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2 <br /> Based on the final cost share agreement, Davenport & Company has updated its financial <br /> analysis to represent the precise provisions of Scenario EE10-3 (Attachment B). <br /> The attached memo from Go Triangle (Attachment C) details the changes in this version of the <br /> financial model. This version adds the cost of an administrative position to administer the <br /> Transit Plans, the cost of a short range Bus Planning Study for Orange Public Transportation <br /> (OPT) and GoTriangle for services in Orange County, and corrects the amount for Bus <br /> Operations and Maintenance to reflect actual service increases next year. As a result of these <br /> changes, the minimum cash balance during construction is $3.77 million in 2019, and the <br /> minimum cash balance after construction is $15.39 million in 2030. <br /> Transit Plan <br /> The Final Draft Transit Plan (Attachment D) has been updated to include the final cost share <br /> percentages for the light rail project as well as a summary of assumptions in the financial plan <br /> (page 45). The Transit Plan was also updated to explicitly include an administrative position to <br /> administer the Transit Plans. <br /> Interlocal Implementation Agreement <br /> The allocation of funding for expansion bus service is governed by an Interlocal <br /> Implementation Agreement between Orange County, the Durham-Chapel Hill-Carrboro <br /> Metropolitan Planning Organization, and Go Triangle. The original Agreement was approved in <br /> October of 2012 and specified a funding formula for new bus services. The formula allocates <br /> sixty-four percent (64%) of expansion funding to Chapel Hill Transit, twenty-four percent (24%) <br /> to Go Triangle for regional bus services provided in Orange County, and twelve percent (12%) <br /> to Orange Public Transportation. <br /> Several changes have occurred since the original Interlocal Agreement was adopted, and the <br /> Board discussed the possibility of renegotiating the provisions of the Implementation <br /> Agreement. GoTriangle has provided a letter to the Board of Commissioners expressing its <br /> intent to participate in those negotiations (Attachment E). The timeline for the discussions <br /> would include an initial meeting prior June 30, 2017 and completion of negotiations before <br /> November 2017. <br /> FINANCIAL IMPACT: The Final Draft Cost Share Agreement allocates $149.5 million in <br /> Orange County transit taxes and fees to the capital cost of the light rail project. The total <br /> amount of transit taxes and fees allocated by the Transit Plan through 2062 is $981.7 million. <br /> Travis Myren made the following PowerPoint presentation: <br /> Durham-Orange Light Rail Cost Sharing Agreement & Orange County Transit Plan <br /> Board of Orange County Commissioners <br /> April 27, 2017 <br /> Whitted Meeting Facility <br /> Work Session Topics <br /> O Final Draft Durham-Orange Light Rail Cost Sharing Agreement <br /> O Financial Analysis of Final Draft Cost Share <br /> O Final Draft Orange County Transit Plan <br /> O Offer to Renegotiate the Interlocal Implementation Agreement <br />