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16 <br /> Plan. This information is intended to inform the Board's deliberations on the Orange County <br /> Transit Plan (formerly the Bus and Rail Investment Plan) scheduled for consideration on April <br /> 27, 2017. <br /> Travis Myren reviewed the upcoming opportunities for public information and comment <br /> on this topic. <br /> Travis Myren introduced Ted Cole, Davenport Senior VP, who presented the findings of <br /> the Davenport analysis. <br /> BACKGROUND: On December 5, 2016, the Board of County Commissioners directed the <br /> County Manager to engage a consultant to conduct an independent financial review of the D-O <br /> LRT Project and the financial plan used to demonstrate project's financial viability in the <br /> context of the Orange County Transit Plan. The County executed an agreement with its <br /> financial advisor, Davenport & Company, to review the financial model. <br /> Since the initial request to independently review the financial plan, GoTriangle created a new <br /> financial model that delineates revenue, expenditure, debt service coverage and cash flow by <br /> county. The model also allows the counties to evaluate different cost share scenarios between <br /> Durham and Orange County for the D-O LRT project. The cost share that was adopted as part <br /> of the 2012 Bus and Rail Investment Plan allocated 77.05% of the capital cost of the project to <br /> Durham County and 22.95% of the capital cost to Orange County. Operating costs were <br /> allocated on a 76.05% share for Durham County and a 23.95% share for Orange County. The <br /> Davenport analysis (attached) uses different cost share assumptions for capital and operating <br /> costs in an effort to model the financial implications of using different cost allocations. Cost <br /> share discussions between the two counties are ongoing and could produce a different <br /> scenario than the one modeled in this analysis. <br /> Ted Cole made the following PowerPoint presentation: <br /> D-O Light Rail Discussion Materials- Draft Based Upon Scenario 3 v9 C: <br /> Topics for Discussion <br /> ➢ DO LRT Near Term Schedule of Required Actions <br /> ➢ DO LRT Long Term Project Schedule <br /> ➢ County Transit Plans —What's Included / Excluded <br /> ➢ DO LRT Project Cost/ Funding Sources & Plan of Finance <br /> ➢ GoTriangle Financial Model: Major Revenue / Expenditure Assumptions <br /> ➢ Projected Results (Scenario 3 v9 C) <br /> ➢ Financial Model Observations, Key Drivers, and Risk Factors <br /> ➢ Potential Orange County Credit & Cash Flow/ Budget Implications <br /> ➢ Wrap-Up & Items for Consideration <br /> DO LRT Near Term Schedule of Required Actions <br /> Cost Share Agreement negotiations <br /> Ongoing <br /> March 27thand 29th Briefing to Orange County Board on DO LRT project, related models, and <br /> schedule <br /> March 29th Briefing to Durham-Chapel Hill-Carrboro MPO on Draft Plans <br /> March 29th—April 3rd Public Comment Period for Draft Plans <br /> April 3rd Presentation on Draft Durham County Transit Plan, updates on <br />