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technical evaluation, financial analysis, and input of the public and key stakeholders will be used to prioritize the alternatives and recommend which of the alternatives should be considered as a Preferred Alternative (see Task 1.8). Deliverables: Transit modes assessment memorandum Task 1.5— Institutional Analysis This task will investigate the institutional and legal implications of various options for establishing the system and providing ongoing maintenance and operations. The options for consideration include: • Redwood City would own and operate the system • Redwood City would own the system and contract out operation to a transit agency or a private operator • A private entity would own and operate the system under an agreement with the City • An existing transit agency would own and operate the system or contract out the operation to a private entity • A new transit agency or a non-profit organization would be formed to own and operate the system Deliverables: Institutional assessment memorandum Task 1.6 — Develop Ridership/Demand Forecast The Consultant will use their local area travel models which are based on existing and expected future land use densities to determine total travel demand and the potential demand for short transit trips in a given area. The model is sensitive to where the transit stops will be located and the speed and frequency of the service. The level of transit demand calculated will be compared with the actual experience of other similar systems in terms of densities and service types to ensure that the estimate are reality based. Deliverables: Ridership/demand forecast technical memorandum Task 1.7 — Financial Feasibility Analysis Project Costs and Revenues This task will involve an assessment of costs and revenues: 1. An estimate of the capital costs of construction of the streetcar or urban circulator including the purchase of the vehicles to include all typical soft costs for planning and design, and construction management. 2. An estimate of the annual costs of operation of the service. 3. An estimate of potential fare box revenues under various payment scenarios. Fundinq Evaluation The Consultant will first identify a "long list" of potential sources with funding availability and develop a strategy to capture those funds. This may include a combination of user fees, local, regional, state, federal, and private funds as shown below. Starting with a "long list" of options, the Consultant will help the City prioritize funding opportunities in terms of potential revenue yield, likelihood of securing funds, relevance to the project, local match required, ability to leverage funds, and other criteria, as deemed REV: 01-06-16 VR Page 12 of 17 ATTY/AGR.2016.003(CDM Smith - Streetcar and Downtown Transit Center