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10 <br /> 1 The negotiated solution for Durham County to commit additional dedicated transit revenue is <br /> 2 recognized in two letters, one from the Chair of the Durham County Board of Commissioners <br /> 3 and one from the Chair of the Orange County Board of Commissioners. Both of these letters <br /> 4 are attached. The Durham County Board of Commissioners considered and approved its letter <br /> 5 on August 27, 2018. <br /> 6 <br /> 7 Both Orange and Durham counties will be asked to formally amend the Cost Sharing <br /> 8 Agreement and each County's Transit Plan to codify the change in funding commitments on a <br /> 9 schedule that supports GoTriangle's application for a September 2019 Full Funding Grant <br /> 10 Agreement. <br /> 11 <br /> 12 FINANCIAL IMPACT: The negotiated agreement between Orange County, Durham County, <br /> 13 and GoTriangle does not create new financial obligations for Orange County. Orange County's <br /> 14 contribution to the Durham-Orange Light Rail Project would remain at $149.5 million in year of <br /> 15 expenditure dollars. <br /> 16 <br /> 17 Travis Myren made the following PowerPoint presentation: <br /> 18 <br /> 19 Durham-Orange Light Rail Project State Funding Gap <br /> 20 Board of Orange County Commissioners <br /> 21 Whitted Meeting Facility <br /> 22 _September 4, 2018 <br /> 23 <br /> 24 Purpose <br /> 25 To Authorize the Chair to Sign the Letter Attached to Abstract (Attachment 1) <br /> 26 o Affirming Orange County's $149.5 million Financial Commitment to the Durham- <br /> 27 Orange Light Rail Project <br /> 28 o Communicating a Solution to the Funding Shortfall Created by the State Budget <br /> 29 using Durham County Dedicated Transit Revenue <br /> 30 <br /> 31 Background <br /> 32 Interlocal Cost Sharing Agreement & Orange County Transit Plan <br /> 33 o Cost Sharing Agreement Parties <br /> 34 ■ Orange County <br /> 35 ■ Durham County <br /> 36 ■ GoTriangle <br /> 37 o Adopted by the Board in April 2017 <br /> 38 o Established Financial Obligations and Decision Making Framework for Changes <br /> 39 <br /> 40 Interlocal Cost Sharing Agreement <br /> 41 Decision Making Framework for Changes <br /> 42 o Revenue Shortfalls Requiring Additional Local Funds <br /> 43 ■ Federal, State, Private, Local Revenues <br /> 44 ■ Parties meet within 15 business days to address the changes <br /> 45 o Cost Overruns or Unmitigated Shortfalls <br /> 46 ■ Decrease in Transit Revenues— 5% or more <br /> 47 • Increase in Capital Cost— 5% or more <br /> 48 ■ Increase in Operating Cost— 5% or more <br /> 49 ■ Parties meet within 15 business days to address the situation <br /> 50 <br />