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Interest rates on COP is estimated at 6.5% <br />Estimated cost of 350 parking stalls (above ground) $4,350,000 <br />A reduction of $1,000,000 in cost to county reduces rent by $.010/sq ft/mo. <br />Should the county pay a residual at end of lease to lower monthly payments? <br />What is appropriate return on investment for developer? <br />What county revenue can be obtained from land leases, net leases, parking? <br />Process: <br />I anticipate asking your financial team to evaluate the project initially without the benefit of the <br />developer's numbers. In effect, your team will act like an independent developer using the data <br />contained herein and other supplemental data as necessary. <br />~. Then, I will share with Mr. Berrey any new ideas or recommendations you have that <br />may improve his proposal. The final step would be a collaborative process involving the county, <br />Mr. Berrey and your team. This step would refine or modify the final product in a manner that <br />meets the interests of all parties. Your input on this process is welcome and open for discussion <br />at our meeting on the 18th. <br />I have included a summary of Mr. Berrey's original proposal for the project. He has made <br />several modifications based primarily on the fact that the county desired no residual at the end of <br />the lease and updates to the construction and financing costs have also occured. Please call me if <br />you have any further questions. <br />Sincerely <br />Randy Curtis, Director <br />