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

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22 1 2 Commissioner McKee referred to page 6, and asked if there is a reason why the figure 3 of $2.4 billion is still being used as the total cost of the project. He said all interest out to 2062 4 should also be included. 5 Travis Myren said this agreement is only intended to reflect the part of the cost that is 6 covered by the FFGA. He said there are costs beyond that, but they are not required for FTA 7 purposes. 8 Jill Jaworski said the way the project costs are measured is by standard FTA 9 procedures, and they have outlined all of the costs that are included in that: design, 10 engineering, land acquisition, construction, etc. She said the interest, during the construction 11 period, can be included as one is allowed to up the project cost by that amount, and get the 12 federal reimbursement. 13 Commissioner McKee asked if the FTA is picking up part of the Transportation 14 Infrastructure Finance and Innovation Act (TIFIA) loans interest. 15 Jill Jaworski said the TIFIA loan is a low cost financing vehicle offered by the federal 16 government, not paid for by the government. 17 Commissioner McKee said the FTA requires that 30% of the $2.3 billion be committed at 18 this time. 19 Jill Jaworski said yes, 30% of the projects costs as defined by the FTA; 30% of the local 20 share of the project cost. 21 Chair Dorosin referred to page 7, and said the Board needs to fill in the dates as well as 22 the cost share. 23 Travis Myren said staff will insert the appropriate numbers into provisions 6, 7 and 10 if 24 the Board of County Commissioners picks a scenario. 25 Chair Dorosin said the Board has a spreadsheet that lays out all the scenario options. 26 Commissioner Burroughs referred to the ee option, and noted that staff mentioned there 27 have been some minor changes. She asked if the version before the Board is slightly different 28 than the most recent update. 29 Travis Myren said scenario ee10 is the most recent update, and was created at the 30 request of Durham County to bolster some of their cash flow, and would not impact Orange 31 County other than to have an $83,000 positive impact starting in 2032. He said the ee in the 32 Davenport Analysis is almost exactly the same as ee10. 33 Commissioner Burroughs said early scenarios were not good for Orange County, but 34 she believes scenario ee10, which has minimum cash reserves at $4.4 million and the County's 35 local split at 16.5%, is one that she can support. She thanked the negotiators, as she now sees 36 cash reserves that work. 37 Commissioner Jacobs referred to page 8, provision #10, and noted that the 38 responsibility for 0 and M costs would be changed. 39 Travis Myren said these were placeholders, and staff will put in correct information when 40 the Board chooses a scenario. 41 Commissioner Jacobs agreed with Commissioner Burroughs, and he thinks Durham 42 County is a very accommodating partner. 43 Commissioner Jacobs said he is sure that the funds are not sufficient to do all that the 44 County would like to regarding bus service. He said there will be further discussions in which 45 the County can partake with GoTriangle and the Metropolitan Planning Organization (MPO) to 46 talk about bus cost sharing. He said any concerns he has about the project have nothing to do 47 with Durham. 48 Chair Dorosin said scenario ee10 that the Board is discussing splits the cost share at 49 81.5% to Durham County, and 16.5% to Orange County, and 2% to the FCC. He said the