Minutes 04-18-2017 - Laserfiche WebLink

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14 disabled residents, we were even more disappointed. How could you approve a plan with billions of dollars for light rail without any funds for demand services for seniors? It's not just us. Over the last few months, you've heard from groups all over the county who need better transportation. The Northern Orange NAACP, Fathers on the Move, the Grange, Efland Habitat communities and others told you that we need better bus service — not just between UNC and Durham — but from Northern Orange to Mebane, Durham, RTP and Wake. And not just a couple of buses — but service at night and on weekends- so our many service employees can get to work. We're not asking for a lot— but it's hard to see billions going to light rail when we don't have basic bus service in most of the county. Please do not approve this plan. Peter Calingaert reviewed the following comments: The standard benchmark of interest rates in the United States is the 10-year Treasury note. Its yield this afternoon was 2.18%. Local entities of course have to borrow at a higher rate. From now to 2062 is 45 years. During the most recent 45 years, the 10-year Treasury yield has fallen as low as 1.37% and soared as high as 15.84%. I urge the Board to critically evaluate Davenport's interest-rate assumptions and — even more important—to obtain a sensitivity analysis (very easy to perform) that reports for each increase of one percent in their assumed rates, by how much more money the estimated nine hundred million dollar financing cost will further rise. Add interest-rate risk to the list of project risks. I also call the Board's attention to Davenport's use of ten significant figures in stating a total dollar cost of 3 billion, 302 million, 320 thousand. This is greater precision than one part in a billion. Please do not allow this presumptuous display of precision lull you into thinking that the estimate has anywhere near that degree of accuracy. When I moved to Chapel Hill 48 years ago, I came from a job to which I commuted happily by rail. As a 26-year member of the Sierra Club, I have long favored public transportation in general and light rail in particular. I voted for the transportation bond. But I am fully convinced that the paltry contribution that this particular light rail project might make to the citizens of Orange County is not worth its large, growing, and increasingly uncertain cost. Melissa McCullough provided a hand out, and said she is representing herself and the Sierra Club in support of the LRT. Kimberly Brewer said she is an Orange County resident, and respects that people fall on all sides of this issue. She said she does not support light rail because of the costs; its limited scope of service; and due to the fact that things have changed since the referendum. She said the transit plan will either accomplish LRT or BRT, but not both. She said buses will serve more people and employers at a lower cost, and she sees it as the wise decision. Dory McMillan is a senior at UNC, and works at Community Empowerment Fund. She supports light rail, as access to public transportation is a critical need for empowering people out of poverty. Joan Guilkey said she is against light rail. She said she is greatly in favor of a comprehensive transit system. She said she voted for the transit tax in 2012, but cannot support LRT as it will take all available funds for transportation, while serving only a small portion of the community. She said the plan is too risky. Bonnie Hauser said in 2012, 40,000 additional bus hours were promised, but the current plan does not reflect this. She said the current plan is slower and more expensive. She said