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BUDGET ASSUMPTIONS: County will occupy about 100,000 sf and half interest in a hearing room. Transit will occupy about 25,000 sf of office space and a half interest in a hearing room. 258 parking stalls subsurface and 59 above ground parking stalls. Transit pay $9.8 million cash for their interest and their share of operation and maintenance of the facility. County rent will not exceed $1.30/sf. 5.25% exempt interest rate on loan, dropping the blended rate on loan from 6.25% due to the amount of exempt occupancy. County leases out 15,000 sf of space to a non-exempt tenant. uestion: How do we arrive at the assumption of $130 sf to $1.20 s£ If all stays as it is today, the contingency fund should be able to be cut in half and thus allowing the lower rental rate of $1.20 sf. WHAT IF PROJECT DOES NOT PROCEED: This is detailed in the main handout document. In summary, the estimated total public loss (totaling County and Transit) would be $7,633,408. In addition, Transit would still have to acquire and develop an off-street downtown transit center and the County would still need to move offices out of the Courthouse to accommodate the State Circuit Courts and provide a permanent location for offices temporarily located on Lancaster. SERVICE IMPACTS: Ken talked about overall financial estimates for the upcoming budget year. He estimated that revenues for 1998-99 budget year to be $43,628,113 and although this is an increase over 1997-98 of $41.5 million, the expenses for the budget year will also increase. Some of the known General Fund liabilities for the 1998-99 budget year are FZMS, Courthouse Square, Assessment and Taxation System and a TCP. He has estimated these to total about $1.2 million. If Courthouse Square project is terminated, it would increase the expense by $3.6 to $4.1 million. Some options he outlined: