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' <br />' <br />" ~~~ ~ <br />~ <br />' <br />~, <br />_____ ___ _ On July 3, 1996 the B <br />. <br />~ oard authorized the Director of General Services to roceed <br />witli ne~ofiatioas with t~ie Da <br />~ Be <br />fo <br />h <br /> <br />, r <br />irev <br />c t <br />e conshuction and financin~ of <br />Courthouse Square Ne~~hatton of a fin,al contract is subiect to Boa <br />d <br /> r <br />annroval <br />and to a deternunahon that the ro ect is financiall feasible. The director was <br />also authorized to ret <br />i <br />, a <br />n such rofessional services as ma be necess to assist <br />:he County i~ evaluating the proj~~, completing contract n~° otiations and <br /> secunn~ thC necessary funduig, <br />' The director, on behaif of the coun a uired <br />~d <br /> Associates to assist stagin evalua ng the fmanc~al feasibility of the project <br />Their recommendatio <br />i <br />" <br />' n <br />s to authonze staff <br />to begin negotiation of a development <br />agreement with rhe transit district and the developer with the stipulation that the <br />' <br /> couniy <br />s cost be controlled to keep initial rents within the $1.20 per square foot <br />l <br />' goa <br />(expressed as an initial annual occu ~ <br />nt / risk <br />~ <br />i <br /> management process should rovide continuin <br />review of the affo <br />rdabili <br />p g <br />~~~e <br />' _ and the authori to <br />~ <br />ty respond to significant developments. <br /> C~~3'~ ~is Pursuing contact with our Senate and Congmssional delegation <br />' to secure final approval of the $3,700,000 million grant We are also continuing <br /> our review of cbnstruction costs, especially those costs rel~ ~ d~olition <br />_ Savings in demolitioa costs may result in significant savings to the county. <br />' ~~ G <br />i <br /> <br />. oa <br />s and Objectives: The county's Pnmar~, oal of this ro' <br />develop replacement office s g P J~ ~ to <br />pace for the de <br />art~ne <br />t <br />h <br /> <br />, . <br />p <br />n <br />s <br />oused in the Courthouse <br />and Senator Building. It is inevitable that county o~ces in the Courthouse will <br /> be displaced by the State Court system. . . <br />' The senator block was purchased over 20 years ago with the goal of eventually <br /> redeveloping the block into a county serrvice center. The opportunity to jointly <br /> develop the block with the transit dist~ict was fust discussed in ~e ~y 1980's. <br />' The transit district's ability to acquire $7,000,000 million in local and federal <br /> ~Port~tioa funds has m.ade the project feasible. Joint development of the <br />' proje~t will allow the district to relocate the bus mall from H'igh Street to a mid- <br /> ~ ~ Senator Block location, <br />' ~ ~ With the immineat approval of federal (FTA) grants, ma~de possible by Senator <br /> Haxfield sponsorship, ~e coimty antieipate,s a lease/purchase condominium~ype <br />' <br /> Project using COP <br />s aad/or revenue bonds to finance the balance of the project. <br />1 Lease rates for couaty offce space should be competit~ve with comparable office <br />. space cu~Tenfly available in the dowatown area, FlA grant funds and payments ~ <br /> from the district will assist the county in reducing the construction and <br />' _. developmeni costs, thus bringing the anrtt~al cost of debt service within budget <br />. projections. _ <br />2 <br />