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<br />U [l]@[%jiJ[}{]@iJ&J/JJ <br />@@[%j!l3DW@!l3 <br /> <br />Executive Committee Agenda Item #3 <br />NCDA Agenda Item #2a <br /> <br />May 27, 2005 <br /> <br />MEMO TO: NCDA Executive Committee/Capital Budget Committee <br />NCDA <br /> <br />FROM: Staff <br /> <br />RE: Commuter Coach Funding <br /> <br />Based on our analysis of the current funding for the Northstar Commuter Coach, a fare increase <br />of an additional $0.75 from the Elk River station is recommended. As you will recall, last <br />October we held a public hearing regarding the probability of increasing the fares an additional <br />dollar to a total cost of $4.50 per ride. At that point in time, the NCDA voted to delay action until <br />this June on that fare increase. Since October, our ridership has continued to be strong and <br />consistent with our projections, and we continue to fall behind in paying for the service as we <br />go. In the meantime, Metro Transit has raised fares systemwide, and this fare increase is <br />anticipated to go into effect July 1, 2005. <br /> <br />Consequently, staff believes that we have no other choice than to make this additional $0.75 <br />increase from the Elk River station. This will result in fares from the Coon Rapids-Riverdale <br />station of $2.75 per ride, and the fares from the Elk River station of $4.50 per ride. Even with <br />the fare increase indicated above, we are projecting a $104,000.00 shortfall for NCDA budget <br />year 2005 and an approximate $150,000.00 shortfall for NCDA budget year 2006. Jon Olson <br />will be at the meeting in case there are any questions. <br /> <br />Action Reauested: <br /> <br />That the Executive Committee/Capital Budget Committee make a <br />recommendation that the NCDA approve a fare increase of an <br />additional $0.75 from the Elk River station. <br /> <br />Northstar Corridor Development Authority <br />21003" Avenue. Anoka. Minnesota 55303-2265 (63) 323-5700 Fax: (763) 323-5682 www.northstartruin.org <br />