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10 <br /> <br />FINANCIAL IMPACT: The negotiated agreement between Orange County, Durham County, <br />and GoTriangle does not create new financial obligations for Orange County. Orange County’s <br />contribution to the Durham-Orange Light Rail Project would remain at $149.5 million in year of <br />expenditure dollars. <br /> <br />Travis Myren made the following PowerPoint presentation: <br /> <br />Durham-Orange Light Rail Project State Funding Gap <br />Board of Orange County Commissioners <br />Whitted Meeting Facility <br />September 4, 2018 <br /> <br />Purpose <br />• To Authorize the Chair to Sign the Letter Attached to Abstract (Attachment 1) <br />o Affirming Orange County’s $149.5 million Financial Commitment to the Durham- <br />Orange Light Rail Project <br />o Communicating a Solution to the Funding Shortfall Created by the State Budget <br />using Durham County Dedicated Transit Revenue <br /> <br />Background <br />• Interlocal Cost Sharing Agreement & Orange County Transit Plan <br />o Cost Sharing Agreement Parties <br /> Orange County <br /> Durham County <br /> GoTriangle <br />o Adopted by the Board in April 2017 <br />o Established Financial Obligations and Decision Making Framework for Changes <br /> <br />Interlocal Cost Sharing Agreement <br />• Decision Making Framework for Changes <br />o Revenue Shortfalls Requiring Additional Local Funds <br /> Federal, State, Private, Local Revenues <br /> Parties meet within 15 business days to address the changes <br />o Cost Overruns or Unmitigated Shortfalls <br /> Decrease in Transit Revenues – 5% or more <br /> Increase in Capital Cost – 5% or more <br /> Increase in Operating Cost – 5% or more <br /> Parties meet within 15 business days to address the situation <br /> <br />Board of Commissioners Statement <br />• Board of Commissioners Statement <br />o Adopted June 5, 2018 <br />o Affirmed Orange County’s Commitment to Limit the County’s contribution to <br />$149.5 million <br /> <br />State Budget Changes <br />• State Budget Provisions <br />o All Non-Federal Funds Committed by April 30, 2019 <br />o Federal Funds Committed by November 30, 2019 <br />o $190 million Limit on State Contribution