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11/19/9i F~ED 1~:~•l F.~S a03 ~-L606 }IEL~'IN ~1~RE~ CO~tP~v~ <br />ASSUMPTIONS 11/19/97 ARGUS Financial Model (3:37 PM) <br />Five Story- ZS8 subsurfact stalls-Prn-ste Ttnant in Specuiative SpAC~ -WITH INCREA$ED <br />COKTINGENC~ <br />Assumes Ma.iion Counry occupirs 82,9~9 sf. An additiona12,633 sfis assessed for'/ interest in <br />the frrst floor coafereuce room. Assumes a 0°,~~ vacaucs- rate. <br />-Assumes Salem Area Transit's share of the projcct is ~ 9,844,OU0. <br />.,.. ..... ... •. >:^rY: >••:e.,> ~~:. :t~ ~`~ ~•;<.y;c:;:".-M;.-:x;<:K«,.:•°: ;:.:<,.~,~f~,r sr;:.;.~-;---,.:.:: <br />.; .,.,•:~ <br />K~~-~-~~'~,S',''~~~~~~C~tifil,'~-r;~~'ti,'112.Z;!'~~,yCi"~~~a~;`~wE'''.,~',A~'~~~,'+''~;~.:.f! i <br />:~.;. . , .~:~~~~~- <br />-E.~enszs aze assumed to be $.28=~ / mo. Fer rentable sf ($ 3.4I annually}. Thc County <br />reimburses e~enses cscalated over base year e~xpeases. <br />-The model assumcs 2~8 stalIs subsurfice and ~9 abave ~ade parking stalls. <br />-Thz mod~l assumes Couuty coatrols 271 st31Ls and geaerates ~ 40/ mo. per staIi on alI <br />spaces and escalates at 4% atmually. <br />-Assumts a 6.34% blended interest rate on a standard 25-year amordr~tion schedult. <br />-Thc cxempt portion of the blended uuerest rate is ~.79%. <br />Assumes the County pays ea~ensc esc3lazion over base qear. <br />Assumes Marion Couaty leases out 28,%~ sf of speculazivc space. Assumes rhe space is leased <br />to a non-e:cempt teaan~ Th~ model assumes a 0% vacancy rate at buiZding eompletion. <br />Assumes a S 1.64 per sf re~ an tha speculauvz space. TenariL pays cscalatians over base <br />year e~-penses. <br />-L~asmg commission is catculatcd at 6% for the ~~st five yea~ 3% for the second five <br />"_ vears. <br />-Thc non-e~empt poraon of the blended intcrest rate is 3%. <br />Assumes Saletn Area Tiansit coat[oIs 24, I 93 sf of office. An additiona12,633 sf is assesscd for '/_ <br />inte~est in tha first floor conferenee room. <br />-Assumes Transit pa5s ~ 9,344,000 c3sh for their intcrest and pays no rent <br />-Espenses are assumed to b~ $.284 / mo. Per r~ntablc sf (~ 3.41 annually) in vear tcva. <br />Transit reimburses their prorara share of thes~ w.~pcnses. <br />f~ooi <br />-Thc model assumcs that ~ansit co~ols 40 subsurface parking stalls. <br />