Courthouse Square Internal Staff Team Minutes

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appraisal cost of $54,000 from this computation. There is a discrepancy between the total ~ budgeted encumbrances if project terminates in the calculations provided today versus what tra.nsit has figured. Staff determined that the solid waste repayment loan should not be included in calculations if the project terminates, but should be included in the budget. Billy Wasson had suggestion that this loss not be represented on this sheet , but we do a sepazate listing and title it as such. Clarification was made that the value of the block would be determined by taking the appraised value before demolition, subtracting the current appraised value and the difference would be the loss. Tom and Sheryl will work together to get to the same number for total budgeted encumbrances if project terminates. This is an agenda item and will need to be incorporated into the report that transit prepared earlier on the three scenarios if the project is terminated. We have until the 12~` of February to get things sorted out. Ra.ndy Curtis raised concems that when this budget goes public and questions arise regarding any increase in expenditures that sta.ff needs to be prepared to answer them. Discussions included additional costs that have been incurred because of the delay in the project. A question was asked regarding the term of the revenue bonds. The last proforma of November listed the revenue bonds at 25 years. John Whittington handed out a copy of a memorandum from Mark Wieprecht, Salem Transit Board of Directors to SPOC outlining district policy positions that the transit board has ta.ken on basic fundamental issues. Please review and let us know your comments. One last reminder for everyone that all reports and issues need to be fmalized by next Thursday's ~ meeting on February 12'~, with the exception of the lease study final to be completed and back to county by Friday, the 13~`, close of business. Meeting adjourned. Page 6 of 6