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62 <br /> APRIL 6, 2017 DRAFT FOR DISCUSSION - NOT FOR SIGNATURE <br /> WHEREAS, on , the Orange County Board of County Commissioners adopted the <br /> updated Orange County Transit Plan (2017 Orange Plan) and authorized the execution of this <br /> Agreement; and <br /> WHEREAS, on , the DCHC MPO Board approved the 2017 Orange Plan and the <br /> 2017 Durham Plan (collectively, 2017 County Plans); and <br /> WHEREAS, the D-O LRT Project remains a major capital investment of the 2017 County Plans; <br /> and <br /> WHEREAS, pursuant to the 2017 County Plans, Orange and Durham mutually desire to allocate <br /> Dedicated Local Revenues for the planning, construction, financing, and operation and maintenance of <br /> the D-O LRT Project; and <br /> WHEREAS, the Parties intend this Agreement to supersede the May 2012 Cost Sharing <br /> Agreement, to memorialize a D-O LRT Project cost sharing plan, and to satisfy FTA's requirements for <br /> entry into the Engineering Phase; and <br /> WHEREAS, the Parties recognize the importance of the D-O LRT Project to Orange, Durham, the <br /> Research Triangle region, and the State of North Carolina; <br /> NOW, THEREFORE, the Parties hereto, each in consideration of the mutual promises and <br /> undertakings of the other as herein provided, do hereby covenant and agree, each with the other, as <br /> follows: <br /> 1. The effective date of this Agreement is the date first set forth above. <br /> 2. This Agreement supersedes the Parties' 2012 Cost Sharing Agreement. <br /> 3. The 2017 County Plans are specifically incorporated by reference as if the same were <br /> fully set forth herein. <br /> 4. The New Starts Project Cost is $2,476.3 million YOE. The Parties acknowledge that as the <br /> D-O LRT Project moves from preliminary design (30 percent) to final design (100 <br /> percent), as with any major capital project planned and constructed over a number of <br /> years, the actual capital and financing costs may be subject to change and adjustment. <br /> The Parties acknowledge that entry into the Engineering Phase establishes a maximum <br /> CIG funding share of$1,238.15 million YOE. <br /> 5. As set forth in the 2017 County Plans, the Parties will seek to pay for the New Starts <br /> Project Cost using a combination of federal (50 percent), state (10 percent), and <br /> local/other (40 percent) funding sources. From the Dedicated Local Revenues, and as of <br /> the effective date of this Agreement, the Parties commit a total of $906 million YOE to <br /> fund the New Starts Project Cost (County Contributions). The Parties agree that total <br /> County Contributions shall not exceed 40 percent of the New Starts Project Cost. <br /> 3 <br />