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46 <br />• Ease of Application/Implementation: examining application requirements, competition for funds, and <br />potential legal or institutional challenges that could impact use of each source. <br />• Revenue Generation Potential: estimating the level of revenues that each source could potentially <br />generate. Additionally, the relative stability of each source over time, and on its relative sensitivity and <br />responsiveness to inflation and changes in economic conditions will be examined. <br />• Local Funding Requirement: examining potential local match requirements for federal and state funds. <br />• Application Schedule: identifying the schedule for applying for funds and determining if it's an annual <br />formula program or discretionary program. <br />• Local Acceptance: evaluating if there is a nexus between the funding source and the capital and/or O&M <br />costs. <br />Based on the final criteria, the "long" list of potential funding sources will be evaluated and a draft "short" list <br />of potential traditional and innovative funding sources will be developed. A description will be provided for <br />each source which will include a discussion of the relative advantages and disadvantages of each source. <br />Additionally a matrix will be developed that summarizes permissible uses; ease of application/implementation; <br />potential funding magnitude; local match requirements; funding application deadlines; and the potential for <br />local assistance. This "short" list will be presented to City and OCTA staff for review and comments. <br />The potential funding source identification and screening process, inclusive long list, and the screened <br />"short" list of potential funding sources will be presented to the Technical Team and Project Development <br />Team (PDT) for their review and comment. <br />Based on comments received from City and OCTA staff, the Technical Team and the PDT, the potential <br />funding sources evaluation process and results will be summarized in an Internal Working Draft Project <br />Implementation Funding Source Report. <br />Step 2. Identify and Evaluate Conceptual Financing Strategies <br />• Confirm the screened "short" list of potential funding sources developed with the City and OCTA staff <br />and the regional project partners. <br />• Utilizing the results of the screening of potential funding sources, develop conceptual financing strategies <br />that integrate the more promising funding sources advanced for further consideration. The conceptual <br />financing strategies will represent a range of approaches that could be considered to fund the capital <br />costs and annual O&M expenses, and will place different levels of emphasis on federal, state, regional, <br />and local funding sources in combination with potential innovative approaches. <br />• Prepare an internal working draft matrix of the Draft Potential Financing Strategies. <br />• Meet with City and OCTA staff to review the Draft Potential Financing Strategies. Based on input from <br />staff, prepare a Refined Potential Financing Strategies. <br />• Meet with the Technical Team and PDT to review the Refined Potential Financing Strategies. <br />Step 3. Prepare Draft and Final Financing Strategies Report <br />• Based on comments from Technical Team and PDT a Draft Financing Strategies Report. Submit the <br />Draft Report for review and comment by the City and OCTA staff. <br />• Based on comments received, prepare the Final Project Implementation Funding Source Report. <br />0 Deliverables: <br />• Draft and Final Project Implementation Funding