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11-18-98 17:05 FRO~- T-469 P.02/04 F-274 <br />STOEL RIVES <br />900 5W Fn+ nvE, Sui~ Z 00 <br />PoRiLwO. ORlooN ~7205 <br />EDw. D. ElMOws,cl, Par~rivER <br />DIRLCT tJhl: (503) 294-9235 <br />Fwrt; t503i 2202480 <br />~en~ora~dun~ <br />TO: BILLY WASSO'11, R,+-NDY CURTiS, MIKE HaNSCN, SCOTT CLEMENTS, KFIY IL1"L, NANCY <br />WATI:]NS, CRn1G LEW1S <br />FROM: EDW, D. EINO~VSICI <br />RE: REv1SED P1tELtMiNARY GOODBwD COSTS C:~LCULwTION <br />D~~: NovEr~BER 18,1998 <br />Attachzd hereto, please find a reviszd '`~oad cost/bad cosz" alloca~ion relatin~ to <br />Courthouse Square. The on~ pr~viously ~nt out was based on an inadvert~nt flip of the Counry <br />square faot e~sts with the Transit Disuiet's per square foot cost. The revised calculation gives <br />a bit more breathin~ space - the `'bad cost" esrimate is now almost $70,000 less than the `'cash <br />equiry" previously identified by the County. This is an improvement, but is still tighc given the <br />uncertainties that attend a construction project such as this. Thus, more "breathing space" is <br />desirable if we can achieve it. <br />Billy pointed out that we need to revisit the "cash equity" figuxe I have been usin~. This <br />figure was given to me at a meeting a Melvin Marks about si~ weeks a~o when the entire <br />firwncing team was present. But it is no doubt subject to updating (at the very lest) since Craig <br />advises that the Project budget has been r~vised sev~ral times since thai meeung. <br />ln addition, it would be appropriate for the County to reconsider wh~cher all 4Q parking <br />spaces are to be set asid~ for the private office use. Melvin Marks advises that in an urban <br />project of this type, typical parking would be 0.7 spaces for each 1,000 squaze feer of office <br />space. Even roundin~ this up to 1.0 per 1,000 sq.ft., ihis would only call for 10 spaces [o be set <br />aside for the private tenant, rather than 40. If ihe ocher 34 spaces wer2 made availabIz to the <br />~enerai pablic on a"first come, first served" basis (which could included month-io-monzh leases <br />on a`'first come, fust served" basis), then th~se 30 spaces wouid noi be included in ihe `'bad <br />costs" and the County would have plenty of ``breattiing spare". In this regazd, please nore that <br />if the County were to go in this direction, the 30 spaces could be available to serve any future <br />Memorandum Page 1 <br />