CHANGE PHOTO

DURHAM
COUNTY TRANSIT PLAN
OVERVIEW of
FINAL PLAN
Durham Board of County Commissioners
4/24/2017

1
Changes from Draft Plan to Final Plan

Cost-Split
Extension to North Carolina Central University in Durham
Change from 5 to 4 stations in Orange County through
environmental process decision
Positive balances in both counties to pursue additional
priorities
Inclusion of Wake-Durham Commuter Rail
Funds for initial planning in FY18
Funds for project development through construction beginning
in FY2028
Funds for operation and maintenance beginning in FY2037
2
Preliminary Cost-Share in Draft Plan
Key Inputs M
Capital Cost Reduction 0% (no shortfall)
Sales Tax Growth Moodys Base through 2046;
4.33% in Durham and 3.71% in Orange through 2062
State Funding 10%
FTA New Starts Share 50%
D-O LRT Project Construction Period 2020-2028
Minimum Net DSCR 1.15
Bus Investments Original Plan Deliverables (with updated cost and funding
assumptions from Staff Working Group)
North-South BRT TD Share $6.1 M
Durham-Wake Commuter Rail Planning Study Funded
Capital Cost Split 82 / 18
Shared Borrowings Split 82 / 18
Operating Cost Split 80 / 20
State of Good Repair Split 80 / 20

3
 EE

Scenario Definition 10

Key Inputs
LRT Capital Cost Reduction 0% (No Shortfall)
Sales Tax Growth Moodys Base through 2046;
4.33% in Durham and 3.71% in Orange through 2062
LRT State Funding 10%
LRT FTA New Starts Share 50%
LRT Project Construction Period 2020-2028
Minimum Net Debt Service Coverage 1.15
Ratio [(Revenues O&M) / Debt Service]
Bus Investments Original Plan Deliverables (with updated cost and
funding assumptions from Staff Working Group)
North-South BRT Tax District Share $6.1 M
LRT Capital Cost Split (D / O) 81.5 / 16.5 / 2.0 (full 2.0 applied to Orange)
LRT Shared Borrowings Split (D / O) 81.5 / 18.5
LRT Operating Cost Split (D / O) 80 / 20 through 2036; 81 / 19 after 2036
CRT Scenario P
Differences from EE 9 (Durham specific) Adjusted financing to bring cash balance > $7 M

0704_FMOD_GoTriangle-Scenario-40_v10_EE 4
 P
Scenario Definition (cont)
Key Inputs
CRT State Funding 0%
CRT FTA New Starts Share 50%

CRT Project Development and 2028-2036

Construction Period
CRT Capital Cost Split (D / W / Other) * 20.0 / 66.6 / 13.4
CRT Operating Cost Split (D / W / Other) 20.0 / 66.6 / 13.4
Minimum Net Debt Service Coverage 1.15
Ratio [(Revenues O&M) / Debt Service]

* Assumes a third project sponsor, TBD

5
 EE

Cash Balances 10

Minimum cash balance during LRT

CRT cost share: 20 / 80 (Durham / Other) construction: $8.2 M in FY 2024
Minimum cash balance during CRT
construction: $3.7 M in FY 2035

Cash Balances - Durham

$800,000,000
$700,000,000
$600,000,000
3 4
$500,000,000
1 5
$400,000,000
$300,000,000
2
$200,000,000
$100,000,000
$0
2034

2045

2056
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033

2035
2036
2037
2038
2039
2040
2041
2042
2043
2044

2046
2047
2048
2049
2050
2051
2052
2053
2054
2055

2057
2058
2059
2060
2061
2062
1. LRT Construction Begins (FY 2020)
2. CRT Project Development Begins (FY 2028)
3. LRT Service Begins (FY 2029)
4. Full Long-Term Debt Service (TIFIA Loan) Begins (FY 2037)
5. CRT Service Begins (FY 2037)

0704_FMOD_GoTriangle-Scenario-40_v10_EE 6
 EE

Cash Balances 10

Minimum cash balance during LRT

CRT cost share: 20 / 80 (Durham / Other) construction: $8.2 M in FY 2024
Minimum cash balance during CRT
construction: $3.7 M in FY 2035
1 4
Cash Balances - Durham
$45,000,000 5
$30,000,000
3
$15,000,000
2

$0
2030

2043

2056
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029

2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042

2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055

2057
2058
2059
2060
2061
2062
1. LRT Construction Begins (FY 2020)
2. CRT Project Development Begins (FY 2028)
3. LRT Service Begins (FY 2029)
4. Full Long-Term Debt Service (TIFIA Loan) Begins (FY 2037)
5. CRT Service Begins (FY 2037)

0704_FMOD_GoTriangle-Scenario-40_v10_EE 7
 EE

Cash Balances 10

Minimum cash balance:

$4.4 M in FY 2019

$45,000,000
1 Cash Balances - Orange

3 4
$40,000,000
$35,000,000
$30,000,000
$25,000,000 2 5
$20,000,000
$15,000,000
$10,000,000
$5,000,000
$0
2022

2035

2048

2061
2017
2018
2019
2020
2021

2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034

2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047

2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060

2062
1. LRT Construction Begins (FY 2020)
2. CRT Project Development Begins (FY 2028)
3. LRT Service Begins (FY 2029)
4. Full Long-Term Debt Service (TIFIA Loan) Begins (FY 2037)
5. CRT Service Begins (FY 2037)

8 0704_FMOD_GoTriangle-Scenario-40_v10_EE 8
 EE

Revenue vs. Debt Service + O&M 10

Revenue vs. Debt Service

Debt Service on LOBs/TIFIA (Annual Expenditures) Net O&M Costs Tax District Revenues (Annual Receipts)
$300,000,000

$250,000,000

$200,000,000

$150,000,000

$100,000,000

$50,000,000

$0
2,029

2,042

2,055
2,017
2,018
2,019
2,020
2,021
2,022
2,023
2,024
2,025
2,026
2,027
2,028

2,030
2,031
2,032
2,033
2,034
2,035
2,036
2,037
2,038
2,039
2,040
2,041

2,043
2,044
2,045
2,046
2,047
2,048
2,049
2,050
2,051
2,052
2,053
2,054

2,056
2,057
2,058
2,059
2,060
2,061
2,062
0704_FMOD_GoTriangle-Scenario-40_v10_EE 9
 EE

Local Share of LRT Capital Cost

10

Durham Orange F&CC Total

Capital cost
$779 M $158 M $18 M $955 M
(no finance charges)

Cost of Construction and

Financing
Charges through End of $803 M $167 M $18 M $988 M*
FFGA (Requested by
FTA for Reimbursement)

Total Cost of
Construction and
$1,473 M $331 M $18 M $1,822 M
Financing through End of
Debt Repayment

* The Tax District share of these costs is lower, because it assumes in-kind right-of-way
donations and grants for the joint development component of the project.

0704_FMOD_GoTriangle-Scenario-40_v10_EE 10