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rental value of the parking justifies the expense, and therefore does not desire to own a 42% interest in the parking level. The Transit District will purchase, at fair value, the amount of parking it requires from the County after completion of construction. It is suggested that the value, if any, in the Transit District's 42% interest in the parking level is offset by the Transit District's occupancy of more than 42% of the rest of the development. By way of comparison, assume the Transit District were simply acquiring a portion of the block sufficient to place the bus mall and transit office space all on one level. The Transit District would require 66,824 square feet for its bus mall and 25,028.93 of office space. It is estimated that the total common area needs would be less than in the joint scenario, but that the ratio of common area to usable space (20,815.80/ 127,339.71) would be the same. Th.e common areas within the building would total 3,402.69 (25,028.93 usable square feet times 0.163388153). Without providing for a plaza area, and without consideration of staff parking requirements, the total Transit District building footprint would be 28,431.62 square feet (25,028.93 usable square feet plus 3,402.69 square feet of common area). The Transit District would, therefore, occupy a total of 95,255.62 square feet (28,431.62 building plus 66,824 bus mall) out of a total block area of 115,513 square feet. This results in an occupancy ratio of 82.46%, a percentage substantially greater than the Transit District's 42% current ownership interest. Thus, the acquisition of an undivided 42% ownership interest and joint development with the County is extremely efficient and justified. If the foregoing comparison were to use a two story office building, the Transit ownership needs would still be greater than 42%. With a two story model, the Transit District would have the same total square footage (28,431.62), but the building footprint would be half the size. Assuming a second floor equivalent to the first floor, the building footprint would be 14,215.81 square feet. The Transit District development would then encompass 81,039.81 square feet out of 115,513 square feet, or 70%. Both of these illustrations are without consideration to the necessity of locating the bus ingress and egress at mid-block thus potentially increasing the amount of land acquisition necessary for a transit only project. While the Transit District currently owns an undivided 42% interest in the entire parcel of real estate, the condominium agreement gives the Transit District continuing control over the 44.62% of the space it actually occupies. Conclusion: This analysis confirms the soundness of the investment of funds in the acquisition of an undivided 42% ownership interest in the property. It also demonstrates the substantial savings to the Transit District associated with the joint ownership and development of the property. Property Acquisition Courthouse Square Page - 2