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10 <br /> County has executed an agreement with its financial advisor, Davenport & Company, to review <br /> the financial model. GoTriangle staff has indicated that the value engineering options will not <br /> be evaluated until the agency has an engineer under contract to proceed with the future <br /> design of the project. As a result, staff will identify a consultant unrelated to the project after <br /> that decision has been made. The Board also directed the Manager to contact Durham to <br /> initiate discussions of reevaluating the split in funding based on changes in mileage and <br /> differences in economic development opportunities between the two counties. The County <br /> Manager's Office has initiated this scheduling request. <br /> The full scope of the D-O LRT Project will be reviewed as part of the County's update of the <br /> BRIP in Orange County. The allocation of taxes and fees to this project, as well as other <br /> portions of the BRIP, will be considered as part of the Plan update. Based on the current <br /> schedule, the Board will receive a presentation of the initial draft Plan during a work session on <br /> February 16, receive the final draft on March 7, and consider approval of the Plan on April 4. <br /> Chapel Hill Transit Update on North-South Corridor BRT Project—The Board of <br /> Commissioners also requested a review of the Chapel Hill BRT Project and its related costs. <br /> The Town of Chapel Hill completed an alternatives analysis for the project. Subsequently, the <br /> Metropolitan <br /> Planning Organization approved an amendment to the Locally Preferred Alternative (LPA) and <br /> to the Metropolitan Transportation Plan to expand the scope of the project. The new LPA has <br /> been submitted to the FTA to enter project development. <br /> The current BRIP identifies a total project cost of$24.5 million while the expected cost of the <br /> new LPA is currently estimated at $125 million. The current BRIP dedicates $6.1 million in <br /> local transit taxes and fees, or approximately 25% of the total costs, to this project. The <br /> proposed revision to the BRIP would increase the allocation of Orange County's transit taxes <br /> and fees to $37.7 million. This increase will also be part of the upcoming update to the BRIP <br /> scheduled for February and March with possible approval April 4. <br /> Danny Rogers, GoTriangle, said the Board forwarded questions that GoTriangle is <br /> working on and will have full information in February. He made the following PowerPoint <br /> presentation: <br /> Financial Plan Update <br /> Orange County Board of County Commissioners <br /> January 24, 2017 <br /> Refined Financial Plan Model Eliminates Gap <br /> • Previously identified revenue sources (sales tax and vehicle registration fees) <br /> completely fund Durham-Orange Light Rail Project <br /> • Gap elimination applies to the Base Case <br /> How was the Gap Eliminated? <br /> • Refinements to Financial Plan for more efficient borrowing <br /> - Short-term cash flow financing replaced with medium-term Limited Obligation <br /> Bonds (LOBs) <br /> - LOBs changed from a single issuance to 3 separate issuances to reduce <br /> interest cost and provide cash flow relief <br />