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The following information was provided by GoTriangle following the June 21 meeting with Orange and Durham Boards of County Commissioners.

Financial Plans

The financial plan for the Durham-Orange Light Rail Transit Project includes $1,238 million in funding from the federal Capital Investment Grants (CIG) program. 

In order to be eligible for that amount, we must demonstrate that $1,238 million in funding from non-CIG sources is committed to the project. 

We currently have $738.4 million committed from Durham County and $149.5 million committed from Orange County for a total of $887.9 million in committed funding

This means $350.1 million in non-CIG funding still needs to be committed in order for the project to be eligible for a full-funding grant agreement (FFGA) in the amount of $1,238 million. 

Our financial plan assumed that $247.6 million would come from the State of North Carolina. Due to recent legislative action, this amount is now limited to no more than $190 million. 

This means that we must plan for at least $57.6 million to come from a non-CIG source other than the State of North Carolina. 

Another $102.5 million is planned to come from other public and private sources. 

According to our latest report to the Federal Transit Administration (FTA), estimated accrued expenses for the project total $92.9 million. 

Estimated accrued expenses for the month of May totaled $4.9 million.

We have passed the 50% design milestone, and over 450 people continue to work on the project.

Financial Timeline

August 2018 – A plan for the new source of the $57.6 million must be in place by early August for a required submittal to FTA. Letters from responsible parties (e.g., mayors, chairs, executive officers) must be available to document the plan.

December 2018 – Commitments for the $57.6 million must be in place by December. If public funds are used, appropriate approvals (i.e. board votes) must have occurred. If private funds are used, agreements with responsible parties must be executed. 

Remaining commitments for the $102.5 million planned to come from other public and private sources must be obtained by December as well.

The project will undergo a Risk Assessment with the FTA this fall, during which the FTA will set required contingency levels for the project. Commitments for any additional funds to cover additional contingency required by FTA must be in place by February 2019.