Agenda - 05-02-2017 - 8-a - Minutes

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22 1 2 The cash flow analysis by Davenport under the Moody's 'pessimistic' scenario @ 3.59% shows 3 negative cash flows for Orange County starting in 2027 in perpetuity (even with the 4 renegotiated 18/82 cost sharing split between Orange & Durham). 5 6 And that Moody's 'pessimistic' scenario is projecting growth faster than the national 2% GDP. 7 8 And that Moody's 'pessimistic' scenario has no recession for the next 45 years. Recessions 9 typically happen - 7 years on average where the growth actually goes NEGATIVE for multiple 10 quarters (and we are long overdue). 11 12 You remember Moody's Investment, right? The same Wall Street firm that rated junk 13 mortgages as 'investment grade' that precipitated the whole financial crisis. The same firm that 14 predicted Hillary Clinton's landslide Presidential win. Yeah, those guys! 15 16 So, let's PLEASE move beyond the DO-LRT propaganda. 17 18 The issue before you is NOT about the LRT technology. It's about the emerging fiscal realities 19 and unsustainable finances of the ever increasing costs of this project ... and all of the other 20 options that we will be sacrificed by committing to this single, multi-decade project. 21 22 We need cost-effective and affordable public transit suitable for our region. 23 We need an Affordable Transit Plan for ALL. 24 Thank you for your patience, stamina and continued service 25 26 Bob Reeber said he is a retired engineer, and he said there are existing train tracks that 27 could be used to connect towns. He said he is against LRT, and said the cost estimates are 28 only going to increase. 29 Robert David thanked the BOCC for its stamina and commitment to hearing the public 30 on this issue. He said he has spoken on this topic before, and continues to believe that the 31 costs of the LRT are too high; the LRT will serve too few; the LRT will take funds from other 32 County needs; the LRT will put the County in financial risk; and GoTriangle is not fit to manage 33 this project. He said the BOCC should look at the problems incurred in other cities that have 34 installed LRT. He said the LRT stops are all on UNC property, and does not benefit enough of 35 the County. He said he questions whether ridership will be high enough to displace traffic. He 36 is not in support of LRT 37 Cheryl Hardman said she is against light rail. 38 Rosemarie Wenzel said she is against light rail, and a major increase in property taxes. 39 David Schwartz said he is against the light rail project. He said all transportation options 40 need to be considered, and weighed carefully against each other. He said there is a lot of 41 money at stake, and that it was wise to hire Davenport to do an independent financial analysis. 42 He encouraged the BOCC to do an independent cost benefit analysis of the various public 43 transit systems, which Orange County might pursue. He said decisions should not be rushed, 44 even by the lure of federal dollars. He said the entire local business community is not behind 45 this project, and there are many people who are typically on opposite sides of arguments that 46 are standing together against the LRT. 47 Michael Wandroup said the LRT is not going to serve all of Orange County, but it is part 48 of an integrated system, which can ultimately be expanded in multiple directions. He said the 49 BOCC has the opportunity to tie land with major employment centers, and he encouraged the 50 BOCC to proceed with LRT.