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<br /> 1 Commissioner McKee said he challenged a number in a bullet point that states
<br /> 2 $37,445,121 is spent through the third quarter of 2017. He said in December 2016 or February
<br /> 3 2017, GoTriangle sent him an outline of expenses for each year, and it was at $37 million in
<br /> 4 February 2016.
<br /> 5
<br /> 6 • Scenario 3 v9 C implements the following cost share assumptions:
<br /> 7 o Operating Cost Share:80% Durham 120% Orange
<br /> 8 o State of Good Repair Cost Share:80% Durham 120% Orange
<br /> 9 o Capital Cost Share:82% Durham 118% Orange
<br /> 10 o Financing Cost Share:82% Durham 118% Orange
<br /> 11
<br /> 12 • $37,445,121 has been spent on the DO LRT through the third quarter of FY 2017.
<br /> 13 o $28,664,366 was funded through Durham County Revenues and $8,780,755
<br /> 14 was funded through Orange County Revenues.
<br /> 15 • Through FY 2018, it is estimated that $100,282,782 will be spent on the DO LRT
<br /> 16 project.
<br /> 17 o $82,231,881 is funded through Durham County revenues and $18,050,901 is
<br /> 18 funded through Orange County revenues.
<br /> 19 • Through FY 2020, it is estimated that $206,227,131 will be spent on the DO LRT
<br /> 20 project.
<br /> 21 o $169,106,248 is funded through Durham County revenues and $37,120,884 is
<br /> 22 funded through Orange County revenues.
<br /> 23 DO LRT Project Plan of Finance
<br /> 24 • Due to the timing of the receipt of Federal, State, and Local revenues, the Plan of
<br /> 25 Finance includes the following potential / planned short term borrowings for DO LRT
<br /> 26 construction costs:
<br /> 27 o Limited Obligation Bonds ("LOBs") —In Anticipation of Local Revenues:2024
<br /> 28 LOBs:$30,000,000
<br /> 29 ➢ 2024 LOBs: $90,000,000
<br /> 30 ➢ 2026 LOBs: $60,000,000
<br /> 31 ➢ 2026 LOBs: $29,000,000
<br /> 32 ➢ 2027 LOBs: $10,000,000
<br /> 33 ➢ Subtotal: $219,000,000
<br /> 34 o Grant Anticipation Notes ("GANs") —In Anticipation of Federal and State Funding:
<br /> 35 • 2025 GANs: $275,000,000
<br /> 36 ➢ 2027 GANs: $60,000,000
<br /> 37 ➢ Subtotal: $335,000,000
<br /> 38 o Grand Total LOBs / GANs issued:$554,000,0001
<br /> 39 o The total financing cost and interest associated with the LOBs and GANs is
<br /> 40 estimated to be $642,960,026.
<br /> 41 • In addition to the short term borrowings, a $430,000,000 Transportation Infrastructure
<br /> 42 Finance and Innovation Act ("TIFIA") is under consideration. It is expected that the TIFIA
<br /> 43 loan will be approved in FY 2020 with an initial draw in FY 2023.
<br /> 44 o The total financing cost and interest associated with the TIFIA loan is estimated to
<br /> 45 be $1,253,991,989.
<br /> 46 • The current model identifies the need for future funding for ongoing capital repair and
<br /> 47 maintenance costs (State of Good Repair) which are funded in part through future LOBs
<br /> 48 currently scheduled for 2040, 2048, 2053, and 2058.
<br /> 49 o In the aggregate, future State of Good Repair borrowings have a par amount of
<br /> 50 $44,000,000 and a total financing cost of$47,916,026.
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