Minutes 04-04-2017 - Laserfiche WebLink

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26 for Orange County. He said any one of the risks could derail the financing plan. He said a great deal of money is being borrowed, resulting in huge amounts of interest. He said GoTriangle has not earned the trust of the County. Brenda McCall said she has lived in this area for a long time, and is a strong supporter of mass transit for Orange County. She said she is here representing organizations that serve seniors in rural Orange County. She said she voted for the transit tax, but this light rail should not be built on the backs of Orange County residents. She said the LRT will cannibalize transit dollars for decades to come. She said Orange County cannot afford LRT, and she does not support light rail. She encouraged the BOCC to say yes to a comprehensive transit system for all of Orange County. Bonnie Hauser said she is speaking on behalf of herself and Dr. Eric Ghysels, Economics professor at the University of North Carolina (UNC). She said they are pleased to see Davenport's report, but the scope of the work did not include the economic forecasting or simulation modeling. She said the Moody numbers were accepted at face value and plugged into the financial models. She said the veracity of the sales tax forecast was not tested. She said economists in the area believe that Moody's forecast used in scenario C is overly aggressive and unrealistic. She said it assumes that Orange County sales tax will grow by 8.5% this year, and by 3-6% annually for the next 45 years. She said numbers from recent years simply do not show this. She said the sales tax numbers should be evaluated and publically validated before moving forward in any way. Julie McClintock thanked the BOCC for delving into the details and commissioning the analysis. She said there are two bottom line questions: does the GoTriangle plan deliver the best transit plan for Orange County, and can the County afford it. She said the only way this plan will work is if there are no complications, and every assumption works as anticipated. She said she sees the potential for economic growth for Durham County, but not for Orange. She requested that all the work papers of Moody's and Davenport be released to the public, including all the risk scenarios; Moody staff be available to answer question by local economists; staff to arrange with an open discussion with Moody and Davenport. Tom Farmer said he is a GoTriangle commuter who wants to age in place, which requires a good transit system. He reviewed experiences living in other regions that installed light rail, noting that these areas understood the investment. He said this region is failing to understand the potential of this LRT plan. He said he is supportive of the light rail plan, and the benefits it will bring to the community. Sam Gharbo said the shiny rails of the LRT are attracting our attention. He said fiscal responsibility is important, and the BOCC should not go after the new and shiny rails. He said there is so much more that can be done with this money. Charles Humble said the Davenport report shows Durham County can afford this project, but it is very risky for Orange County. He said LRT is a big win for Durham County, but he sees very few benefits for Orange County, as the stations will be located on tax exempt UNC property. He said taxpayers will be asked to assume a long term financial risk if the BOCC approves this. Ramona McGee said she works with the Southern Environmental Law Center (SELC), who is supportive of the light rail project. She urged the BOCC to support the project. Commissioner Burroughs referred to pages 8 and 9 of PowerPoint that discusses cash flow balances, and said these balances are for the light rail system, but asked if this includes the Bus Rapid Transit Plan (BRIP) Mitch Brigulio said the cash flow balances include everything in the program, everything at the top of page 4 of the PowerPoint presentation.