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Agenda - 05-02-2017 - 8-a - Minutes
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Agenda - 05-02-2017 - 8-a - Minutes
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4/27/2017 3:41:57 PM
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BOCC
Date
5/2/2017
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
8a
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Minutes 05-02-2017
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10 <br /> 1 Mitigating Risks <br /> 2 • 30% contingency <br /> 3 • Modeled impacts of Moody's lower growth forecast <br /> 4 • Value engineering and cost-cutting identified <br /> 5 • Pursuing land donations and private contributions <br /> 6 • Building in process through cost-share agreement of quarterly reports to Parties, and <br /> 7 coming together if risks materialize to decide on course of action <br /> 8 <br /> 9 2017 Draft Plans <br /> 10 Ongoing implementation activities <br /> 11 <br /> 12 Ongoing Implementation Activities <br /> 13 • Regular Meetings of Staff Working Group <br /> 14 • Multi-Year Operating and Capital Improvement Programs updated annually <br /> 15 • Annual Budgets <br /> 16 • D-O LRT Cost Sharing Agreement <br /> 17 • Other Project-Specific Agreements <br /> 18 • Periodic Updates to County Transit Plan <br /> 19 <br /> 20 2017 Draft Plans <br /> 21 Public comment period <br /> 22 <br /> 23 Public Comment Period <br /> 24 • Draft Plans to be released on March 30 for 21-Day Period <br /> 25 • 2 Public Information Sessions for each Plan <br /> 26 • Presentations to all local governments <br /> 27 • Public hearings held by each county and DCHC <br /> 28 • Staff Working Groups submit final plans to Boards on April 21 for consideration <br /> 29 <br /> 30 Commissioner McKee said in December he asked when this project would reach $3 <br /> 31 billion, and it is now at $3.3 billion. He said he now wonders when the project will reach $4 <br /> 32 billion. <br /> 33 John Tallmadge said the financial plan will not sustain that amount. <br /> 34 Jeff Mann, GoTriangle General Manager, said the estimates in December went through <br /> 35 2045, and this current plan is through 2062. <br /> 36 Commissioner McKee said he asked the original question after the discussion on <br /> 37 Transportation Infrastructure Finance and Innovation Act (TIFIA) loans. <br /> 38 Commissioner Jacobs asked if the holder of the debt could be identified. <br /> 39 John Tallmadge said GoTriangle issues all debt, and is responsible for repayment of the <br /> 40 debt through the dedicated transit revenues. He said the counties do not incur the debt. <br /> 41 Commissioner Jacobs referred to the short-range transit planning, and asked if Orange <br /> 42 County will be invited to participate with GoTriangle and Chapel Hill. <br /> 43 John Talmadge said discussions are underway, and he did not want to make a <br /> 44 commitment of Orange County's participation. He said Orange County staff can be included. <br /> 45 Commissioner McKee referred to the question of debt, and said the Davenport staff was <br /> 46 clear that counties could choose to pick up more obligations for debt, or be required to do so. <br /> 47 Mindy Taylor, GoTriangle Senior Financial Analyst, said all of the debt that is issued is <br /> 48 the responsibility of GoTriangle, and there is no requirement for counties to repay the debt <br /> 49 unless the counties choose to enter into an agreement. <br /> 50 Commissioner McKee said what happens if the assets backing the debt are insufficient. <br />
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