Agenda - 04-04-2017 - 8-a - Minutes

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11 1 Bonnie Hammersley said financial information will be received on April 4th, and the BRT 2 plan will become available April 3. She said a public hearing could occur on April 18th. 3 Commissioner Price said the revised schedule has a time for public comment with 4 GoTriangle, and said she wants to make sure that the public gets the opportunity to be fully 5 heard. 6 Chair Dorosin said yes, both are warranted. 7 Commissioner McKee said comments by the Bishop hit him the most because it 8 demonstrated how this plan will not serve the people that need it. 9 Commissioner McKee reviewed the time timeline since November, noting that 10 GoTriangle repeatedly requested a letter from the BOCC endorsing $4 million per year for 10 11 years to be submitted to the FTA. He said in mid January the BOCC was told that the $4 12 million was no longer needed, and the plan was to backload Transportation Infrastructure 13 Finance and Innovation Act (TIFIA) loans. He said this communication did not actually say that 14 because there was a statement indicating that the "local fund could still be needed". 15 Commissioner McKee said GoTriangle presented the LRT to the BOCC again on 16 January 16th, but at the February 16th meeting GoTriangle was in possession of a letter from 17 FTA stating concerns, which was not disclosed to the Board of County Commissioners. 18 Commissioner McKee said at the same February 16th meeting, the BOCC was told that 19 June was the decision date, and now tonight the deadline April 30tH 20 Commissioner McKee asked Jeff Mann if he knew when the back loaded loans would be 21 issued. 22 Jeff Mann said that GoTriangle did tell the BOCC on February 16th about the 23 communication from FTA. 24 Commissioner McKee said he did mention this, but he did not indicate the seriousness 25 of the FTA communication. 26 Jeff Mann said the FTA communication was received that day, and it was not yet fully 27 understood by GoTriangle. 28 Commissioner McKee asked if the communication indicated a previous phone 29 discussion on February 15th 30 Jeff Mann said yes there was a conference call, where the FTA indicated a letter would 31 be following with full information on the issues. 32 Commissioner McKee asked if TIFIA could be defined, and when those loans would be 33 issued. 34 Jeff Mann said TIFIA loans come through the DOT, and would be issued in 2020 with 35 the beginning of construction. 36 Danny Rogers, GoTriangle Project Director, said these loans will be issued over the 37 construction time frame, so that debt is not taken on before it is needed. 38 Commissioner McKee asked if the original principal amount of the TIFIA loans could be 39 clarified. 40 Danny Rogers said $400 million, and he said there are other types of financing as well. 41 Commissioner McKee said the TIFIA loans will be $400 million borrowed, and asked if 42 the interest rate could be clarified. 43 Jeff Mann said 5% was in the financial model, but 3% is more likely. 44 Commissioner McKee asked if the date of the first TIFIA loan payment could be 45 identified. 46 Danny Rogers said payment is not due until after the project is completed, with the first 47 five years being interest only. He said the first payment is due in 2032. 48 Commissioner McKee asked if it is an interest payment starting in 2032, or if it is a 49 deferred interest payment. 50 Danny Rogers said the interest is delayed until the later on.