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6 <br /> Olt IIII)ISCUSSION U Olt SRAM IV IIU'° IIIIIIIIII <br /> WHEREAS, GoTriangle is seeking funds from FTA's Capital Investment Grant (CIG) Program (49 <br /> U.S.C. § 5309)for the D-O LRT Project; and <br /> WHEREAS, the D-O LRT Project Cost Estimate which is eligible for federal participation, including <br /> costs related to project development, engineering, construction, testing, commissioning, start-up, and <br /> financing costs through the anticipated final year of disbursement of federal funds (projected to be <br /> 2032), is$2,476.3 million year of expenditure (YOE) (New Starts Project Cost); and <br /> WHEREAS, GoTriangle receives and uses public monies, pursuant to N.C.G.S. Chapter 105, <br /> Articles 43, 50, 51, and 52, to fund public transportation in GoTriangle's jurisdiction, including the <br /> planning, financing, construction, maintenance, and operation costs of the D-O LRT Project; and <br /> WHEREAS, there are four dedicated local revenue sources used to fund the D-O LRT Project and <br /> other new transit projects and services in Durham and Orange: (1) Article 43 Half-Cent (0.5 percent) <br /> Sales and Use Tax; (2) Article 50 Five-Percent (5 percent) Vehicle Rental Tax; (3) Article 51 Three-Dollar <br /> ($3) increase to GoTriangle Regional Vehicle Registration Fee; and (4) Article 52 Seven-Dollar ($7) <br /> County Vehicle Registration Fee (collectively, Dedicated Local Transit Revenues); and <br /> WHEREAS, in light of changes to the original funding assumptions in the County BRIPs, the <br /> Parties have revised their funding strategy for the D-O LRT Project as follows: federal (50 percent <br /> [$1,238.15 million YOE]), state (10 percent [$247.63 million YOE]), and local/other (40 percent [$990.52 <br /> million YOE]); and <br /> WHEREAS, in order for the D-O LRT Project to advance to the Engineering Phase of the CIG <br /> Program (Engineering Phase), at least 30 percent of the non-CIG share of the D-O LRT Project ($371.4 <br /> million YOE) must be deemed "committed" by FTA at entry to the Engineering Phase; and <br /> WHEREAS, the Parties acknowledge that the total non-CIG share of the New Starts Project Cost <br /> is $1,238.15 million YOE, of which $887.9 million YOE (71.7 percent) is committed from the Dedicated <br /> Local Transit Revenues; and <br /> WHEREAS, the Parties acknowledge that one hundred percent (100%) of non-CIG funds must be <br /> deemed "committed" by FTA prior to GoTriangle's application for a Full Funding Grant Agreement, <br /> which is anticipated to be submitted to FTA in calendar year 2019; and <br /> WHEREAS, on February 16, 2017, GoTriangle received guidance from FTA explaining that <br /> additional documentation would be necessary to update the estimated D-O LRT Project cost in the <br /> County BRIPs, and to confirm that at least 30 percent of the non-CIG share (at least $371.4 million YOE) <br /> is committed; and <br /> WHEREAS, the Parties acknowledge material changes to the County BRIPs have occurred, as <br /> defined in the 2012 Interlocal Implementation Agreement for Orange County Bus and Rail Investment <br /> Plan and the 2013 Interlocal Implementation Agreement for Durham County Bus and Rail Investment <br /> Plan, prompting the Parties to revise the County BRIPs; and <br /> WHEREAS, on , the Durham County Board of County Commissioners adopted the <br /> updated Durham County Transit Plan (2017 Durham Plan) and authorized the execution of this <br /> Agreement; and <br /> 2 <br />