Minutes 04-27-2017 - Laserfiche WebLink

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3 O Consider and act on Durham-Orange Light Rail Cost Share Agreement and Orange County Transit Plan Cost Share Agreement Changes O Cost Shares (#7 & #12) • Cost shares memorialized in Cost Share Agreement and Transit Plan (page 45) • Capital Cost - $149.5 Million = 16.5% of Local Share • Operating Cost & State of Good Repair—20% through 2036 and 19% thereafter O Mediation and Arbitration (#15) • Discussions regarding loss of State or Federal Funds, Private funds, funding shortfall or cost overrun reach impasse • Any party may request mediation • If mediation fails, arbitration used to reach final decision Financial Analysis Update O Financial Model Updated and Corrected • Adds the cost of administrative position to administer the Transit Plan ($24,500) • Adds short range bus planning study for Orange Public Transit and GoTriangle for Orange County Services ($100,000) • Corrects amount for bus operations and maintenance to reflect services next year - $450,000 • Minimum cash balance during construction: $3.77 million • Minimum cash balance after construction: $15.39 million Transit Plan Updates O Added Cost Share Percentages and Financial Assumptions on Page 45 Interlocal Implementation Agreement O Allocation of bus hours governed by Implementation Agreement • 64% Chapel Hill Transit • 24% GoTriangle • 12% Orange Public Transit O Letter from GoTriangle • Implementation Agreement Renegotiation o Bus hours allocation o Bus service planning o Disposition of the potential rail dividend o Potentially add Chapel Hill Transit as party Next Steps O Consider and Act on Two Documents • Durham-Orange Light Rail Cost Share Agreement Attachment A • Orange County Transit Plan Attachment D