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rinancia~ lauin;~•~ l~, 1~~,~•rnnn~•nl:, ~iou-~~r~~~its F~ ('a~,~i: ~'ricatr ~ri~lurc> ~ARDINER CLANCY,LLC August 9, 1996 Marion County Commissioners 100 High Strzet,'.~TE Salem, Oregon 97301 Subject: Initial Findings and Recommendations-Courthouse Square Project In our capacity as Financial Advisor to the Marion County Courthouse Square Project ("the ProjecY'), we have been tasked with providing the Commissioners with recommettdations relating to the financial feasibility and prudence in pursuing the project, in light of available and projected resources. County Staff, together with the Salem Transit District and Mr. Dan Berrey, P.C., have devoted significant time and effort to defining project components, associated costs and the availability of resources to provide support. By definition, -because this process is incomplete; the recammendations made at this time are conditioned by: 1. continued project refinement 2. the balancing of potentially conflicting priorities recognition that at the current stage of development, the strongest imperative may be to develop a risk management-model to evali:ate project cosb benefit tradeoffs as more information becomes available. What are the County's options to addressing it, long-term office space needs? Staff has identified three basic options: - t. Proceed with the project as a three-pronged initiative involving the County, the Transit District, and a private element (the public-private P~i~) , 2. Proceed with County and Transit District only (the intergovernmental paradigm) Abandon the project and seek other opporhuiities, recognizing that the Franklin Building could address, but not solve, long-term county occupancy needs Either option 1 or 2 is potentially usefiil in addressing the County's long-term needs and both remain viable alternatives to be considered as the Project is refined. 115 N~' Ficst A~enue, Suite 401 Portlan~, Oregon 97209 P~one: 503.221.1126 Fax: 503.221.1560