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7 <br /> 1 0 50% Funding for D-O-LRT and North-South BRT in each year that the costs are <br /> 2 incurred <br /> 3 • FTA Clarified $100 M Annual Reimbursement Cap <br /> 4 • Laws Changed in 2012 and 2015 <br /> 5 0 MAP-21 (2012) ended discretionary grant programs for buses and facilities; <br /> 6 retained New Starts/Small Starts grant programs <br /> 7 0 FAST Act (2015) authorized through 2020 <br /> 8 <br /> 9 State Funding <br /> 10 • 2012 Plan Assumptions <br /> 11 0 10% Funding for Bus Vehicles and Facilities <br /> 12 0 25% Funding for D-O-LRT and North-South BRT <br /> 13 • Laws Changed in 2014, 2015, and 2016 <br /> 14 0 2014 Strategic Transportation Investment (STI) law created new project scoring <br /> 15 system for funding decisions and capped transit funding at 10% of all funding <br /> 16 0 2015 introduced a cap of $500K for light rail projects <br /> 17 0 2016 replaced $500K cap with 10% project cap for rail projects <br /> 18 <br /> 19 Local Funding <br /> 20 • Reduced State and Federal Funding Require Additional Commitment of Local Transit <br /> 21 Taxes <br /> 22 0 FY16 tax revenues <br /> 23 x $30.27 M in Durham / $8.06 M in Orange <br /> 24 0 Original Plans' sales tax growth forecasts <br /> 25 x Durham Plan assumed 3.6% average <br /> 26 x Orange Plan assumed 3.5% average <br /> 27 0 Moody's Base Case forecasts <br /> 28 x 4.33% average in Durham County <br /> 29 x 3.71% in Orange County <br /> 30 • More Borrowing Against Anticipated Revenues <br /> 31 0 Grant Anticipation Notes to manage slower federal funds (repaid by grants) <br /> 32 0 Short-term Limited Obligation Bonds during D-O LRT construction <br /> 33 0 Long-term TIFIA loan drawn down during D-O LRT construction <br /> 34 • D-O LRT Cost-Share Agreement <br /> 35 0 Current agreement executed in 2012 - 77.05% Durham / 22.95% for project <br /> 36 costs <br /> 37 x Extension to North Carolina Central University in Durham <br /> 38 x Change from 5 to 4 stations in Orange County through environmental <br /> 39 process decision <br /> 40 x Orange does not maintain a positive cash flow for Orange County <br /> 41 0 Re-negotiation of cost-share is ongoing; draft plan assumptions are starting point <br /> 42 for discussion <br /> 43 x 82% Durham / 18% Orange for project costs; 80% / 20% for operating <br /> 44 and maintenance costs <br /> 45 Draft 2017 Plans <br /> 46 <br /> 47 Key draft plan assumptions <br /> 48 <br /> 49 Preliminary Cost-Share in Draft Plans - chart <br /> 50 <br />