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ASSUI~IPTIONS 3/18/98 ARGUS Financial Model (4:28 PM) Five Story- 258 subsurface stalls-Private Tenant in Reduced Speculative Space, W/ 5% Vacancy - WITH INCREASED BASE CONTINGENCY AND ADDITIONAL COST CONTINGENCIES Assumes Marion County occupies 96,622 s£ An additional 2,633 sf is assessed for %Z interest in the first floor conference room. Assumes a 0% vacancy rate within County-occupied space. -Assumes Salem Area Transit's share of the project is $ 9,844,000. ....:: .. .: .::::: .::::. _ - :.':~';:':r~:;:;~::::~::>::~::::>::::::::::::>.:::>:::;:> :::.:::.::.:::::.<.>:::::>~~::>:>;:::;::;??::~_'::~:>:~::~>:~:>::>:::>:>:>:<;::;::::>:.'<::;;;;,<::::::`...:::.,:.;~:~~::::>::::::;:<::::;:::r:>~:>:::::::;: :>`~;;~,e~;»~1~~ reilts_;~t ~~.3~3 ~ t~c~. ~~' r~~~~e sf`~~;:<1:~.~(~ ~u~~~~.: -Expenses are assumed to be $.284 / mo. Per rentable sf ($ 3.41 annually). The County reimburses e~enses escalated over base year expenses. -The model assumes 258 stalls subsurface and 59 above grade parking stalls. -The model assumes County controls 277 stalls and generates $ 40/ mo. per sta11 on all spaces and escalates at 4% annually. -Assumes a 5.25% (exempt) interest rate on a standard 25-year amortization schedule. -Assumes Marion County qualifies for a completely exempt rate. -Assumes the County pays e~ense escalation over base year. Assumes Marion County leases out 15,302 sf of speculative space. Assumes the space is leased to a non-exempt tenant. The model assu.mes a 5% vacancy rate on speculative space. Vacancy is calculated on non-exempt tenant's gross revenue. -Assumes a$1.60 per sf rent onthe speculative space. Tenant pays escalations over base year expenses. -Assumes Sa1em Area Transit controLs 24,193 sf of office. An additiona12,633 sf is assessed for'/2 interest in the first floor conference room. -Assumes Transit pays $ 9,844,000 cash for their interest and pays no rent. -Expenses a.re assumed to be $.284 / mo. Per rentable sf ($ 3.41 annually) in base year. Transrt reimburses their prorata share of these expenses. -The model assumes that transit controls 40 subsurface parldng stalls.