Agenda - 05-16-2017 - 8-a - Minutes

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13 :1 Fin Pell I He Ifh Crlf rl 2 Minimum Aggregate IDSC11 3 ILOB (II n ti l IL.II T) 10.108 Ii� 4 Grant u,nded II 0113s (Ilnitial IL....II II) 1.31x TIIFIIA & State of Good Repair it 10.07 6 Minimum Cash Balance II7urin ;Construrction r Orange (Fiscal Year) $4,382,360 (2019) 8 17u,rham (Fiscal Year) $3,42 X3523 (202() 9 Minimum Cash Balance After Construction 1..0 Orange (Fiscal Year) $.1 6,353,3(5 (2029) 1 1.. .. IL urh m (Fiscal Year) $3,410,091(203 ) 2 3 Ted Cole said it changed cash balances to the tune of about $83,000. 4 Chair Dorosin said the minimum cash available for Orange County between scenarios z 5 and ee would go down, due to the percentage change from 16.5% to 16%. He asked if there is 6 a reason why Durham's also goes down (page 13 of abstract - last 4 lines). He said it could just 7 be an anomaly and to move on in the discussion. 8 Commissioner McKee referred to attachment B, page 13, line 80, and said previously 9 the minimum cash balance was $210,000 in 2045, and now, under scenario ee, the minimum 10 cash balance is $16 million. He asked if there is a reason for the radical change. 11 Ted Cole said an element of it will be driven by shifts in percentage allocation in capital 12 and operations. He referred to line 68, and said, as one goes across, the amount of debt being 13 issued is going up, and less is being financed with cash and more with debt, which will build the 14 reserves. He said one of the other key drivers is the assumption on how much is funded with 15 debt and when. 16 Commissioner McKee asked if the total sum of money spent by Orange County in 2062 17 could be identified, including interest, financing costs, construction, pay as you go (not principal) 18 tax revenues, in kind, etc. 19 Ted Cole said he may need to get back to Commissioner McKee on this number. 20 Commissioner McKee said he asked this question as he has seen the figures move so 21 much in the last few weeks, and he has had a hard time keeping up and understanding the 22 amounts. He asked if this information could be provided by the end of the meeting. 23 Commissioner Marcoplos requested to know the projected revenues for this period of 24 time, as well. 25 Commissioner Marcoplos referred to the development funds, and said a few weeks ago 26 there was $130 million in this fund (page 7, line 7-9), and now there is $65 million in this fund. 27 Commissioner Marcoplos asked if the potential uses for these funds could be identified. 28 Chair Dorosin said on attachment B, lines 23-25, these funds are shown to be the same 29 in scenarios c, m and z, with a slight variation in ee. 30 Commissioner Marcoplos said but it started at $130 million. 31 Patrick McDonough, GoTriangle Manager of Planning and Transit Oriented 32 Development, said last year it was thought that there may be an opportunity to leverage federal 33 funds to achieve goals deemed important by Orange and Durham counties, such as affordable 34 housing. He said the idea here is that, under joint development and the New Starts regulations, 35 if there is development around the stations, as opposed to a parking deck only, then local 36 dollars can be leveraged for federal matches. He said the $65 million would be the potential 37 local dollars, and the other$65 could be matched with federal dollars.