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Agenda Item #2b <br /> <br />MEMORANDUM <br /> <br />Date: <br /> <br />To: <br /> <br />From: <br /> <br />Subject: <br /> <br />June 1, 2001 <br /> <br />NCDA <br /> <br />Executive Committee/Capital Budget Committee <br /> <br />Local Contributions to Capital Costs <br /> <br />In August 1999, the NCDA members (Anoka County Regional Railroad Authority, <br />Hennepin County Regional Railroad Authority, Sherburne County and Benton <br />County) adopted resolutions committing each entity to a portion of the total local <br />contribution of 10% of $180,000,000 or $18 million. These actions were taken <br />prior to the development of the preliminary cost estimates for the Northstar <br />feasibility study and major investment study. The purpose of these early actions <br />was to demonstrate to the U.S. Congress and the State of Minnesota that the <br />NCDA was strongly committed to the Northstar Corridor Commuter Rail Project. <br />These resolutions are attached. <br /> <br />In October 1999, the NCDA released a preliminary cost estimate as an element <br />of the Major Investment Study. The total capital cost shown in the October, 1999 <br />estimate was $196,270,000 (1999 Dollars) or $231,000,000 (2004 Dollars). The <br />inflation rate used was 3.5% per year. <br /> <br />The following chart shows the commitment of each county or county regional <br />railroad authority. <br /> <br />2001 Project Revenue Options <br /> <br /> County/RRA <br />Benton <br /> <br />Sherburne <br /> <br />% of Population 18M (1999) <br />8.10% <br /> <br />$1,458,000.00 <br /> <br /> 12.40% 2,232,000.00 <br />HCRRA 14.50% 2,610,000.00 <br />ACRRA 65.00% 11,700,000.00 <br /> 100.00% $18,000,000.00 <br /> <br /> Northstar Corridor Develop~nent Authority <br />2100 3'" Avenue, Anoka, Minnesota 55303-2265 (763) 323-5700 Fax: (763) 323-5682 www. northstartrain.org <br /> <br /> <br />