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10 <br /> 1 economic development opportunities between the two counties. The County Manager's Office <br /> 2 has initiated this scheduling request. <br /> 3 <br /> 4 The full scope of the D-O LRT Project will be reviewed as part of the County's update of the <br /> 5 BRIP in Orange County. The allocation of taxes and fees to this project, as well as other <br /> 6 portions of the BRIP, will be considered as part of the Plan update. Based on the current <br /> 7 schedule, the Board will receive a presentation of the initial draft Plan during a work session on <br /> 8 February 16, receive the final draft on March 7, and consider approval of the Plan on April 4. <br /> 9 <br /> 10 Chapel Hill Transit Update on North-South Corridor BRT Project—The Board of Commissioners <br /> 11 also requested a review of the Chapel Hill BRT Project and its related costs. The Town of <br /> 12 Chapel Hill completed an alternatives analysis for the project. Subsequently, the Metropolitan <br /> 13 Planning Organization approved an amendment to the Locally Preferred Alternative (LPA) and <br /> 14 to the Metropolitan Transportation Plan to expand the scope of the project. The new LPA has <br /> 15 been submitted to the FTA to enter project development. <br /> 16 <br /> 17 The current BRIP identifies a total project cost of$24.5 million while the expected cost of the <br /> 18 new LPA is currently estimated at $125 million. The current BRIP dedicates $6.1 million in local <br /> 19 transit taxes and fees, or approximately 25% of the total costs, to this project. The proposed <br /> 20 revision to the BRIP would increase the allocation of Orange County's transit taxes and fees to <br /> 21 $37.7 million. This increase will also be part of the upcoming update to the BRIP scheduled for <br /> 22 February and March with possible approval April 4. <br /> 23 <br /> 24 Danny Rogers, GoTriangle, said the Board forwarded questions that GoTriangle is <br /> 25 working on and will have full information in February. He made the following PowerPoint <br /> 26 presentation: <br /> 27 <br /> 28 Financial Plan Update <br /> 29 Orange County Board of County Commissioners <br /> 30 January 24, 2017 <br /> 31 <br /> 32 Refined Financial Plan Model Eliminates Gap <br /> 33 • Previously identified revenue sources (sales tax and vehicle registration fees) <br /> 34 completely fund Durham-Orange Light Rail Project <br /> 35 • Gap elimination applies to the Base Case <br /> 36 <br /> 37 How was the Gap Eliminated? <br /> 38 • Refinements to Financial Plan for more efficient borrowing <br /> 39 - Short-term cash flow financing replaced with medium-term Limited Obligation <br /> 40 Bonds (LOBs) <br /> 41 - LOBs changed from a single issuance to 3 separate issuances to reduce interest <br /> 42 cost and provide cash flow relief <br /> 43 - TIFIA principal payment deferred an additional 3 years <br /> 44 • Increased assumed interest rates to a more conservative 4% for the LOBs and 5% for <br /> 45 the TIFIA Loan <br /> 46 <br /> 47 What is the Base Case? <br /> 48 • The base case is the expected scenario for costs and revenue growth <br /> 49 - Expected sales tax growth as provided by Moody's <br />