Orange County NC Website
22 <br /> Katharine Eggleston said there are specific requirements for four things that must be <br /> completed within the two-year time frame of project development, and if these requirements <br /> are not met, the project is withdrawn. She said this is very typical. <br /> Travis Myren resumed the PowerPoint presentation: <br /> Cost Share Agreement Provisions <br /> O Prohibition on Other Local Revenues <br /> • County is not obligated to use any revenue other than dedicated transit <br /> revenue to pay its share <br /> • Annual Reports <br /> • Annual reports to Board of Commissioners on collection, allocation, and <br /> expenditure of transit revenues <br /> Commissioner McKee referred to page 6, and asked if there is a reason why the figure <br /> of$2.4 billion is still being used as the total cost of the project. He said all interest out to 2062 <br /> should also be included. <br /> Travis Myren said this agreement is only intended to reflect the part of the cost that is <br /> covered by the FFGA. He said there are costs beyond that, but they are not required for FTA <br /> purposes. <br /> Jill Jaworski said the way the project costs are measured is by standard FTA <br /> procedures, and they have outlined all of the costs that are included in that: design, <br /> engineering, land acquisition, construction, etc. She said the interest, during the construction <br /> period, can be included as one is allowed to up the project cost by that amount, and get the <br /> federal reimbursement. <br /> Commissioner McKee asked if the FTA is picking up part of the Transportation <br /> Infrastructure Finance and Innovation Act (TIFIA) loans interest. <br /> Jill Jaworski said the TIFIA loan is a low cost financing vehicle offered by the federal <br /> government, not paid for by the government. <br /> Commissioner McKee said the FTA requires that 30% of the $2.3 billion be committed <br /> at this time. <br /> Jill Jaworski said yes, 30% of the projects costs as defined by the FTA; 30% of the <br /> local share of the project cost. <br /> Chair Dorosin referred to page 7, and said the Board needs to fill in the dates as well <br /> as the cost share. <br /> Travis Myren said staff will insert the appropriate numbers into provisions 6, 7 and 10 if <br /> the Board of County Commissioners picks a scenario. <br /> Chair Dorosin said the Board has a spreadsheet that lays out all the scenario options. <br /> Commissioner Burroughs referred to the ee option, and noted that staff mentioned <br /> there have been some minor changes. She asked if the version before the Board is slightly <br /> different than the most recent update. <br /> Travis Myren said scenario eel 0 is the most recent update, and was created at the <br /> request of Durham County to bolster some of their cash flow, and would not impact Orange <br /> County other than to have an $83,000 positive impact starting in 2032. He said the ee in the <br /> Davenport Analysis is almost exactly the same as eel 0. <br /> Commissioner Burroughs said early scenarios were not good for Orange County, but <br /> she believes scenario eel 0, which has minimum cash reserves at $4.4 million and the <br /> County's local split at 16.5%, is one that she can support. She thanked the negotiators, as she <br /> now sees cash reserves that work. <br />