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9 <br /> (1) centralized location that can serve the needs of all emergency response agencies and the <br /> County's partners. <br /> VOTE: UNANIMOUS <br /> 8. Reports <br /> a. Orange County Bus and Rail Investment Plan Updates: Durham-Orange Light Rail <br /> Financial Update and Chapel Hill Bus Rapid Transit Project Update <br /> The Board received updates the Board of County Commissioners on two capital <br /> projects contained in the Bus and Rail Investment Plan (BRIP): <br /> • A financial update on the Durham-Orange Light Rail Transit project that resulted in no <br /> additional local funds being needed in a base case scenario; and <br /> • An update on the Chapel Hill North-South Corridor Bus Rapid Transit project and <br /> related costs. <br /> Travis Myren said this would be the first of several updates, leading up to the approval <br /> and adoption of the Bus and Rail Investment Plan. He said this plan not only establishes <br /> transit services, but is also the document that formally allocates transit taxes and fees to fund <br /> these projects. He said it is hoped that by February 16th there will be a draft plan to review, <br /> with a final draft on March 7th, and possible approval in April. <br /> Travis Myren said Davenport and Company has been retained to do the financial <br /> review, and staff will also be engaging a consultant to review value-engineering options. He <br /> said the Board directed the Manager to discuss with Durham County financial cost sharing, <br /> and those contacts have been made. <br /> BACKGROUND: <br /> The BRIP in Orange County governs the allocation of transit taxes and fees to various transit <br /> services. Over the next three months, the Board of Commissioners along with the other parties <br /> to the Plan will be asked to consider updates to the Plan. Two significant projects contained in <br /> the Plan include the Durham-Orange Light Rail Transit (D-O LRT) Project and the Chapel Hill <br /> Bus Rapid Transit (BRT) project. <br /> Update on Financial Status of the D-O LRT Project— On December 5, 2016, the Board of <br /> County Commissioners adopted a non-binding memorandum of understanding to help address <br /> a $250 million projected funding shortfall in the D-O LRT Project. This memorandum was <br /> intended to support GoTriangle's application to the Federal Transit Administration (FTA) for the <br /> federal share of the project. Since that time, GoTriangle's financial advisor has restructured <br /> project financing in a way that eliminates the need for additional local funds in a "base case" <br /> scenario. The base case is a scenario where current assumptions on project costs and <br /> revenues are sustained throughout the duration of the project. <br /> During this report, GoTriangle staff will explain how the funding gap was eliminated in the base <br /> case scenario and the sensitivity analysis that was included in its application to the FTA that <br /> shows the conditions under which additional local funds may be required if current <br /> assumptions do not hold. <br /> The Board of Commissioners also directed the County Manager to engage a consultant to <br /> conduct an independent review of finances and value engineering choices for this project. The <br />