Financial- Argus Financial Assumptions Model

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ASSUMPTIONS 5/13/98 ARGUS Financial Model (10:16 AM) Four Story- 258 subsurface stalls-No Speculative Space - WITH INCREASED BASE • CONTINGENCY AND ADDITIONAL COST CONTINGENCIFS Kell bud ets: O Hard const~uction costs aze from the followuig Pence y S ~ Building Shell (Four Story)- 10/28/97 ~~ Bus Ma11 8/26/97 ~ Pazking 10/3/97 • Assumes Marion County occupies 81,397 sf. An additiona12,651 sf is assessed for 1/: interest in the first floor conference room. Assumes a 0% vacancy rate within County-occupied space. -Assumes Salem Area Transit's shaze of the project is $ 9,844,000. ..~:. .::.. . : ;.-::. r..;r:~C+ ~~OCiti ~i'•ii:fr: i'•i' ~ii:i . +£~: j,'.~' ~ ~ fY~` ~ ~ ' ~`'rr "y'i,'..:i4:~S~~vi$:~.'':•; i~ r ~ •y.F...t,.,~ti .. .,r.~.... f•.;y:i;:ir :~,x' {G:; ~~'~~.~.~.~.~...~ ~~..,.•~.~,~~,.~~.~.~.~....~~,'~',~~.'..~~...'~ ~..~.~.~.i:~'~~a~y~~:~~~~i~~~~~<: -Expenses aze assumed to be 5.284 / mo. Per rentable sf ($ 3.41 annually). The County reimburses expenses escalated over base year expenses. -The model assumes 258 stalls subsurface and 59 above grade parking stalls. -The model assumes County controls 277 stalls and generates $ 40/ mo. per sta11 on a11 spaces and escalates at 4% antmally. -Assumes a 5.25% (exempt) interest rate on a standazd 25-year amortization schedule. • -Assumes Marion County qualifies for a completely exempt rate. -Assumes the County pays ~pense escalation over base year. -Assumes Salem Area Tra~nsit controls 24,339 sf of office. An additiona12,651 sf is assessed for 1/: interest in the first floor conference room. -Assumes Transit pays $ 9,844,000 cash for their interest and pays no rent. -Expenses aze assumed to be $.284 / mo. Per rentable sf ($ 3.41 annually) in base year. Transit reimburses their prorata share of these expenses. -The model assumes that transit controls 40 subsurface parking stalls• •