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In the early stages of this project it was assumed that the inclusion of a private developer would be an added resource to the project. We envision private retail on the ground floor and private office space being leased on the upper floors. The leased office space will allow the county to acquire additional space over the next 10-15 years. • Construct 100,000+ gsf of new office space • Acquire ownership of our portion of the complex in 20-30 years • Build and own a 350+ parking structure as part of the project • Leverage the value of our property together with federal funds and the resources of a private developer to minimize the cost of this project. • Pay full service rents (O&M and debt service included) for county office space in 1999 in the $1.20-1.40 /sq ft / month range. While we must find replacement office space for some of our departments and provide for future growth, the lack of new bonding authority and potential property tax limitations make this type of venture very risky. The county's general fund as well as other funds may have great difficulty absorbing the additional cost of this new office space The county currently pays $.82-1.15 / sq ft/ mo. for existing office space. Time Frames; ~ The developer is currently out of town and will not b submitted ew proposals until July 26th. However, the transit district must proceed with prelimin chitectural and funding plans in order to obtain final approval of the FTA funds. Their submission deadline is August 30th. Unfortunately, if the county backs out of the project, the site and design would both change. My goal is to complete the review of the developers proposals and develop a clear financial strategy by August 9, 1996 so that transit's project and funding are not jeopardized. Options: There appears to be at lea ty to consider. However, all three are highly dependent on finances. 1. deral funds would finance the transit portion and a small part of the county's costs. The county would use COP's or similar financing to pay for our portion of the project supplemented by a small federal grant (if