Financial- Argus Financial Assumptions Model

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ASSUMPTIONS 3/18/98 ARGUS Financial Model (4:28 P1Vn Five Story- 258 subsurface stalls-Private Tenant in Reduced Speculative Space, W/ 5% Vacancy - WITH INCREASED BASE CONTINGENCY AND ADDITIONAL COST CONTINGENCIES Assumes Marion County occupies 96,622 sf. An additiona12,633 sf is assessed for %: interest in the first floor conference room. Assumes a 0% vacancy ra#e within County-occupied space. Assumes Sa1em Area Transit's share of the project is $ 9,844,000. -Expenses aze assumed to be $.284 / mo. Per rentable sf ($ 3.41 annually). The Coutrty reimburses expenses escala.ted over base year expenses. -The model assumes 258 stalls subsurface and 59 above grade parldng stalls. ' -The model assumes County coutrols 277 stalls and generates $ 40/ mo. per stall on all spaces and escalates at 4% annually. -Assumes a 5.25% (exempt) urterest rate on a standard 25-year amortization schedule. Assumes Marion County qualifies for a completely exempt rate. Assumes the County pays e~ense escalation over base year. Assumes Mazion County leases out 15,302 sf of speculative space. Assumes the space is leased to a non-exempt tenant. The model assumes a 5% vacaucy rate on speculative space. Vacancy is calculated on non-exempt tenant's gross revenue. Assumes a$1.60 per sf rent on the speculative space. Tenant pays escalations over base year expenses. Assumes Salem Area Transit co~rols 24,193 sf of office. An additiona12,633 sf is assessed for 1/Z interest in the first floor conference room. Assumes Transit pays $ 9,844,000 cash for their interest and pays no rent. -Expenses are assumed to be $.284 / mo. Per rentable sf ($ 3.41 annually) in base yeaz. Transit reimburses their prorata share of these expenses. -The model assumes that transit controls 40 subsurface parking stalLs.