual understanding among the parties as to the financial terms and conditions governing the <br /> collection and expenditure of revenues for transit systems within the (expanded) Special <br /> District. <br /> In order for Wake County and its partners to remain on schedule for the anticipated November <br /> 8, 2016 advisory referendum, Wake County is requesting final approval of both the Wake <br /> Transit Plan (incorporating the Wake County Financial Plan) and the proposed Agreement <br /> enclosed herein on or before August 12, 2016 by authorizing resolution from your Board of <br /> Commissioners or Executive Board. <br /> Wake Transit Plan Update <br /> Wake County developed its Recommended Transit Plan ("Wake Transit Plan" or "Plan"), <br /> independently modeled and planned, based on projected Wake County revenues and <br /> expenditures. The Plan was unveiled to the public on December 8, 2015. The first 10 years of <br /> investment in the Wake Transit Plan calls for: <br /> • Better bus service as defined as a 4x increase in overall bus service from what is <br /> operating today; <br /> • New or improved bus connections among and to all 12 Wake County municipalities; <br /> • A focus on bus frequency offering service in urban areas with 83 miles of network <br /> and 20 miles ofBRT infrastructure in key corridors; <br /> • Stronger regional connections with a new commuter rail system from Gamer to <br /> Durham; and <br /> • Matching funds to help all cities and towns improve service within their municipality <br /> if they choose to make their own investment. <br /> The Wake Transit Plan was approved by the Capital Area Metropolitan Planning Organization <br /> (CAMPO) on May 18, 2016 and by GoTriangle on May 25, 2016. On May 25, 2016, <br /> GoTriangle also expanded the Western Triangle Tax District to include Wake County.Pending <br /> approval by the Wake County Board of Commissioners and further conditions set forth by the <br /> Act, Wake County anticipates holding an advisory referendum on the levy of the additional <br /> one-half percent(Y1%)sales and use tax for public transportation on November 8,2016. <br /> 2 <br />