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

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the New Starts Project Cost (County Contributions). The Parties agree that total County Contributions shall not exceed 40 percent of the New Starts Project Cost. 6. The share of the County Contributions from the Dedicated Local Transit Revenues committed by Durham shall be$738.4 million YOE (Durham Share). 7. The share of the County Contributions from the Dedicated Local Transit Revenues committed by Orange shall be$149.5 million YOE (Orange Share). 8. Without further approval from Orange and Durham, GoTriangle shall allocate and pay for the Durham Share and the Orange Share of the New Starts Project Cost, including the planning, engineering, financing, and construction, from the Dedicated Local Transit Revenues in accordance with this Agreement and the 2017 County Plans. 9. GoTriangle may allocate and pay for the counties' respective shares of the New Starts Project Cost, including the planning, engineering, financing, and construction, from the Dedicated Local Transit Revenues on a pay-as-you-go basis and/or by issuing debt with a par value up to the amount committed in Paragraph 5 above. Consistent with North Carolina law and the 2017 County Plans, GoTriangle may use the Dedicated Local Transit Revenues for the purposes of issuing and repaying debt. GoTriangle will allocate debt attributed to each county as follows: eighty-one and one-half percent(81.5%)for Durham and eighteen and one-half percent(18.5%x)for Orange. 10. In preparation for submittal of the FFGA application,the Parties shall collaborate among themselves and with philanthropic, corporate, institutional, non-profit, and other supporters to secure the remainder of the non-CIG share needed for construction from sources including,but not limited to: private monetary and in-kind donations,other funds specifically identified to fund the Joint Development component of the D-O LRT Project, and additional federal and state funds(as may become available).The Parties understand that the Financial Plan for the D-O LRT Project must reflect that one hundred percent (100%) of non-CIG funds are committed prior to GoTriangle's application for a FFGA. 11. The costs to operate and maintain the D-0 LRT system (0&M Cost)will be paid first from light rail system fare revenues, with any remaining 0&M Cost being paid from the Dedicated Local Transit Revenues. 12. The division of responsibility for O&M Cost and State of Good Repair cost shall be allocated as follows: eighty percent (80%) for Durham and twenty percent (20%) for Orange through 2036, and eighty-one percent (81%) for Durham and nineteen percent (19%)for Orange thereafter. 13. If, during the term of this Agreement, federal CIG funds, private, in-kind, local or other funds as described in Paragraph 10,or state funds to be used for the D-O LRT Project are cancelled, terminated, withdrawn, do not materialize, or otherwise become unavailable for the D-O LRT Project, or if such federal CIG or state funds are reduced in an amount that requires additional local revenues beyond the County Contributions,the Parties shall meet within fifteen (15) business days to determine how to address the situation. Such 4