Meetings EMT Workshop - Laserfiche WebLink

Home Browse Search

July 1996 Berrey produces the first project analysis report. It envisions that the county would acquire ownership of 72,000 gsf of office space at a cost of $14 million. Transit would build a transit mall and office space for $7.4 million. 13,000 gsf is proposed for private retail space with an additional 50,000 gsf proposed as privately owned expansion office space. Underground pazking is proposed for 350 vehicles. Building costs aze estimated at $34 million. Boazd of Commissioners authorize Randy Curtis to proceed with negotiations with Dan Berrey and his development team. An interim agreement is signed with Berrey designating him as the Project Coordinator and stipulating that he will receive no compensation until the project is determined to be fmancially feasible. The fum of Clancy, Gardiner & Pierce was hired by the county to assist in the financial analysis of'the project. Aug. 1996 The financial advisors submitted a report verifying tltat a public/private partnership was feasible and that county rental rates of $1.20/sf were achievable. A joint public heuing is held by transit and the county. Preliminary design and fmancing plans are revealed. Commissioners give conceptual approval to proceed with the proj ect. Nov. 1996 Transit and the county submit a conceptual design and financial model to FTA. Dec. 1996 Berrey produced the fust detailed fmancial analysis of the project. The project cost was modified to $30 million. The parking stall count had increased to 336 vehicles. Based on additional funding provided by the Hatfield grant, transit's share was increased to $93 million. The proforma identifies the county's rental rate at $1.17/sf, however, Beney recommends using budget estimates at $135/sf. 7an. 1997 Transit provides down payment on 42% undivided interest purchase of Senator block, pending county closing on remaining purchases. Feb. 1997 The county's fmancial advisors recommended the county finance an additional 60,000 gsf of office space. This space would initially be leased out and later used as expansion space for county offices. Project cost escalate to $37 million. The ' ~~,,,,r.,'~ ~hare nf the nroiect is estimated at $25 million.