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06/18/98 THU 07:52 FA% ~ 003 ,_ <br />._ ~ ~ <br />~ MOlithlyre~nt CO11CCtiOC $67.620.00/ 12 = $5.635.00 <br />Monthly per squarc fnot rent ass~sment 55,635.00 / S,OOOsf = S 1.1270 <br />Minimum charge quoted from County = .~~ <br />Rent savings estimate pcr square foot =. $0_073Q . <br />Mont}ily s$vings in rent for Housing Authority 50:0730 * S,OOOsf .. - S~ 365.00 <br />~ Annual saviags in rent for Hoasing Autbority $365.00 = I2 ~ $ 4,380.OQ <br />Anaual' saviags over 30 year baad tcrm (r~ 2% rent increase per year =. $l ~7,688.00 <br />. ~~ As you can determine from the above,. rhis is an at~acrivc way to proceed~ for both the County and the ~ ~ ~ <br />.• HouSin~ Authariry. since t6ere' is ari a~ffective cact sa~in$s. Pleese note Shat thc numbers preseated above <br />~ have been calculatod based on our p'revious discusbions and are not final. ~n ather word,a, dep~ding on . <br />. •~ the Housiag Authority's fiutheir negotiations £ar this spacc, these aumbers oovld change. Also, we wiil ~ <br />~ aeed tti receive an opinic~n from counse~ that the Housiag Authority is able to issue bonds for this purpose_ <br />This surr~nary do~es.provide comQelling evideace for the County ta provide a Contingent Loan ~Ageerrient , <br />~~-~. ~ for parposes of the bond isbvance. A Contingeat L.oan,Ag.xmcnt in essence camrnits the:County to pay <br />~ debt service on thcbcu~ds in thc event the Housing Authority is unable to pay its reat from its operating <br />~ budget ~e~bonds would be in eg,sence secured by a~eral obiigation pledgc from the Housirlg <br />Authbrity: This woald gatiy reduce thc amount of risk to tlie County's Contingeat Lnan Agreemart in <br />that the~Housing Authority.would need to bxorrie insolveat for it not tc~ makc payment aa its.debt servicc. <br />~~ ~ Pleaqc feel free to giec rrie a~ call if you ~ave any questinns~oa this sumrnery. 1 plan on attecding the <br />mecting with~rou ccheduled.fo= 9:30am on M~ac~ay: 7une 22°d gl.y0i1T OffiCC iFl~$31Cn1 iII prdE~ LO fll![ttCi <br />~ . cxplain.this analysis and to shar,e with you various financing altemativcs.for this officc building <br />developmc~t proj ect uader consideration by the Marioa Coiiniy Housing Authority. <br />Sincerely. ' <br />~ ~ . ~ .. . , <br />, c`L7 .~- . ~ <br />' ~ Patrick J. Howard , ~ . ~ <br />• ~ Vice.President ~ ~ <br />~ . ' . <br />