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5 <br /> WHEREAS, on 7 6I'-I`t he Orange County Board of County Commissioners adopted the <br /> updated Orange County Transit Plan (2017 Orange Plan) and authorized the execution of this Agreement; <br /> and <br /> WHEREAS, on 2� ZO the DCHC MPO Board approved the 2017 Orange Plan and the <br /> 2017 Durham Plan (collet ively, 2617 County Plans); and <br /> WHEREAS, onA�Lni.aa, the GoTriangle Board approved the 2017 County Plans and <br /> authorized the execution of this Agreement; and <br /> WHEREAS,the D-0 LRT Project remains a major capital investment of the 2017 County Plans; and <br /> WHEREAS, pursuant to the 2017 County Plans, Orange and Durham mutually desire to allocate <br /> Dedicated Local Transit Revenues for the planning, construction, financing, and operation and <br /> maintenance of the D-0 LRT Project; and <br /> WHEREAS,the Parties intend this Agreement to supersede the May 2012 Cost Sharing Agreement, <br /> to memorialize a D-0 LRT Project cost sharing plan, and to fully satisfy FTA's requirements for entry into <br /> the Engineering Phase; and <br /> WHEREAS, the Parties recognize the importance of the D-0 LRT Project to Orange, Durham, the <br /> Research Triangle region, and the State of North Carolina; <br /> NOW, THEREFORE, the Parties hereto, each in consideration of the mutual promises and <br /> undertakings of the other as herein provided, do hereby covenant and agree, each with the other, as <br /> follows: <br /> 1. The effective date of this Agreement is the date first set forth above. <br /> 2. This Agreement supersedes the Parties' 2012 Cost Sharing Agreement. <br /> 3, The 2017 County Plans are specifically incorporated by reference as if the same were fully <br /> set forth herein. <br /> 4. The New Starts Project Cost is $2,476.3 million YOE.The Parties acknowledge that as the <br /> D-0 LRT Project moves from preliminary design (30 percent)to final design (100 percent), <br /> as with any major capital project planned and constructed over a number of years, the <br /> actual capital and financing costs may be subject to change and adjustment, The Parties <br /> acknowledge that entry into the Engineering Phase establishes a maximum CIG funding <br /> share of$1,238.15 million YOE. <br /> 5. As set forth in the 2017 County Plans,the Parties agree to pay for the New Starts Project <br /> Cost using a combination of federal (50 percent), state (10 percent), and local/other(40 <br /> percent) funding sources. From the Dedicated Local Transit Revenues, and as of the <br /> effective date of this Agreement,the Parties commit a total of$887.9 million YOE to fund <br /> 3 <br />