Agenda - 11-13-2018 8-a - Minutes

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24 John Tallmadge said they do not have good answers for that, and are working with the 1 Department of Motor Vehicles (DMV) to see if they are seeing a pattern in other parts of the 2 State. 3 Commissioner Price referred to the donations, and asked if the 4% private donations 4 and others include the land donations. 5 John Tallmadge said yes, and the VA Memorandum of Understanding does include land 6 donations, but does not count toward this since it is already federal land. 7 Commissioner Price said the cost-share agreement will need to be revised next year, 8 and asked if anything particular would trigger a change in this agreement, adding that the 9 contingency, which is above 20% now, and could go up and wondering who will be responsible 10 for the increase. 11 John Tallmadge said the State action this summer precipitated the parties meeting, and 12 the agreement on the path forward was made but it needs to be memorialized in some 13 language change to the cost-share agreement. He said that is related to the second question, 14 and if the risk assessment comes back recommending higher contingency levels, Durham City 15 and County are weighing options for meeting this need. He said GoTriangle is also making 16 revisions to the financial model in regards to assumptions about interest rates, is there more 17 money on the Durham side in transit taxes, etc. 18 Commissioner McKee referred to the private and other donations, and asked if the 19 figure or percentage of current totals is known. 20 John Tallmadge said they are at $15 million in land donations from the Universities, 21 leaving $88 million to be committed. 22 Commissioner McKee asked if this money has to be raised in the next 3-4 months. 23 John Tallmadge said yes, and there are more donations in process that cannot yet be 24 made public. 25 Commissioner McKee asked if the undisclosed donations amount to a specific 26 percentage of the remaining $88 million. 27 John Tallmadge said close to target or there. 28 Commissioner McKee asked if the VA donation does not count against the cost, why 29 does the donation from UNC and NCCU count against the State donation. 30 John Tallmadge said there are different laws that regulate this. 31 Commissioner McKee asked if there are any assurances that the State will not count 32 this $15 million as part of the State’s donation. 33 John Tallmadge said under the current law, the limit to be directed to a transportation 34 project is $190 million. He said this could be changed, but the action of the two universities and 35 the Council of State are not through the same stream of revenue used by the Board of 36 Transportation. 37 Commissioner McKee said the total cost is still being referred to as $2.5 billion to build 38 the project, which does not include the long-term Transportation Infrastructure Finance and 39 Innovation Act (TIFIA) loans of $800 million plus. He said Orange County’s share is $149 40 million, which also does not count long-term interest of the TIFIA loans. 41 John Tallmadge said the $149.5 million is the contribution towards the capital cost until 42 2032, and there are agreements in the cost sharing language that state that Orange County will 43 continue to pay a share of the debt payments on the borrowing that happens for the 44 construction. 45 Commissioner McKee said the true cost to Orange County will hit closer to $300 million 46 over the life of the project, and the $149 million does not include TIFIA. 47 John Tallmadge said he does not know the exact number. 48 Commissioner McKee said the $149 million does not include the long-term interest. 49