Agenda - 12-14-2004-5r - Laserfiche WebLink

Browse Search

3 FINANCIAL IMPACT: Should NCDOT award the grant for the Orange Public Transportation Intra- Hillsborough route, the County would be required to provide a local funding match. With regard to capital costs, the required match equates to 20 percent of total grant related capital expenditures. For annual operating costs, there would be a required County match ranging from 25 percent in the first year of the grant to 75 percent in the third year of the grant. It is important to note that after year 3 of the grant, the County would assume 100 percent of operating costs of the proposed route. Annual operating costs are estimated tc be $198,000. As noted in the Background section above, there is a passibility that a portion of the County's local match could be met by ownership or operation of land, facilities or other physical assets. Local funding requirements would be included in future County budgets. RECOMMENDATION (S): The Manager recommends that: The Board approve the Resolution Conceptually Endorsing Application for Congestion Mitigation and Air Quality Funds for a Park and Ride Facility and Intra-Hillsborough Transit Route, and direct staff to proceed with submittal to the Durham-Chapel Hill-Carrboro Metropolitan Planning Organization and the Triangle Area Rural Planning Organization, and to enable Staff to proceed forward far further evaluation and feedback on the proposal from aforesaid local agencies and other County departments; and Orange County requests the Town of Hillsborough to commit continued participation in the local match for operating assistance for the Intra-Hillsborough transit route.