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19 <br /> o The project cost will be funded through a combination of: <br /> ➢ FTA New Starts Grant: $1,194,284,2141 <br /> ➢ State Funding Contribution: $238,856,843 <br /> ➢ TIFIA Debt Funding: $430,000,000 <br /> ➢ In Kind Contributions: $19,376,433 <br /> ➢ Transit District Revenues: $506,050,938 <br /> o The total cost of the DO LRT construction, including financing cost and interest <br /> payments is estimated to be $3,302,320,4432. <br /> Commissioner Price asked if the in-kind contributions have been committed. <br /> Ted Cole said memorandums of understanding (MOUs) have been committed for $10 <br /> million. <br /> Commissioner Burroughs referred to the footnote on page 5 of the PowerPoint, which <br /> states it does not include capital, financing, and interest cost associated with the State of Good <br /> Repair project. She asked if this was taken into account in figures presented later in the <br /> analysis. <br /> Ted Cole said the concept of state of good repair, which is in the outer years, is the <br /> expectation of having to reinvest in the system for repair and maintenance, etc., and is not <br /> captured in the $2.3 billion. He said as the presentation proceeds, the state of good repair will <br /> be pulled in, and where some borrowings may be expected to help fund those future <br /> investments in the system. <br /> Commissioner McKee referred to the state funding contribution on $238 million plus, <br /> and asked if this represents the 10% of the project of which has been spoken previously. <br /> Ted Cole said that is the 10% of the $2.38 billion of the project. <br /> Commissioner McKee said if it scored a little over 8, why is the abstract number of"10" <br /> being used. <br /> Ted Cole said he will get that answer for him. <br /> Commissioner McKee said he is concerned, as a project cost of$2.388 billion is being <br /> shown, but the true cost is $3.3 billion. He asked if there is a reason why the true cost is not <br /> being shown, since that is what will have to be paid. <br /> Ted Cole said both numbers are correct, and show the upfront costs versus the cost of <br /> what must be borrowed to build. <br /> Commissioner McKee asked if$2.388 billion is shown in the Federal Transportation <br /> Administration (FTA) application, and if this is the maximum amount of which the federal <br /> government will pay 50%. <br /> Ted Cole said yes. <br /> Commissioner McKee said that would leave everything over $2.388 billion to be borne <br /> by Orange and Durham Counties, which jacks the percentage that Durham County and <br /> Orange County will have to pay from 40% to at least 52%. He said going with the 52% <br /> estimate, Orange County would pay $394 million. <br /> Ted Cole said yes, when the interest expense is pulled into the numbers. <br /> Commissioner McKee said that does not include the state of good repair borrowing. <br /> Ted Cole said yes. <br /> Mitch Brigulio, from Davenport, said the numbers are moving around a little bit, but <br /> what is included in the Transit Plan and the FTA document is around $2.46 million range. He <br /> said the difference between the $2.388 million and $2.46 million is the financing costs that are <br /> eligible to be reimbursed by FTA. He said that is the financing cost during the construction <br /> period. <br />