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<br />UfJ!fJ@[H3[f[}{J@[f!lJ!13 <br />@@[H3!!ff3[J[ff)@!13 <br /> <br />Executive Committee / Capital Budget Committee Agenda Item #7 <br />NCDA Agenda Item #2e <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />July 28, 2005 <br /> <br />TO: <br /> <br />Executive Committee I Capital Budget Committee <br />Northstar Corridor Development Authority <br /> <br />FROM: <br /> <br />Staff <br /> <br />RE: <br /> <br />Funding Agreement between the NCDA, the Hennepin County Regional Railroad <br />Authority and the Metropolitan Council for Light Rail Vehicle Acquisition <br /> <br />At its meeting on January 6, 2005, the Northstar Corridor Development Authority (NCDA) <br />approved the Hennepin County Regional Railroad Authority's (HCRRA's) advance payment of <br />local match funds for two light rail vehicles contingent upon the Federal Transit Administration's <br />approval. On January 12, 2005, the Metropolitan Council authorized the General Manager of <br />Metro Transit to exercise light rail vehicle options with Bombardier Transit Corporation no later <br />than January 23, 2005 for two light rail vehicles, in an amount not to exceed $6.3 million <br />contingent upon the FT A approving the HCRRA advance local match. The HCRRA approved <br />the funding for the purchase of the two light rail vehicles by the Metropolitan Council, in a total <br />amount not to exceed $6.3 million and contingent upon the FT A's approval, on January 13, <br />2005. On January 21,2005, the FTA acknowledged that the HCRRA funding commitment of up <br />to $6.3 million to purchase two light rail vehicles may be used as a local match, and confirmed <br />that rolling stock previously purchased may be considered an eligible local match towards a <br />future FT A grant for a planned extension to a fixed guideway system. <br /> <br />Based on the above information, staff recommend that the NCDA authorize the Chair to finalize <br />negotiations and execute the Northstar Project Funding Agreement between the NCDA, <br />HCRRA and Metropolitan Council providing for the Metropolitan Council to manage the <br />procurement of the two light rail vehicles with Bombardier Transit Corporation. The HCRRA will <br />transfer up to $6.3 million to the NCDA and the NCDA will forward the payment to the <br />Metropolitan Council. <br /> <br />Action ReQuested: <br /> <br />That the Executive Committee/Capital Budget Committee recommend <br />that the NCDA authorize the Chair to finalize negotiations and execute <br />the Northstar Project Funding Agreement with HCRRA and the <br />Metropolitan Council for light rail vehicle acquisition as described <br />above. <br /> <br />Northstar Corridor Development Authority <br />21003' Avenue. Anoka. Minnesota 55303-2265 (763) 323-5700 Fax: (763) 323-56S2 www,I1orthstartraiI1,org <br />