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City Council <br /> Special Meeting Minutes <br /> February 29, 2012 <br /> • Page 2 of 9 <br /> • 18 miles of Bus Rapid Transit (BRT) Service <br /> • 31 new Park-n-Rides; over 21,000 new spaces <br /> • Enhanced Bus Network & Transit Hubs (FastConnects) <br /> 2012 Annual Program Evaluation (APE): <br /> • Each year, RTD updates all inputs into the FasTracks Financial Plan, <br /> including: Sales and use tax forecasts <br /> • Construction inflation assumptions <br /> • Operations and maintenance (O&M) costs <br /> • Capital costs <br /> RTD sought help and advice from industry experts and regional partners: <br /> • Regional Sales and Use Tax Working Group held on October 27, 2011 <br /> • Construction Inflation Workshop held on November 11, 2011. <br /> Northwest Rail Update - Most up-to-date cost estimates for the Northwest Rail <br /> Line represent a significant increase compared to cost estimated by RTD last <br /> year: <br /> • Total project cost assuming a 2020 completion date was $1.4 Billion <br /> • Assuming a 2024 completion date, the cost of Northwest Rail increases to <br /> • $1.7 Billion <br /> There were a number of complex reasons for Northwest Rail cost increases. The <br /> change is primarily two key factors: <br /> • BNSF and RTD now have the benefit of 30 percent engineering <br /> • RTD's initial scope assumptions and cost estimates were prepared without <br /> the availability of formal BNSF input <br /> The major scope changes between previous and current estimates include the <br /> following: <br /> • Increased need for corridor rights-of-way <br /> • Increased cost for environmental mitigation and utility relocations due to <br /> larger right-of-way needs <br /> • Additional vehicles needed to meet BNSF requirements <br /> • Upfront BNSF cost for operating time slots in perpetuity <br /> • BNSF estimate to close to final for the service plan RTD requested <br /> • RTD continues to negotiate with BNSF - no guarantee of lower cost <br /> • RTD met with BNSF and the corridor's elected officials on February 28, <br /> 2012 <br /> Northwest Area Options — RTD is considering three options to provide service to <br /> the Northwest area: <br /> • 1. Continue with Northwest Rail, but the completion date moves out to 2024 <br />