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To: Bob Cannon, County Adminishator <br />rom~ y Wasson <br />Date: August 9, 1999 <br />Re: Counties debt service and rental rate for Courthouse Square <br />I received a voice mail from David Hartwig conceining your questions and need to have an <br />understanding of the rental rate for Cow~thouse Square. I suggest we get all the right parties in the <br />same room (David, Randy C., You and who ever else you deem appropriate) and I can take you <br />through the detail and assumptions that make up the $1.20/ sq. ft projection. <br />Attached is the Proforma for the project, this is a tool that Melvin Mark and Company brought to <br />the project. The key page to understanding the financial plan is the eighth page titled " Schedule <br />of prospective cash flow". Notice that the revenue from Transit for their share of operations and <br />maintenance and the revenue from parking are both used as an offset to the debt service. This <br />schedule also assumes that we have used $2million of bond proceeds to pay off debt early, that is <br />why the debt service at the bottom of the page is $1.3million per year rather than $1.Sm.. You <br />might also note that there is an annual set aside for "major maintenance" of just over $23000, I <br />don't believe we do that for other county buildings. <br />I hope this helps with an understanding of the $1.20 projection, I stand prepared to assist where <br />ever possible. Thanks. <br />cc: Randy Curtis <br />David Hatlwig <br />Randy Franke <br />