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£ The credit rating question is complicated issue, but the bottom line is, there is no <br />impact on credit rating "as long as the project is successful". The real risk would be <br />if you set out to build the building and it crashes and burns, then there is negative <br />impact on credit rating. Randy Franke added that it would be fairly minimal. If the <br />oversight committee says go, then next step would be get fixed pricing. We are not <br />taking much risk by going step by step. Bond Counsel offered to talk directly <br />with Maynard Hammer to answer any questions he had regarding issue of revenue <br />bonds as the best source to use. They have worked with him before. Randy Curtis <br />cl~ed that the "they" was Scott Clements, Mark Gardiner of Gardiner & Clancy <br />and Ed Einowski, bond counsel. <br />7. RemediaNon Certification <br />During our conversation with bond counsel, they stated that remediation certification is a necessary <br />ingredient to be ready to sell bonds. We will need a letter from DEQ approving our remediation <br />plan. They would also like a letter from Centurywest that they think the plan is reasonable and they <br />endorse it. Ultimately, if we could get a"no further action" letter from DEQ that would be nice, <br />but not likely. Randy Franke re-iterated that this is a potential red flag issue. The DEQ always <br />takes longer than one expects. We don't want this to get away from us. We need to keep on top <br />of it and not assume that DEQ will follow up. This process has been started. <br />Communication Handout <br />~ Ra.ndy Curtis handed out a copy of Melvin Mark Companies break out of the $1.30/sf fee. This <br />sheet takes the costs that went into the proforma and details them. The question for us is to look <br />at the costs and determine if some element(s) are missing from the formula. An example, is we <br />know that the custodial rate is below the rate that Facilities Mgmt. cunently cha.rges. We are <br />prepared to contract out custodial services in order to make these numbers work After Melvin <br />Mark completes the new proforma for next week, the numbers may change. Please review for <br />corrections/modifications. There may be an instance where some numbers were attributed to the <br />entire building and transit had allocated some of these in their own budgets, therefore causing them <br />to be double budgeted. A question azose concerning set aside for replacement that came from <br />SPOC and Melvin Mark gave a response of the 0.016 cent figure from this sheet. Ken felt this is <br />almost nothing and not set aside replacement. Randy Curtis thought that would equate to building <br />reserve not replacement fund. Randy Curtis is working separately with Craig Lewis to come up <br />with formula for building reserve funds because of separate county wide issue, and will follow up <br />with phone call to get more information. There is also a question as to what "Personnel" includes <br />and Randy will follow up as this document was not reviewed with Craig prior to this meeting. <br />Development Team <br />Billy Wasson advised that the Development Team consisting of transidcounty/Melvin Mark <br />Company/Arbuckle Costic representatives would resume and have scheduled a meeting at 8:30 AM <br />on Thursday, February 12'~. A meeting room has not been secured yet, but will notify participants <br />when arrangements are made. <br />Page 3 of 6 <br />