Minutes 04-20-2017 - Laserfiche WebLink

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19 a. The County's continued Ipairtliclilpatlion lin the wI11111 cause sulbstantliall financliall harm to the County linclludling but not Illimlited to negative limlpacts to its ciredlit rating, Iborrowling alblilllity, or ; and b. The County's continued Ipairtliclilpatlion lin the IDO....II.....R..V lis not fiscal111y sustalinalblle for the County. 11:x. the County Board of Commlisslioneirs votes to wlithdiraw from the Agreement. Shoulld a County Board of Commlisslioneirs exeirclise the authority granted by thus paragraph and unlillateiralllly wlithdiraw from thus Agreement that County Board of Commlisslioneirs sha1111 have no further oIbllligatlion or IIIialblilllity pursuant to thus Agreement. The wlithdirawling party sha1111 iremalin Ilialblle, sollelly through fits share of the D11.....R, for fits portion of any debt or oIbllligatlion lincuirired up to the date of wlithdirawall. urm��s ulll 'urmliilll Aeon ulll wliitlllio,our urmlll wliitlll�liiurm a rc°IlCilurmc tliiur°uirc pc � A o„AnIIillat:erall wlit:lhdrawall po„„urso„„uant to t:lhIIs p, arairap, Iliu may u1ot: occu.uu° after'the date out wlliuliclllu 'the Partlies have execuut:ed and entered liu1t:o 'the IC::u.uIIII :u.undliuii Grant AHreement couit:eimplllat:ed leu°eiu1. SIIiuou.ulld a Couunty IC:3a rd of Colmlmllssliouluer: rc se y srau-ut:ed by hubs p, arasrap, lliu exe° li,� 'the au.ut:ll�uou°ot:. and u.uuilillat:eralllly wlit:lliudraw from tll1uli5 A.reeimeuit: that Cou.uu1 y IC:3a rd of Coimimlisslioulers sIlhuaIll° have u�o fu.urtlliueu° olbllli,at:liou1 or Illialblilllit:y p, u.ursuuant: to t:lhIIs A.reeiment:. Die wlit:llidrawlluii party sIlhuaIll° rumaliu1 I i ablle„ :ollell y tabrou.,u lit5 share of'the IC::'.tIL...IC for lits portIIon of au-u y debt or liuicu.,urred u„„up to t:llie date of wlit:lliudrawall. Chair Dorosin said he wants the BOCC to give some guidance to John Roberts. Commissioner Marcoplos said paragraph 15 protects the County in a lot of ways, and on a lot of issues. He said there is room for a more expanded view of this, and he would like to see what the attorneys come up. He is concerned about the unpredictability of the FTA. Commissioner Burroughs said she takes comfort in paragraph 15, and she is happy with the attorneys meeting and coming back with a proposed solution. She said the potential for withdrawal would not be the topic for which she would vote against this project. Chair Dorosin said he thinks that mediation or arbitration would work, and would not want to include language that would torpedo the project. Commissioner Marcoplos agreed with Chair Dorosin. Commissioner McKee said GoTriangle mentioned mitigation avenues to use if the revenues were not there, and he said one area that would not trigger provision #15, but could trigger concern for the BOCC, is a continuing escalation of local costs. He asked what would happen if the state funding goes to 5%, and the County is still able to pay for escalated expenses out of tax revenues. He sees the County being the only option to bear the cost burden. Danny Rogers, GoTriangle Project Manager, said that scenario would be a trigger, and the agreement has a cap on the County's participation level. He said if the state lowers its funds to 5%, the BOCC would be approached to determine a plan to move forward. He said there is no requirement for additional local revenue from Orange or Durham County. Commissioner McKee said cutting costs has never been presented as an option, but rather only an increase in local funding. Katharine Eggleston said within the next two years leading up to the FFGA, GoTriangle will be pursuing other funding sources. She said the Funding and Community Collaborative (FCC) is private monetary and in-kind contributions. She said the goal of this group is $100 million. Commissioner McKee asked if the FCC will be added as a signatory to this agreement. Katharine Eggleston said no.