6.8. SR 01-18-2005 - Laserfiche WebLink

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NCDA Executive Committee Agenda Item #5 NCDA Agenda Item #2c Ufl/@!13il[}{]@ilfIJ!13 @@!13!130[U)@!13 MEMORANDUM December 29,2004 To: NCDA Executive Committee/Capital Budget Committee NCDA From: Staff Subject: HCRRA's Funding Contribution In accordance with the NCDA's allocation formula for the local share of the final design and construction costs of the Northstar Project, HCRRA is committed to contributing 15.6% or $6.89 million, For the 2005 Budget, HCRAA will contribute $1,711,528.00. The remainder of its contribution equals $5,183,672. The total cost for the Northstar Project includes the LRT connection and two light rail vehicles, as required by FT A. Currently, the Hiawatha Project has an option to purchase additional vehicles at the cost of approximately $3.15 million each. The option expires on January 23, 2005. If the additional vehicles needed for the Northstar Project are purchased pursuant to the option agreement, there are substantial benefits, including a very competitive price for the vehicles, the avoidance of the cost of procurement for Northstar and the provision of much needed capacity of the Hiawatha Project. HCRRA will consider purchasing two light rail vehicles for a total price of approximately $6.3 million, pursuant to the option agreement if the purchase will be credited toward their remaining commitment to Northstar. The HCRRA is requesting that the NCDA acknowledge that the purchase of the vehicles fulfills its obligation to the NCDA and constitutes its portion of the local share for the Northstar Project. Note that this approach requires FT A approval, which is pending. Action Requested: That the NCDA Executive Committee I Capital Budget Committee recommend that the NCDA approve the HCRRA's purchase of vehicles as its contribution to the Northstar Project, subject to FTA approval. Northstar Corridor Development Authority 2100 3"] Avenue, Anoka, Minnesota 55303-2265 (63) 323-5700 Fax: (763) 323-5682 www.northstartrain.org