Agreement to Fund Capital Cost of Construction of Metrorail in the Dulles Corridor

2007·8 MB·English

by  Washington Metropolitan Area Transit Authority

Agucoment.to Fund Lhe Capilal Cost of Coustruction of
‘Metrorail in the Dulles Corridor

THIS AGREEMERT TO FIND THT CAPITAL COSL O2 CONSTRUCTION OF

MPTRORAIL IN TRE DULLES CORRTDOR (uhis “Agsecicut") is horaby entered ine as of

July 19, 2007, by and honwsem Puitax Connty, Viegiala, C'Fsirfax"), Loudoun County. Virgin

(Tandon), and she Mf pot Wash.ngtor -Airpoits Actaoity ("Airporis Av. thorily"
Recitals

Whavaos, Fairfax, Lomdana, aad cho imports Authority (the “Funding Purtnees”) vrish t2
proceed a Amilirg pasiers f0 caltanes ransporlation service in the Tysons Coreer end Dulles
‘Sinperi Corridor; and

Whereas. a projact camisting of an extension of Wetter] of approximately 23 miles
tram the existing Motruril Orange Live ucar the Weat Kalle Cascch Stain, throu’ Tysmus
Coma, along the Dul'es Contidor teom Tysoas Corner Ia the bramulery of Pairfex, into Dulles
Asternational Ainpel, and ermixatirg x Koute #72 in Toudoum, wal described ove completely
in xhibit A tn this Agecauent (the “Prefec!™) has bee adopted by he Funding Pastors and
incorporate ino thie cespecrivs Ceanprohemsve Plans andl Master Pans, and

Whereas, iu agcortancs wilh the National Environmental Potiey
Tinviroumental Lmsact Stnccmem for the Project has been complsted a dorsi Tyansil
Adhintsuation CP LA°3 jggual « Record of Decision in Mare, 2005, aud on July 12, 2008, and
ac anveudtec Record of Decision om November 18, 20; aud

As

1 ONREA", an

Whereas, the Fumiing Partcers assesses tamugporislioa allernstives in wcsordance with the
process recommended by the FA, which included feasibilicy sues, a iernativer analysis, and
environmental analysis in socorcance wilh NG#4 ar

Whereas, tho public wae invelved Croughuut ths alteraatives: analysio ond NPBA
vcesses an inthe selactiom aa locally pre ved alteumative (LPA"), dove.oped ne patt of the
Dalles Conticor Rapid Transit Puoiect’s Environmental Jmqucl Slatermus: process, extend
‘Motrorail by means of te Peojeet, and

Wheres, the Conmonwsaltt of Virginin ('e “Commenventay"), doug the Virginia
Tesporcnes af Rl and Lublic Transportation (*DRPP"), acted as the Federal grant applicant aul
recipient and lad diccet eaporsibilily for and oversight of the Preliminary Engicecring scape of
‘wer, schedule, budget, al associa rae, and

Whereas, solely for perposes ol eblaining ons oF moro Federal gona, corsimuction af the
Pro'eor line boa divided into toro pheses, wita Phase 1 of Bx Project (“Phawe 1”) deseritee
‘genecally in tke LPA und race particlarly in the Supptecnenta! rah Puviromerental Tinpact
Statement of Octoder 2070 as that portion of the Zrojeee froca she Metra! Orange Tite near Ge
‘Wes, ba J Church Stic to and inchndirg she areposed Wishe A venus Stalcn, ase Phase: 2 of
the Projost ("Phase 2°) described grcerally as thal orion ithe Project wast of the proposod
Wiekle Avenue Staioa to the femninas of the Project st Route 772 in London; and

Whereas, effeetive upon the transtat diem the Commsonscalih to the Ainoris Authority
tie operations and unsintenance responsbilitios of tho Ducloe Tall Road (ho “Franuler’), he
resporiitlsy fer Ite Faplemantetion of tae Projoct vill be exsferral Gena the Covonicnsaltt
to the Airports Aunty. Beginning with the Ixmusfer tho Atpors Authericy will provide dey-
to dey manegement of the cunstction of the Project vtich includes, bu is not Tinted to:
fixsseis) plmning and financing, righLobwny aisles, ewviomental mitigaton,
inorgavaromenial ugreements, pannitting, we ullicy cumidinason, public volvement, design,
coosimetion, eonnetion mansgemsat (9 epmpleticm, inspection and acceptance by the
Wastington Metropotitea Area Trausil Authority (WMATA anto the Adopted Regional
Systems CARS"), inchiding implemenwation of wadraades and covrrage dor ict
upplicable: ad

Whoreas, the Aisports Anthority will spply_a the PTA as the Project sponsor w obeain
approve’ to xnier final deez aud fo bo wivardad a Full Funding Grant Agrosenent (EGA by
the FFA to impienent tho Punjoor: md

Whereae, upon ils oommpletion and acceptasce ay WALA, hs Project will be
irnanyorated iota the WMATA Meteors] system aad will be opermed and reairusinall hy
WMATA; and

Whereas, prelicrinery enpicecting for a pociion or Ih Project has oceurred: awd

Whhavnas, the T calm Partners ace eremnsilled ls desig und corstrust tne Project 10 mest
the cost-offectiveness criteda satab ished by Ihe FTA; und

Whereas, the FIA requites a comment feoes the Pactaers to thlly trad consi ium of
the nen-federal portion of Phase Is und

Whereas, he tla! vast to constanet Phase 1 (the “Phase 1 Cox!) currently i estimated 9
be $2.647 billion und the total cost «9 construct Prise ? (Che “Phase 2 Cost”) cunenty is
cafimmte’ ur he vpgiocimaecly 82,5 billion (Jhe Phase & Cont and Phase 2 Cost coilcetively are
rofarres er ereinafer a8 the “Dulles Rail Project Cost”), and

Whereas, the Comormomweuth hes agiced to transfer che Dulies To] Road la the Aiepurt
Authority, which will eukle the Atports Authority Ic provi funds to be use Far a postion of
the non fecal ahars ef Dae Dales Ral Project Cosh ad

(horens, he Fairfax Board of Sugcrvisors ereaed
agreement Dini (he

ase | Dulles Rail Transportation
‘hase 1 District”) in February 2004; and

Whereas, the Funding Partners wunlersiund lal Fairéas"s conmatinents lnorcin, with
us Uhe Faring of hese | are contingent upot. its heving ahs abilicy to pay tor up to Séé
crus of The Phase k Distiot, waxeh confingeaey’ shall be
salinfie il Fairfax till haz tke aby da so use Lax eevenmes of the Phase ! Distriot ache tim
Th the PTA awards en FFGA for the iederal portion of the Phase 1 Cosy au

Whorens, tho Funding Partnars recognize the necossiy of eunstrusting the Project in 20
phases for purposes nl whtsining onc oF mse Felecol yyanis, ond otend to proceed with and
expedisionsy soraplete hoth Phase [ and Phase 2 uf Ibe Projet subject 1 Me waitin sot fora
herein, the Funct Parlaers cevertho:ess urlersiand thal Tuiriax’s couumiteents heron veh
respect [othe furaiing of Phase 2 depend on its Ravi the ability to pay for at leaet $14 milion
fof HeirSexs sduire oF the Phase 2 Coa wth lax teverwes from a special tas dist thet aay be
created, provided, howveves, thsl-nolhing im this Agroemeut precindes Faifex: fom pays
portion ar all of is share af the Phase 2 Cost ioc any’ source legally available to Fairfe for that
purpose; and

Whereas, the Funding Partaecs undecstané tha. al finsrcial sorrilments of Patax and
London 201 forth hevein that cxtenc past tio cnvent fiscal year ure subject 1 anutad
pproprinion hy Cue respects Board oF Supervisors ar each Canunty: sd

Whereas, dhe conunfimorts herein of Fairfax and Loudoun apc contingent upon a2jroval
alt of she Sitporiy Autharily and WMATA of an agrocment Iki provides thal upon Che
sutislaetion of specifia cameltionss set Eoin tat agrecment, WMATA wl sevept the Project
ts coust-ucted inio the ARS and will qperaes tne Project as erusiroctal spurt oF ue ARS; and

son bs

Whoreas, fue Funding armaces derstand thal Toudoun’s sorunttoest ereia wit,
respect éo P-nject. funding 1s based spon tho prozen! dnisnlton uf ul. landing pattuers part eipating
ra filly fund their share of both Phesy 1 avd Phase 2c Une Project, and

Whereas, the Honding Petiners ore camritted to cousteucting tke Projest 29 cnampletion in
sevardlange with the temns ome! sou iuns af Uris Ageecinect and of auy FFG between the FTA,
re the Aluponts Aapthorlys und

Whereas, he Fury Pastnses aosk to msmoctlive thee aypeement on the fding, of che
Dalles ail Projet Cos and to express cer ain wher ermmiterents to one another in this
Agrcoments

NOW SHEREFORN, tre Paning Partners agtoe a3 follows

Section 1 --rofect Management

1

‘The Project shall be managed by the Airports Authority.

12 Program Manage: avd FPGA Giaonee
As dhe Iiegrom Masager and BFGA Grantee, the “ports Anthoriy isthe aganoy that is
tukimscoly resporseble fer iiaglerrentatian of the Project, The Aiporss Authority chall
‘ead all Project cnanaghancn! aucivities and is the sole point of cmtixd fou FA and other
feecral, regunel, state. avi hnail agencies regarding, the P-ojecl. The Airpores Auhrity,
as the Project Manager em PPCIA Grantoo, shall vse rausinahle efforts fo manaue the
Project erd 12 contkin he cas: grow astociled with the Project by using prudent
nde. in eqnitably aljastisg the Drllos Rail Project Cust for cizamgce that ar Tr the
‘mubial Penefic of the Funding Pastuors and for conirelling additiceal ensts permitted by
The Dalles oil Project Cost. As the Pruject Mlinager, Bie Ainporis Avihority will be
resonable for msiniaicang tke dnereial records of the Projeri, bul a all vines sic
Finaneial coords shal be mage freely available wo each ofthe ofher Feruang Pacers for
inspection anil cegiying, provides! wleyune nccoe, zcazonable under Ihe cicanstanes, 3s
piven to the Aiports Autkcrily

Section 2~ pruject Funding

iunding Partners

he Funding Purners are thoes onlities otber than

Commennsaith axpector ai Lis tire to dicectly contribute to Ure Dalles Rei) Prnje

Cost, Tach Furdng Partaer shall he eepeesentce for he pumpsses set frth below by is
execitive offer (ike "Representacive), 19-t

J) govercient aad the

Taifux Comy Poecutive
Taudons - Counly Adménisuator
Aupors Auflarity — President

‘The Repesimlatives, or their rospettive designees. shatl meet on a yucctely besis 00
discuss (asues related to she Project, including tut nol Time ta scope, bndgel, wn
schedsle. Fur pruposes of eam iting the Konding Parmer on fanding unter, erly the
Kuniling Sartner’s Representative shell ast; thote shall he no stbsctucons or deieutioaes
Sor ary designate Representative of a Fundiny Purtner on such meticrs, ules thee is 2
savancy inthe position of each Counly Paewutive, County Admirisiealer or President. as
the ease mayhs, Gr any of the Frmding Partners, in which ese an individual designated
by the Fureing, Paruior io 8iT The vacaney or pecfarma the duties of sueh offic
aunpnniry of acting Basi may

pone et forth kere,

et ag the Fonding Purtner's Representaive for amy

Qveralt funding Conmoitment

(4) Subject to Le terms eed conditions set forth Tet ein, and any Legal constraints on ¢hoit
abil t0 aot, fhe Forxting Partners ave camaitted to fund tar Dalles Rail Project Cost
fa the eonstraction of the eatire Project except for those caste paid tfou Suds

TTA of other gaa, or wie: mores that may be male avaiable from

filer entiies, including but rot Hinked to cho Commonweal. PTA finding is
anticipated only for Phase 1, Novsrleless, the Frrliry Partutes agree chal the Srojoet ia
Single madorluking, The comritment of the Punding Prrtnote herein if ma
feurtcct oxpectelion that there will be no flerel stacing for Phase 2. Hom
unding Parters will cominue % pursue ledeval imding, for Phase 2 to
practical

{b) For pleaning, punpnses and baseil upon (Otho asiated Phaso 1 Cana of 82.647
bien, (i) tho assumption ofa fixe contsibmiion faa funds made avaiable duongh the
Virginia ‘Ttenspemlation Act of $75 caillioa, Gi} the asemnption of & fixed 218
aniribution of $944 «ister. for Phuwe 1. and Gy) ths assumption thal a! of the Funding
Partners vil parlvipaee in fomitirg Phase 2, the FLevding Partners wyree lu provide capital
eonduibutions to pay the Dallen Rail Projoot Cost in eccordstes th the fol.cwving pro
tava shaves, sheet to tho nike tems auc canillions ste for in this Agreement:

(14 Voral Cepital Contiiovsions:

(2) The total percentage conlribulion of the Aingor. Auliosity for the
ules Rail Project Cost payable Item finds lvived tram opersive af the Dulies Tell
Road (18 Ter.c3") shall he 160% of the mount remaining aur al other contributions
Dy the Funding Pama, inclnding coniibntiens by the Aizpont Authoriy fom is tds
olbie: than tis deriva Iroun aparasion a the Dnllos T'l Road CNONTDTR Funds”,
fe ny eveuibntions by any other emily.

(h) The total percentage conmibutinn of “he Airport Suchnity for ike
Dulles Rail Arojee. Cost oayable from Nou DIR Funds shall be 4.10%, « be pid in
Phase 2 as porvded telowy in Svelion 2. 2i0\,

fe) ‘ths tolal percentage oontribution of Fairfax foe the Jes Rail
Peojost Creat shall be 16.1%.

{d) The toral poroenuye eonttbntion oF Loudoun for the Dulles Beil
trae ost shall he 4.88, €0 be pail in Phase 2 #5 provided below in Seetim 2-206).

2) Phase 1 Cepisl Cantelbutions

(9). The Atiports Authority will pry the eetire Phase 1 Col frore nds

lrivel frum operation Of the Dulles Toll Road (PTR. Pends"), less (i) $900 weilion im

anlicipeted toloral yrant fers Hom the RY, Gi? SSI rniion mt antiesputed funds from
‘Coruom-zlth, aud (i) $40) milion fds that will be providal by Faicfax,

(b) Faintax will wnesalts $400 milion towwands the Phuse 1 Cost fier che
PEA awards an TEGA for the federal poaticm of the Phase 1 Cosl. Unwever, inthe event
that Bairfex declines to parlicipae in the Ceding of Pose 2 us permitel by tis
Agrecmimal tien Haitfex's share of tho Pave 1 Cost shall br adjusted up or down as
reecossery s Ther ir cquals 16.1% ofthe Phase | Cost, Proxrpuly wilhin a seasonal toe
Following completion of constriction of Phse 1 and a tinal aulite determination of the
total Passe [ Cont Qa.cslsjat to the limitations sot forth in this Agreement), Fsicfor shat
xy lo the Airpons Amtnt:y (@0Tuirex’s share of the Pkase | Custis adjusted mp) or “he
‘Airports Authetty chal’ pay ls Tuirdax (it Faérfex's share of e Phase 1 Cat “x adjusced
down) auch stun as is necemary so thas FairSe’s udjusted sare of the Phase 1 Cost
equals 16.1%, provides), tewever, that if Fair declines to participate in the funding of
Phase 2 as coutoampliuel hy Section 2.3(b} below, then following 4h determination,
ihe option of the Siparts Anthar‘ay ane in orler to tetlece the aajusiment of Eaifaa"s
share as ressonably wntiolpated by the parties al at time. the plan of finance describes. in
Section 2.3 helow muy be revised as w2:roprlate to mect Ube rah Maw and otter financisl
requlecments of the Profs.

(@) Phase 2 Capital Conurihutions:

(a) Faibfan'y share of che Phase 2 Cat wall be chet anvouml whith, when
lds 4p any senoumi eamacibnted hy Brie Iowad the Phuse + Cos., tals 16.4% oft
Dalles Rail #rajee! Cas

(hp Loadoan’s shore atthe Phase 2 Cost will be Cut amount which, when,
added lo nny amount contribute hy Loudowa fowsnls the Phase 1 Cost calbrngh na sc
Conlon #8 anticipated by dhe Ving Parone) totals 4.8% of the Dulles Rail Prof
Coat

(6) Toe Airports Authority's shure ef the Page 2 Cos! payable trom Kox.~
TTR Funds will he tat amos which, whee: alded 29 any amount conlitbated by Bis
Aapors Avtnority Gia Now DIR Ferus towards te Phase 1 Cost (although wo seb
centiburion 's anticipated by the Pandy: Pasness) rota 4.3% of the Dalles Rei Uraject
ose

{4) ‘the Sinports Auduouty's sere of the Phase 2 Cast payable trom LTR
und stall be the balance 0! Une Paase 2 Coat not pad lr by the conbyausions described
jn subsections 2.4h)3)G}, (2, and (©) immediately ove, lows any aliustueuts for
ccnteiborions oF fateral or Commemecsllh Tunds ap to certain amounts as deseribad im
snibsoction 2.2(bi{3M(2) immedistely helow

fe} The Phane 2 Coat allocations sel darth above are pecmiserl ov the
osunnplion that ne federal unde Wl be availshle ta pay tor amy portion of “he Phase 2
Cost and thar only wp to $24 million in Bas (rv Due Commonweadth will be available
Tor that puronee. Tn the eveut ther feueral o1 additions! Cormnanwealt tunis are
availabie to pay a portion of the Phaze 2 Cost, theu chs allocations set out above sill be
reodified as Fallows. Any such Federal Tule up co 50% of the Phase 2 Cest, and amy
Commonwealth lhnds Gineloding the up to $24 milion curently anticipated) up to 25%
ple Phase 2 Cost shall be eretited ugainat the obligaiion of the Airpaits Aur borily
timd a portion of Phasc 2 free DTR Tuts. Any such feeral or Couzmonerenlis fina
in excses at Hose asuoUnls, und yay Mand ftom amy oles source other than the Tuning,
Pasiners avuilasle 70 cover u portion of the Phase 2 Cos, sll be credited 64.4% syeinst
The Phase 2 faring obligation af Pairday, 19:2% aguinst the Ph
‘al Loneoen, andl 16.4% aginst the Pha
om Non-DTR Tunds

fimiling obtigarive
2 finding cbilgation of Airpotts Aasority

HupJiny Purnere Sospensibllties

(¢) Notwithstanding the commitment to fund the Dulles Rail Project Cost and exes
Secliy 2.7 of this Aureomnen, this Agreement shall nol he construed to a
fo Loudow to cxcexd the Limitaioss en and usderetanlings with respecte
ovligations a5 vet forth bors. Further, this Agroem:
fay lishiligy upen Palcfoe oF Lnusotun for the outstanding debt ofthe Thulles Tal Roa or
ny obligation ot dhe Dulles Twll Reed, uer dees it obligate che Aicports Autherily 10
expand airport tevenes or funds other than TTR Tusds aud any wher funds derivel rors
Dnulles Toll Road revenues far payment of ary outstanding, debt of the. Lnlsex Toll Road
‘otany whiigation of the Dulles ‘Toll Beal,

(6) Tie Fading Partners nn iene te complete both Phases of bs Project; however,
the Funding Pariness undarsierd tt finansdal exrneaitezems betein a Faurtax en
Londoun with tespece 19 Phase 2 of tas Proje sre cuntingeat upon all waditions 5

forth inthis Agreement, nckeing bt aor limited to che approval hy Tairfex and Jeudoses
ef the kere ae conctilions ute 100%, praleznary enginccring vost estimale for Phase
2 yes presented by The Airports Avtborily lo Faittax and Taudou, With reapect to this
cont ngeney, Faitfas and Lodo each stall tity she Airpewss Authonity whether they
apprave procecding sith cheirfseing participation for Phase 2 within 9 days of
peceipt Kom lit Ainpoits Autayily «(ithe documents eomprisicg 100% preicainary
rginzecing, fer Phost 2, (i) he feuraeacs demnemstatirg the amount cf the wust estate
for Phase 2 nt] 90% preliminary engineering, di) he documents demonstrating bow
the cost estimate for Phase ai 197% proliminary engineering was leveloped and
computed, FFaitsas rolifies the Airports Authoniey tha it dove nal icuend wo paricipste
in Plnse 2, then the Aipurt Authority shall promptly notify Toutoun ofthis nan-
pertivipation, In chal event, Phase 2 vg he the sebjocs of « separate finding aurexruent to
be neyutiated and Loader wil) have ni further oblisilinn wo partcipats i the funding
faved on te cormbined jhx30 1 ancl Phaae 7 cose. The Aiqparts Authority and S.oudoun
agree tific negotiations fir Phase 2 ficing within 40 days afier the Adspoi
‘Aurorty fu cotified Towner that Keirfx huss detincd to pericipate in Phase 2, Any
fagicedl upim changes will 2 see0rdon in an arnendaent lo Cis Agreement, Suck cen
catirnute Gocuunants shall be coasieved cenvidential if anda recived 2y any hen:
curren cotta neytiations, ‘This pravision isto assure hat the Funding Pores will
have the egporlunity €0 consider approving and making available financing Car Phase 2
‘elton these thres conditions ave salinied by tho Aisporss Authority. Nothing hevein shalt
‘he cesta am a waiver of wy wher centingencies for Phase 2 financial partcigation
set forth bsrein or imply that decerutination "as heen roade as lo Nye eer. tracting
Udivery method of Phase, the terms aud centions of any Phase 2 vortacts, or who
twill be the vantiactor 0: eosinustons for Pease 2. Noviithsimding the above, Fairfax or
Locdour'selectionnet ea participate in Smding Tisir partion of Phase 2 shall iano way
‘constitute a sonteaotenl or leg baz that wnuli prevent the Sinports Amorty from
Joping Phase 2 consistent wit the Airports Aulbocity’s comumitment to the
Cmnonsees dh to build the Project

te

‘Amet Indenuces and Finens?ny Avr

4a) Fairfax and tho Aimorts Avcaouity may anu! Tiss
Agreemet, ia subslieniully ie foes) atachosl hereta as Ei: B, 0 he entered into BY
Fairfax and the Aitports Aametity for the iswunce of debe voletcd ta Peinlax’s
tear bution tows the cost of che Prec.

() Loudoun wd de Aispors Avhorily may execute a Inuse Indenture wid Vinereing
“Agreemtor, in substeealally the form(s) attached netcto as ExhibiC, urbe entered inte by
Loudon and dhe Airports Authority to. the issuanse 0” uehl related 10 Lonloum’s
coptributien tontacds te coat of Ge Peoject.

Th:

od Consrburione

{ai the Aamwling allocation sot Zorth in Section 2.2 sets font: the capital contubutions of
the Finding Partners 10 che Project. Fr addition to soe eapital eontsimtions, ths Hunding
Partners will so support ths Projaut with other conibsaions as appropiate, such as resi
Peoporis, profters, zasemenls, slalT clue, ane other nim-caxh coucibutions. Unless
otherwise pitviced, éhese firms of taking conibuiins shall ste addon Io, rad aot
parloler otherwise emunt lowaed, the Funding Partner's capital funding abligaliens.

{hy The tmuding Varinens ceoagnize thet Ruler lave requires tat the inputs Authosity
rust scebive remmuneral ano: fle mak! velus Toe use of atport scoperty. Thesefore,#e
value of land provid by the Al-ports Awtharity tor tho rail yatd t Puls Airport will be
biliset againeé the capital contribution a the Airports Autbortly, nul dhe value of the lad
onirbeciod for he zs yan? will be recognized as part of the Aicports Authoticy's cxpital
contribvainn li die Peojoct. Alvo, the valus of the pertian of che nnprovemtents a: Duis
(Airport borae by the Simao Authority that is incurred hy dhe Alspowts Authority fr the
Furpent of pemmiiling the Metertal w axlend Fra the stacion ec Joullss. Airport into
Toudoun, ateluding the valte of any right of way tbr tast ptxpore, will be counted
Against the capital contribution of Te Aigpods Anthoricy. Tor gurpuses of this
AAgroemen, the land for ihe rl yard and tight of way oe descrihed above is valued al
{$12,810,000 ac or March 1, 2007.

fe) Ouler cortsibutions of land by the Airperls Aushesrty, incizeiag bul nol fiited to
rmecian atons of the Dulles Acepast Aceors Highway and Dalles Connacior Radway, are
agreed by the Aixpuls Anthorty 19 be ip wien 1 and act au offset to or otherwise
conared of fo he revagized as pet! af Ihe Ainports Authority's capital euiibuton to the
Project

44) Upoo eampictiua of the Proj. anc acceptance of he Projets hy WMALA into the
UALS. chs Airports Acathority wil provide t@ WMATA i easement Jor use of the meliam
‘fle Duikes Airport Accoss Fihwuy aad Dullos Ceunselar Roudeuy and othor Airports
Anihorily propcity as approptate, iucteting the sceiun at the Dalles Airport texaninal
burling, for eho operetivn and usaintenmuce of te Metrrsil, Said easement will bo
sethout cost tor the propesty to WMATA and will estelish sppriquiaic terms sed
canditions of nee ofthe red

ud Tané curently ewned by Loudoua and Mairfax chat is properly needed to permit
YMAIA to operate ead maintain he Praject will be provide is WMATA fico ant clear
wo Tica,

Cor

tions and inert

{a} ‘The cost estienate in the Full funding grant agreement Ut is approval by the F
Phare ( sa‘ be the Original Case Estimate fir Phase 1 ofthe Project, The east estigtars
at 100% prskintiony engiaeesing for Phase 2 shel] be che Original Cest Estimate for
Phase 2 of the Project. Cost ovcrrums, vost increases, widitional cost, and Shared
Bercenpears (us defined balos) ip Phase 1 shall be frit as indicated in weston
3.2(0)(2) oF This Agreement

(by Lipon the Eunding Partners qypiovat of Phase 2 fa aovonduec with puragrapia 2.3/0)
of this Agreemenl unt onghow! thy Procéet implomenia ion pucess, design
otifications. sonpe redkcsions, otra changes and geucral enst savings that lave the
telfect of roduviny ihe total Dullos Rail Project Cose will aor-ve lo all Funding Faxinens
rregandless of the aousce or genesis ofthe cost canges in weombarve with the followin
Frau,

Auporis Acdhority (1 Humes) 5.0%
Taicfex 181%
Loadesn 4.8%
‘Aimoru: Authorny (Non-DTR Funds) 4.1%

‘Con: sashags that wre incunaed befors Phass 2s approved by ths Funding Pare
shared accomdiny G1 section 2.2(b}2).0 us Agro-ment and ure inciated in the Dulles
Rail Fioject Cost tor purposes of dhe calculation af Tota! Capital Contribution in
aveordanie with scorn: 2. 206}(1) of tis Agreement.

(oe) Shared Betecrmenis aad Individual Fetlermests a design mulification is proposed
by ame Inding Parlner, and ai] of De Tunding Poriuers unamimonsly agro tha. it
‘roides 4 soramsn hewelit fo the Praject, itil bo Shred Berlermen! und any
ditional cov of this modification sill be iuchnced in the wa cost of the Project und

wucd by ihe Fuading Priners a8 provided herein, provided, howovsr, that any
‘ddiciona) cant invitred or wo be incuciod (1) 49 moet any fedetal or atule wzla:ory oF
egulsinry requirement spplieable 29 the Project. (i) any requicement imposed ny lawhal
cuder of @ court ef compote. jurisdiction, or (ii) any local spplicable regulatory
reqnincrceni ix offect on the dato that thie surourent is sigaed by uf’ wf the Handing.
Pacners, is hereby ame to be for a Sbired Bettoureat, Tf auch a proposod
moifcction is uot a Shared Gesterment, (icv il shal be dcemed sv Talividua: Betterment
a sill by include in Uwe Project ony if funded enttcly by the renuesting Hancing
28

210

Partcer. Any’ cost sssacinial with an Tudividual Bettenreut is aot pat of the Dulles Rait
Project Cosi and ix nat subjec: co aay Timitatlons deseribor stsewhere im This Ayre
lndividus! BuLerments wick mey negatively affect the schalule nf the Projet, or can
other addiienal Project vost ta be inoumed, or neyalively imrqucl sefe working
candies dasa construction af the sel: epwration af The Projeet upon completion
cami! proceed without the specific cameurrence 0! the Tuning Partners regains saci

‘Each Fundiiag Pastner will beur all fleaicing, costs associsted with cheir contribution Io
the Projest. “The funding al‘veation set forth in Section 2.2 ts basotl on euch Funding
Partner's ezpiial contribution 2 the Project. not of ey ieceat, undoraa“ling er other
rogty mace with raisiag Fands, AU costs asincioed wih faancing any stools o:
Eelays in ledetal_Ruding sl) be sara ammrg Ce Tunding Pertoeis as set fort in
Seetot 2.6(b) above,

‘Tuning of Contributions

‘The Airports Aullacity annoalty will geovico oach of ee other Fundirg Parinens aston of
vanes wt shaw in Exhibic D eutlining when payments frara eas Munding Partrer ate

aguiral. The payments will bo caleulaled ase! on the current cost estanate as
tollvelated raazally ia Jannary for te Project. The tinny of each payment by a Hunding
Partuer will be plamed le aptirsice the averall Project Faxeitg, The timing of tke
puysnent may be adjusted for prurlen finarcing in accordance with market conditions and
uhjeet 0 the usderstmndines em “imitations sot Lorch in this Agreement. However,
schedules wid) wssine that the Purd-ng Parnets” payments will be provided vo mel tbe
ceesh flow and other fnureic] ceqniamencs ct the Brajse: ond fo ame thal agreed
Finding sures ure Fully peid by the completion of chs coaataecsion ofthe Prujecl. At re
osoplolin of eanstrastion of Phase 2 of the Projee!, he Airporls Authority will Develoy
achuleie te reooneile the Hunding Fariners’ cupilal canletbutiwus to eeQact che ‘Total
Capital Contciomtions sot forh iv maotion 2.2%0)(1) e€ Us Agreeimect, inal paymcuts as
fares afte ceconeilinen wili be due and paysite widin 60 dass,

Hederal Fuyetiny Moifietion

‘he Panting Partness recognize tha fae fiend finsling cant tment ill be eseabiishec
fn the FGA for Phaze 1 and dhl Ibu federal finding eoosniiment could be less tan the
{$900 railion ouwvcusly aoviripated. Tu Chal evens, the Airports Awhorty wilt vec DTR
Tans to pay 100% of any feeral Teri shortiel below $90 milton.

Eaading for Trmnsportaion Macnayercent Plan,

‘The Yuding Partners recognize that constustion of the Uiojost will nsvewssle utoption
of robust aor effective treespotetion mauazcmenr pls CTMP") {alsa known os
angewtin rumagertent plans) for Phase 1 ani Yhaso 2, wih she he Mevelened os

Wo