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6.B. -Page 12 of 13 Project Agreement A Project Agreement will be required for candidate projects prior to entering into the environmental clearance phase of a project. The Project Agreement establishes a project service plan, identifies likely funding sources and defines partner roles and responsibilities. Both the WETA Board and the policy body from the project partner must adopt the Project Agreement. II. System Expansion Evaluation Measures The following measures are intended to evaluate the competitiveness and financial feasibility of candidate WETA ferry projects. The measures are expressed in three ways: minimum, target and maximum (as applicable). Minimum levels are what will be required after the initial 10 years of operation. Target levels are consistent with expected performance of mature services such as Alameda/Oakland, Vallejo and Harbor Bay. Passengers per Revenue Hour (Commute -only service) Passengers per revenue hour measures the number of boardings in a given hour of service. Services that have high two-way ridership along with a short travel time, enabling vessels to offer multiple runs in a given commute period will be strong performers. This measure provides an evaluation of ridership and the efficiency of operating resources. Minimum Target Maximum 100-1 150 250 Passengers per Revenue Hour (All -day service) All -day services typically operate seven days per week and generally from 6 AM up to 8 PM. Today, only Alameda -Oakland and Vallejo are all day services. The target for Passengers per Revenue Hour is slightly lower, given lower volumes in the midday and off-peak periods. Minimum Target Maximum 100 125 250 Farebox Recovery Farebox recovery is defined as the portion of operating expenses covered by fare revenues. Farebox recovery measures ridership, operating expense and financial sustainability. Minimum Target Maximum 40% 50%-70% 1 100% Page 3 of 4 al