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~' ~a ~~,a~- Q~v- Marion County Information For immediate release: December 3, 1998 Contact: Billy Wasson, project coordinator, 503/588-5212 Carol Fischer or Sue McCracken, 588-5212 Financing on tap for Courthouse Square Certificates of Participation (COPS) to finance construction of Courthouse Square were sold Wednesday at a true interest cost of 4.99 percent. "This is a very good interest rate," said Billy Wasson, project coordinator for Marion County. "I'd love to finance a house at that rate." Sale of the $22 million in COPS will fund Marion County's portion of the $34 million ~. project which includes a transit mall for Cherriots buses, offices for the Salem Area Mass Transit District and Marion County, a shared hearing room, retail space and underground parking. The development will fill most of the downtown Salem block bounded by High, Chemeketa, Church and Court streets, leaving a portion on the north end of the block for private development that could include stores, offices and/or housing. The COPs will be repaid with interest over a period of 25 years after which Marion County will own its share of the property. The transit district will pay for its portion of the project, $9.8 million, through akeady available federal grants and local matching funds. Commissioner Randy Franke said, "We went through quite a process to get our Standard and Poors rating but it went well and our bond counsel and underwriters said we made one of the best presentations they had seen." Franke said. Since there is bond insurance, the project has been given an AAA rating. The next phase of the project is to finish construction documents and issue a request for bids early in January, then award the bid for construction in early February. The building should be ready for occupancy by August 2000. ~ * * Marion County is on the internet at www.open.org/marion