Orange County NC Website
Browse       Search
13 <br /> <br />Commissioner McKee said the Board is aware of the Transportation Infrastructure <br />Finance and Innovation Act (TIFIA) loans that will be required, and asked if there is any <br />possibility that the proceeds for the loans will be considered part of the federal reimbursement, <br />or cash support. <br />John Tallmadge said no; the capital investment grant (CIG) program allows for up to <br />80% of the project costs to come from federal sources, but only 50% can come from the CIG <br />grant. He said this allows a TIFIA loan to be brought in, as well as other grant sources. <br />Commissioner McKee repeated that there is no possibility that TIFIA loans will reduce <br />the cash outlay from the federal government. <br />John Tallmadge said from the information that he has, and the conversations that <br />GoTriangle has had with the FTA, he does not see this as a possibility. <br />Commissioner McKee said this project is working on a razor’s edge, and he will support <br />this action tonight though he thinks this is a boondoggle. He said he is not sure Durham will be <br />able to pick up anther shortfall, and he is worried with the continual evolution of this project and <br />the escalation of costs that there will come a time where costs cannot be value engineered out. <br />Commissioner McKee asked if GoTriangle is still standing by its sales tax projections. <br />John Tallmadge said Moody’s did the original projections, and will be going back to them <br />for refreshed projections; but as of now, yes. <br />Commissioner Rich referred to the public comment, which identified this project as the <br />FTA’s lowest rated project. She asked if this is accurate. <br />John Tallmadge said he has not heard that, and the information being submitted <br />currently, is part of the FTA’s annual report, where all projects are reviewed and scored. He <br />said scores have not changed since last year. <br />Commissioner McKee said arrived late this evening, but he intended to petition to have <br />Davenport look at the sales tax projections, and overall financial outlook, again. He said he will <br />not make that petition. <br />Commissioner Marcoplos proposed a friendly amendment in order to ask what is the <br />state of Orange County’s sales tax revenue, and if it is a problem, have a reassessment of the <br />projections. <br />Commissioner McKee agreed, and said he wants to make sure the County does not find <br />itself in a corner from which it cannot escape. He referred to the private fundraising, and asked <br />if there is an update, and how much is in cash. <br />John Tallmadge said this campaign remains active, and since this is a private non-profit, <br />he does not feel comfortable divulging this information, but there has been great interest in the <br />project. <br />Commissioner McKee said he is disappointed that the Board cannot at least get an idea <br />of the fundraising efforts. <br />Chair Dorosin summarized that over the next couple of months the cost sharing <br />agreement will need to be amended, and a lot of questions will be answered during that <br />process. He said the Board wants to be good stewards of funds, and he is pleased with the <br />negotiation and partnership process with Durham and other partners. He said having this letter <br />signed will be an important step in the private fundraising process. <br /> <br />A motion was made by Commissioner Burroughs, seconded by Commissioner Rich for <br />the Board to authorize the Chair to sign the attached letter to GoTriangle affirming Orange <br />County’s financial commitment and communicating a solution to the funding shortfall created by <br />the State budget. <br /> <br />VOTE: UNANIMOUS <br />