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27 <br /> 1 LRT Construction Cost Updates (graph) <br /> 2 <br /> 3 LRT Construction Cost Updates (graph) <br /> 4 <br /> 5 LRT Construction Cost Updates (graph) <br /> 6 <br /> 7 LRT Construction Cost Updates (graph) <br /> 8 <br /> 9 LRT Construction Cost Updates (graph) <br /> 10 <br /> 11 D-O LRT Funding Updates (chart) <br /> 12 <br /> 13 Dedicated Transit Revenue Updates (chart) <br /> 14 <br /> 15 Ways to Resolve the Funding Gap (chart) <br /> 16 Includes 10% State Funding <br /> 17 <br /> 18 Other Steps To Fill Gap <br /> 19 • Steps already taken <br /> 20 o Adjusted D-O LRT Project construction schedule to better match FTA <br /> 21 reimbursement rate (delayed completion of construction from 2026 to 2028) <br /> 22 o Hired new financial advisor, experienced in structuring financing plans for major <br /> 23 federally funded projects, to begin refining financing assumptions <br /> 24 • Steps that will be evaluated between December and April <br /> 25 o Value engineering / cost cutting opportunities <br /> 26 o Financing optimization <br /> 27 o Joint Financial Staff Working Group <br /> 28 • Coordinated evaluation of financial plans <br /> 29 • Refinement of funding shortfall need <br /> 30 • Evaluation of additional revenue sources <br /> 31 <br /> 32 Jeff Mann resumed the PowerPoint presentation: <br /> 33 <br /> 34 Key Dates <br /> 35 Jan. 2020 Full Funding Grant Agreement (FFGA) with FTA <br /> 36 Oct. 2019 Submit request for FFGA with FTA— requires 100% of funding to be committed <br /> 37 Jun. 2019 Inclusion in State Transportation Improvement Program (STIP) — State <br /> 38 participation committed <br /> 39 Dec. 2018 Inclusion in Draft STIP - State share defined, but not committed <br /> 40 Jun. 2018 Request to be in President's budget— requires 50% of non-New Starts funds to <br /> 41 be committed <br /> 42 Apr. 2017 Update of Transit Plans and execution of full General Engineering Consultant <br /> 43 (GEC) and Program Management Consultant (PMC) contracts <br /> 44 <br /> 45 Getting to April 2017 <br /> 46 Dec. 2016 <br /> 47 • Deadline for GoTriangle to request entry into FTA Engineering phase for D-O LRT <br /> 48 Project <br />