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THU 16:57 FA7C 503 223 4606 MELVIN ~fARK C0~[PANIES <br />ASSUMPTIONS ll/i9/97 ARGU5 t'inancial Model (3:37 pM) <br />T'.+ive Story- Z58 subsurfuce stalls-Priw~te Tenant rn Speculative Space -'WIT~I INCREASED <br />CONTINGENCY <br />Assumes Mazion County occupies 82,959 sf. An additioaal 2,633 sf is assessed fot'/: iat~rest in <br />the first floot conference room. A.ssumes a 0% vacancy iate. ' <br />Assu.mes Salet~ Area Transit's share af the project is $ 9,844,000. <br />-Expenses are assuxtuod to be ~.28~ / mo. Per re,atable sf ($ 3,41 aanually). The County <br />reimburses a~penses escalated aver base year expenses. <br />-T'be model assumes 258 stalls subsurfa~c and 59 above g~ade parlQng stalls. <br />The model sssum~t Cou~y coatrols 277 sTalls aad gene~atcs $ 40/ mo. per stal! on a11 <br />spaces and cscalates at 4% aanually. <br />-Assumes a 6.34% blended interest rate on a staadard 25-yaar amoitizadiom schedeile_ <br />Tb,e excmpt portion of the b~e~d¢d interest ra~e is 5.79%. <br />-A,ssumes the County Pa3's e~pcnse escalation ove~r base year. <br />Assumes Maiion County leases out 28,965 s~of speculative space. Assumes the space is leased <br />to a noa-exempt teaaa~ T~c model assumes a 0% vacaacy rate at bui~ding complet,ion. <br />-,A,ssnmes a 51.60 per sf re~ rna the spavlative space. Tenant pays escaiations over base <br />3'~ ~F~~- <br />-Leasiag commission is calculated at 6% for tha ~ five ye~ 3% for tb.~ second five <br />y~- <br />-The aon-exempt portion of the b~onded interest rate is 8%. <br />Assumes Salem~ Are~ Tianssit controLs 24, ~ 93 sf of office. A~ additiana12,633 sf is assessed fox y: <br />i~st ia t~t~c fust floor conference rooxn. <br />-Assumes Transit pays $ 9,844,000 casl~ for their interest and pays no rent. <br />-Expenses arc assumed to be $.284 /~mo. Per re~a.ble s~ ($ 3.41 annually) in year t~vo. <br />Transxt rcimburses their ~rozata sbare of these expenscs. <br />-The model assumcs that ~ansit controls 40 subsur~ace paxldng stalls. <br />f~oo2 <br /> <br />