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u <br /> Exhibit 1: Funding Terms <br /> A. FUNDING ASSUMPTIONS: The table below sets out the Parties' <br /> assumptions regarding Everett Transit's funding needs, absent support from <br /> Sound Transit, for the Smart Card project through 2008: <br /> Cost item AMOUNT ET funds I External Tot.Funds Funding <br /> NEEDED identified grants Available Shortfall <br /> Contract costs $907,250 r <br /> Contract contingency $181,450 / A <br /> Off-contract re.ional costs $142,541 <br /> Total ET share,regional $1,231,241 $0 $431,399 $431,399 $799,842 <br /> implementation costs <br /> Internal implementation costs $173,040 $0 $0 $0 $173,040 <br /> Total,ET implementation I $1,404,281 I $0 $431,399 I $431,399 I $972,882 <br /> Smart Card O&M, Year 1** $37,111 $37,111 $0 $37,111 $0 <br /> Smart Card O&M, Year 2** $43,293 $43,293 $0 $43,293 $0 <br /> Total Smart Card O&M for $80,403 $80,403 ' $0 $80,403 $0 <br /> first two years of ET operation <br /> TOTAL ET COSTS I $1,484,685 I $80,403 $431,399 $511,802 I $972,882 <br /> THROUGH 2008 <br /> **Year 1 and 2 are defined as consecutive 12 month periods <br /> B. SOUND TRANSIT'S FUNDING OBLIGATION: Sound Transit agrees <br /> partially to fund Everett Transit's participation in the Smart Card project from the <br /> Regional Fare Integration Fund in direct proportion to the additional support the <br /> Fare Integration Fund is providing to Pierce Transit and Community Transit. In <br /> aggregate, CT and PT are receiving from the 1-11- support equal to 44.55% of total <br /> smart card capital and implementation costs, plus estimated operating expenses <br /> for the first two years of service. Proportional equivalent support provided by ST <br /> for ET is calculated as: <br /> $1,404,281 x 44.55% $625,632 <br /> O&M $80,403 <br /> total FIF support $706,035 <br /> As agreed to by ET, this full amount will be applied to ET's capital and <br /> implementation costs rather than allocated between capital and O&M. The <br /> maximum total Sound Transit funding commitment under this Agreement is <br /> $792,435, and distributed in the funding categories as follows: <br /> Proposed Sound Transit Funding <br /> I Cost item Funding ST Regional ST Fare Total ST <br /> 15 <br /> Fundng Assist Agmt ET ST March 06.doc <br /> 11 <br />