Agenda 8-a - Minutes - Laserfiche WebLink

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25 1 Commissioner McKee said since this was partially a response to his petition he 2 would comment first. He said GoTriangle invited all Board of County Commissioners 3 members to meet with GoTriangle staff to review the new information, and he met with 4 them last week. He said his takeaway from this meeting was that the changes through 5 downtown Durham, the open cut, the underground and elevated sections total $81 million 6 price range. He said going from 751 to 9t" street through the Duke University complex is 7 about 1.2 miles costing $90-100 million. He said these two portions total $171 million. He 8 said there is a small area at Shannon Road and University that has to have open cut, which 9 he will ignore as it is not a significant cost. 10 Commissioner McKee said he also spoke with GoTriangle staff about the private 11 investment funds, which may or may not come on line. He said if these funds do not come 12 to fruition, the counties will be expected to pick up the difference, which is $82 million, with 13 a grand total of$253 million, which will all be borrowed money with 3% interest, which is 14 $250 million over 45 years. He said if his ballpark figures are close, this adds $500 million 15 in additional costs, which is no small amount. He said what is a small amount, is $30,000 16 to pay Davenport to do an analysis and at the end, the cost is worthwhile. He said using 17 Davenport is not a criticism of Orange County staff. He said Davenport has an expertise 18 and should be used accordingly. 19 Commissioner McKee said GoTriangle staff also mentioned that there is a 20 possibility that the FTA would require an additional unknown percentage for contingency, 21 but he is not including this possibility at this time. 22 Commissioner Marcoplos said Commissioner McKee's numbers are basically 23 correct, and the added contingency is what all are waiting for from the FTA. He said there 24 will be added contingency. He said the private funding backstop will not go public until a 25 commitment is made from Duke. He said all indications point to great private funding 26 interest. 27 Commissioner Marcoplos said the backstop would exist to have a fund to backup 28 while the other agreements are being signed. 29 Commissioner Marcoplos said the Board passed a resolution that it would not 30 spend any more than $149.5 million, and so he questions the need for this petition and 31 proposal. He said Durham is well aware of this reality. He said in 2017 Davenport was 32 asked to look at the entire project and the financing, which was a huge project. He said 33 right now, the Board is waiting for a short list of numbers, and this request for an analysis 34 from Davenport is premature. He said he would like to get information first, and then see 35 what is needed. He said at the meeting last month, which upset everyone, there were 36 many financial staff in that room, who have a good handle on what is going on. He said his 37 point is that everyone wants to know what is going on and to protect Orange County, and 38 the odds are good that there will be enough information to understand everything and to 39 share it with the public, answering all questions. He said he is not in favor of committing to 40 this analysis now, but he is comfortable with keeping Davenport on hold and using them 41 after the numbers are received, and if questions still remain. 42 Commissioner Dorosin said he tends to agree with Commissioner Marcoplos, but 43 the information the Board is going to get is going to be very determinative. He said if Duke 44 does not commit, or if the numbers are going to be exorbitant, the Board will not need 45 Davenport to tell it to stop, as it will be obvious. 46 Commissioner Dorosin agreed that this is a different situation than in 2017, and he 47 feels like this time around it will be more obvious as to how to proceed. He said if it is not, 48 then the Board can hire Davenport. He would like to get the information back first. 49 Commissioner Greene said she thinks she agrees with Commissioner Dorosin, and 50 she was not a part of the Board when it passed a resolution limiting spending at $149.5