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~ On July 3, 1996, the Boazd authorized the Director of General Services to proceed with negotiations with the Dan Berrey for the construction and financing of Courthouse Square. Negotiation of a final contract is subject to Board approval and to a deternunation that the project is financially feasible. The director was also authorized to retain such professional services as may be necessary to assist the County in evaluating the project, completing contract negotiations and securing the necessary funding. The director, on behalf of the county, acquired the services of R.S. Clements and Associates to assist staff in evaluating the financial feasibility of the project. Their recommendation is to authorize staff "to begin negotiation of a development agreement with the transit district and the developer with the stipulation that the county's cost be controlled to keep initial rents within the $1.20 per square foot goal (expressed as an initial annual occupancy cost)....... The development / risk management process should provide continuing review of the affordability issue and the authority to respond to significant developments." Currently, staff is pursuing contact with our Senate and Congressional delegation to secure final approval of the $3,700,000 million grant. We are also continuing our review of conshuction costs, especially those costs related to demolition. Savi.ngs in demolition costs may result in significant savings to the county. Goals and Objectives: The county's primary goal of this project is to develop replacement office space for the departments housed in the Courthouse and Senator Building. It is inevitable that county offices in the Courthouse will be displaced by the State Court system. The senator block was purchased over 20 years ago with the goal of eventually redeveloping the block into a county service center. The opportunity to jointly develop the block with the transit district was first discussed in the early 1980's. The transit district's ability to acquire $7,000,000 million in local and federal transportation funds has made the project feasible. Joint development of the project will allow the district to relocate the bus mall from High Street to a mid- Senator Block location. With the imminent approval of federal (FTA) grants, made possible by Senator Hatfield sponsorship, the county anticipates a lease/purchase condominium-type project using COP's and/or revenue bonds to finance the balance of the project. Lease rates for county office space should be competitive with comparable office space currently available in the downtown area. FTA grant funds and payments from the district will assist the county in reducing the construction and development costs, thus bringing the annual cost of debt service within budget projections. 2