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27 <br /> Local/Other: 25% 4 30% <br /> Hillsborough Train Station <br /> State: 90% 4 91% <br /> Local: 10% 4 9% <br /> How Does the Current Project Estimate Compare to the Original Estimate? <br /> Formula <br /> n <br /> y = x(1+r) <br /> Variables <br /> y = 2016 dollars <br /> x = original year dollars <br /> r = escalation rate <br /> n = number of years <br /> LRT Construction Cost Updates (graph) <br /> LRT Construction Cost Updates (graph) <br /> LRT Construction Cost Updates (graph) <br /> LRT Construction Cost Updates (graph) <br /> LRT Construction Cost Updates (graph) <br /> LRT Construction Cost Updates (graph) <br /> LRT Construction Cost Updates (graph) <br /> D-O LRT Funding Updates (chart) <br /> Dedicated Transit Revenue Updates (chart) <br /> Ways to Resolve the Funding Gap (chart) <br /> Includes 10% State Funding <br /> Other Steps To Fill Gap <br /> • Steps already taken <br /> o Adjusted D-O LRT Project construction schedule to better match FTA <br /> reimbursement rate (delayed completion of construction from 2026 to 2028) <br /> o Hired new financial advisor, experienced in structuring financing plans for major <br /> federally funded projects, to begin refining financing assumptions <br /> • Steps that will be evaluated between December and April <br /> o Value engineering / cost cutting opportunities <br /> o Financing optimization <br /> o Joint Financial Staff Working Group <br /> • Coordinated evaluation of financial plans <br />