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ASSUMPTION5 3/19/99 ARGUS FINANCIAL MODEL <br />• For <br />COURTHOUSE SQUARE <br />This model assumes that the$2M Debt Reduction Fund within the Estimated Project <br />Cost budget is applied, in its entirety, towards the early redemption of $2M in <br />outstanding project bonds. <br />Assumes a 4.99% (exempt) interest rate on a 25-year amortization schedule. Debt <br />payments are made semiannually. <br />Marion County occupies 112,236 rentable sf of office space and an additiona12,712 sf for <br />its '/2 interest in the first floor hearing room. <br />Assumes Mazion County pays a base rent of $1.20 per rentable sf of space and expense <br />escalations over the base year. <br />Year one expenses are estimated at $.30/month per sf and escalate 4% annually. <br />Assumes a 0% vacancy in Marion County space. <br />. Marion County controls 218 office related parking stalls and 39 stalls that may be <br />dedicated to the future north block development. Marion County receives $50 per month <br />rent on 257 parking stalls. Parking revenue escalates 4% annually. <br />Salem Area Transit controls 26,255 rentable sf of office space and an additiona12,712 sf <br />for its 1/2 interest in the first floor hearing room. <br />Salem Area Transit controls 40 office related pa.rking stalls and 17 stalls that may be <br />dedicated to the future north block development. <br />Assumes Salem Area Tra.nsit pays $9,568,780 for their interest in the building, parking <br />and transit mall. <br />SAMT pays no base rent but does pay its pro rata share of operating exp~nses currently <br />estimated at .30 sf. <br />• <br />