Minutes 03-12-2019 Work Session - Laserfiche WebLink

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18 John Talmadge said the model is a complicated tool, and the number is not $237 + $88 million. Commissioner McKee said he distinctly remembers, when the idea of private funding first came up, being told that this would be raised privately, and it was stated with confidence. He said there was no "maybe" or"hopefully" involved. He said he questions that it will come to fruition. John Talmadge said the indication he is getting from his fundraiser is that the corporations need to know that the project is going to go forward and be completed. He said as the necessary steps are taken to get there, the fundraiser believes this will be the signal needed to get the donors to commit. Commissioner McKee said there are new costs associated with capital expense, and he knows Orange County has set a hard limit of$149.5 of capital, and in order for this to hold someone else will have to pick up all the new costs. He asked if there is any guidance available on who will pick up the interest on the new capital costs. John Talmadge said that is part of the conversation with Durham County and the City of Durham. Commissioner McKee asked if Orange County were to pick up the new interest on the new capital costs, would the $149.5 not change. John Talmadge said because of the commitments made in the 2017 transit plans and cost sharing agreements, it is like the capital dollars from the two counties are held separately. He said $149.5 is the commitment from Orange County, which is held the same, then the borrowing that is needed for additional costs is not coming from the Orange County side or the financing of the Orange County $149.5 million. He said it is all coming form the other side, and that is part of the conversations with Durham County and the City of Durham. Commissioner McKee said that is an interesting reply. Commissioner McKee asked if the risk assessment from FTA is the last correspondence GoTriangle has received from FTA. John Talmadge said he would have to check. Commissioner McKee asked if the absolute last date, by which the BOCC would have to endorse a new plan and cost share agreement, could be identified. John Talmadge said the last regular BOCC meeting in April. He said the April 30 is a real deadline, and it would need to be in advance of that. Commissioner McKee said there have been two delays in getting information with hard numbers to the BOCC, and asked if there is any expectation for the BOCC to sign off on either one of these agreements before receiving complete information, if there is another delay of additional information. John Talmadge asked if Commissioner McKee is only referring to the financial information. Commissioner McKee said he is asking if there is any expectation of the BOCC signing off on a new transit plan, or cost sharing agreement, prior to receiving all completed information. He asked if the BOCC will have all completed information before April 30. John Talmadge said the expectation is that a completed financial plan, the updated language to the transit plan, and updated language to the cost sharing agreement would come forward to the BOCC, Durham County, the MPO and GoTriangle once for a meeting to explain it, and a second meeting for action. Commissioner McKee asked if the information comes forward, and Durham declines to accept all of the new costs, will the BOCC be asked to move past the $149.5 million boundary. John Talmadge said that would be an option. Commissioner Dorosin said that will all be negotiated in the cost-share negotiating process, which will be brought to both Boards. He said if no consensus is reached, then there