2017-153 Co. Mgr. - GoTriangle - Interlocal Agreement for Cost Sharing for the Durham-Orange Light Rail Transit Project

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WHEREAS, on �OOrange County Board of County Commissioners adopted the updated Orange County T ansit Plan J2017 Orange Plan)and authorized the execution of this Agreement; and ,p WHEREAS, on 20 the DCHC MPO Board approved the 2017 Orange Plan and the 2017 Durham Plan (collec ively, 2.017 County Plans); and WHEREAS, on , Go �.�r� the GoTriangle Board approved the 2017 County Plans and authorized the execution of this Agreement; and WHEREAS,the D-0 LRT Project remains a major capital investment of the 2017 County Plans;and WHEREAS, pursuant to the 2017 County Plans, Orange and Durham mutually desire to allocate Dedicated Local Transit Revenues for the planning, construction, financing, and operation and maintenance of the D-0 LRT Project; and WHEREAS,the Parties intend this Agreement to supersede the May 2012 Cost Sharing Agreement, to memorialize a D-0 LRT Project cost sharing plan, and to fully satisfy FTA's requirements for entry into the Engineering Phase; and WHEREAS, the Parties recognize the importance of the D-0 LRT Project to Orange, Durham, the Research Triangle region,and the State of North Carolina; NOW, THEREFORE, the Parties hereto, each in consideration of the mutual promises and undertakings of the other as herein provided, do hereby covenant and agree, each with the other, as follows: 1. The effective date of this Agreement is the date first set forth above. 2. This Agreement supersedes the Parties' 2012 Cost Sharing Agreement. 3. The 2017 County Plans are specifically incorporated by reference as if the same were fully set forth herein. 4. The New Starts Project Cost is$2,476.3 million YOE.The Parties acknowledge that as the D-0 LRT Project moves from preliminary design (30 percent)to final design(100 percent), as with any major capital project planned and constructed over a number of years, the actual capital and financing costs may be subject to change and adjustment.The Parties acknowledge that entry into the Engineering Phase establishes a maximum CIG funding share of$1,238.15 million YOE. 5. As set forth in the 2017 County Plans,the Parties agree to pay for the New Starts Project Cost using a combination of federal (50 percent), state (10 percent), and local/other (40 percent) funding sources. From the Dedicated Local Transit Revenues, and as of the effective date of this Agreement,the Parties commit a total of$887.9 million YOE to fund 3