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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. With this background the county desires to achieve the following objectives: • 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 9999 in the $1.20-1.40 /sq ft/ month range. In order to achieve the objectives noted above, the county must first determined that it is financially feasible to participate in this project. 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 difficutty absorbing the additional cost of ti~is new office space The county currently pays $.82-1.15 / sq ft/ mo. for existing office space. Therefore, we are seeking the assistance of outside fnanc9al advisors to analyzed financing options as well as review the proposals submitted by Mr Berrey. The Board of Commissioners will not enter into a final contact until they can be assured that the counry has a sound financial strategy for building and occupying this facility. Time Frames; The developer is currently out of town and will not be submitting new proposals until July 26th. However, the transit district must proceed with preliminary architectural and funding plans in order to obtain final approval of the FTA funds. Their submission deadline is August 30th. Unfortunately, if the county badcs 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 least three basic options for the county to consider. However, all three are highly dependent on finances.