Agenda 6-d - Authorization to Contract with the County’s Financial Advisor to Conduct a Third Party Financial Analysis of the New Financial Plan for the Light Rail Transit Project

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2 observations associated with the new financial plan. The cost of the analysis would be capped at $30,000. In order for the light rail project to proceed, a new Interlocal Cost Sharing Agreement and an Amended Orange County Transit Plan will need to be approved by the Board of Orange County Commissioners. GoTriangle is requesting these approvals during the month of March to meet a State imposed April 30 deadline. FINANCIAL IMPACT: Up to $30,000 would be transferred from a combination of the Board Contingency line item (up to $20,700) and the Manager's Miscellaneous line item to fund the financial analysis. The Department of Finance and Administrative Services has an existing contractual relationship with Davenport & Company, so these funds would be transferred to that department. SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goals are applicable to this item: • GOAL: FOSTER A COMMUNITY CULTURE THAT REJECTS OPPRESSION AND INEQUITY The fair treatment and meaningful involvement of all people regardless of race or color; religious or philosophical beliefs; sex, gender or sexual orientation; national origin or ethnic background; age; military service; disability; and familial, residential or economic status. • GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY The creation and preservation of infrastructure, policies, programs and funding necessary for residents to provide shelter, food, clothing and medical care for themselves and their dependents. Public Transportation provides opportunity for access to jobs and services to many individuals. RECOMMENDATION(S): The Manager recommends the Board: 1. Consider authorizing the County Manager to sign an agreement with Davenport & Company, LLC to provide a third party analysis of a new, proposed financial plan for the Durham-Orange Light Rail Project at a cost not to exceed $30,000; and 2. Consider authorizing staff to prepare a budget amendment that transfers funds from the Board Contingency line item (approximately $20,700) and the Manager's Miscellaneous line item to the Finance Department fund this analysis.