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11/07/97 09:19 ~503 588 5495 HU~AN RESOURCES . . f~ 003/024 <br />11/06/97 THLT 17: 05 FA% S03 223 ~606 MELVIN ~ARK COMP~IN~IES f~ ppg <br />, <br />ASSUMP'I'IONS 1!!6/97 ARGUS k'inancla~ Modei (2:22P1Vn <br />Ftive Sto~ 192 ~bs~u~face sta!!s-Privgte Tenant in Speculaa~ Space <br />ASBun[es Marlon Cou~ty oceupies 82,959 sf. An addiUiona12,633 sf u ass~se~ for'/a iatr~est in the f~st <br />floor ao~facenoe :oom. Assuim~ a 0°~ vac~nry iarc. <br />-Assumes Sa1em Area TYansit's shace of nc~ projact is S 9,844,000, <br />-?h~ models reflect ~ds at S 1.2d / mo. Per xratab~le ~(~14.40 aum~lly). <br />-Ex~ases are a~somsd to be S_284 ! mo. Pa rentablc sf (a 3.41 a~ally)• 1be Co~mty re,mmb~6 <br />expe~ses ea~al~d av~r ba~ year espeo,9es. <br />-1~e model assnmes 192 stalls ,~bsmface aad 59 above giade p~ng stalls. <br />Zhe model assumera CeuMy con~ols 212 staUs and gener~es S 50/ mo. per ~tall o~ aIl sgaces and <br />escalaLea at 4% a~uaIly. <br />-Ass~es a 6.34% bleoded iatcrast rate on a standard 25 ye~ar amo~.ati~n ecb~tle, <br />The ex~p~ portion of the blended interest iate is 5.79'~0. <br />A~ t6e Cv~mtY I~Ys expense ese~atioa aver b~e peaz. <br />Assvmes Matien Couniq leasas oat 28,965 sf of spoailative space. Ass~ffi thz spaoc is leased w a nan <br />exemp~ tao~aat 'I7ue mode2 assumea a Q%vs~ncy tate at birilding oampletio~, <br />-Assames a S 1.60 per af reat on th~c specula~ve 6pace. ?ena~ p~ys esca~atiums av~er ba~se year <br />~- <br />I~easia$ oommis~cn is eskv]aLed at 6% for ihe ft~st five yeazs 3°/. for the 60oo14d fiv~ yes:s. <br />-TI~ aoa-exen~t potEion of th+c blec~d~,d inte~est iate is 8'/0. <br />As~nmes Salem Atra'l~angit ~a1s Z4,193 sf o# o~ce, An additiona12,633 sf is ass~sed for'/, ~rest <br />in the li~st Soor confeir~ee rnom <br />-Assumes 1~nsit pays $ 9,844,000 cash for tl~eir inteizst and pays no ~t <br />~ses ate ass~med tn be S_284 / mo. Per teotable sE (S 3.41 anm~,~lly). T~at~ait r~imburses tl~eir <br />pmrata sisaro a~ these e~enses. <br />-1'he moa~ assannes tbac ~aust oo~ols ao s,~bsucface parlang stalts. <br />