Laserfiche WebLink
03/03/98 TUE 16:22 FAX 503 223 4606 MELVIN MARK CO~iPANIES <br />. y <br />/ <br />ASSiJMPTIONS 2/11/98 ARGUS Finaacial Model {11:25 AM) <br />Five Story- 258 sabsurface stalls-Private Tenant in Reduced Specutative Sgacc, W! 5% <br />Vacancy - WITH INCREASED BASE CONTINGENCY AND ADDITIONAL COST <br />CONTINGENCIES <br />Assumes Marion County occupies 96,622 sf. An additiona12,633 sf is assessed for %: interest in <br />the first floor coaference room. Assumes a 0% vacancy rate within CountY-occnPied space. <br />-Assumes Salem Area Transit's sUarc of the project is $ 9,844,000. <br />. ysMS. ~, ~ ~ ~~~~~~~~~~~~ ...'~~~..M„'„~~r'" Xst~ <br />~~~~~~~~~~.:. <br />-Expenses are assumed to be $.284 / mo. Per renta,ble sf ($ 3.41 annually). The County <br />reimburses expenses escaiated over base year ex~enses. <br />-T'he model assumes 258 stalls subsurFace and 59 above grade pazldng stalls. <br />-The model assumes County controls 2~7 stalls and generates $ 40! mo. per stall on all <br />spaCeS and eSC313tes at 4% az1IIUa11y: <br />-Assumes a 5.25% {exempt) iuterest rate on a staandard 25-year amortization schedule. <br />Assumes Marion County qualifies for a complctely exempt rate. <br />-Assumes the County pays expense escalation over base year. <br />Assumes Marion County leases out 15,302 sf of specu3ative space. Assumes the space is leascd <br />to a non-elcempt tenan~ The model assutnes a S% vacaacy rate on specalative spaae. Vacan~cy is <br />calculated on non-exempt tenant's gross revenue. <br />A,ssumes a$1.60 per sf rent on the speculative space. Te~ant pays escatations over base <br />year expenses. <br />I,~asing commission is calculated at 6% for the first five ycars 3°/a for the second five <br />years. . <br />Assumes Salem Area Ttansit coutrols 24,193 sf of office. An a~ditional 2,633 sf is <br />assessed for Y: interest in the first floor conference room. <br />Assames Transit pays $ 9,844,000 cash for their interest and pays no rent. <br />-Expenses are assumed to be $.284 / mo. Per rentabie sf ($ 3.41 annually) in year tavo. <br />Transit reimburses their prorata share of these expenses. <br />-The model assumes that transit controls 40 subsurface parking stalls- <br />~ 002 <br />~ <br />