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One other cost that needs to be considered is the buy-out of existing leases. If the <br />County needs to occupy space in the building before the tenant leases expire, we may <br />be required to pay termination and relocation costs. Our purchase would also remove <br />the property from the tax roles. <br />**** Option 4 Analysis **** <br />What is cost of constructin~~a smaller Public Service Buildin~ in coniunction with the <br />use of existin~ office space? There are several options that may be evaluated in <br />response to this question. We have selected three for consideration by the Commit- <br />tee. Option 4a would leave the Franklin building in County ownership. The new <br />Public Service Building would be reduced in size to 93,000 nsf. The cost would be <br />as follows: <br />A. Public Service Building @(93,000 ns~ <br />93,000 nsf = 116,250 gross sq. ft. <br />116,250 gsf x$ 135/sq. ft. _ $ 16.7 million (includes demolition) <br />Remodeling/upgrade of Franklin =$ 1- 1.5 million <br />Total $ 17.7 - 18.2 million <br />Option 4b would retain the Franklin Building and CDC Building. This option <br />assumes that construction can proceed on the southwest side of the Senator block <br />without impacting the CDC operations. A second phase could be added in the future. <br />B. Public Service Building @(80,000 nsfl <br />80,000 nsf = 100,000 gross sq. ft. <br />100,000 gsf x$ 135/sq. ft. _ $ 14.5 million (incl. demo.) <br />Remodeling/upgrades $ 1.2 - 2.0 million <br />Total $ 15.7 - 16.5 million <br />Option 4c would retain the Franklin building and build a new Public Service building <br />in two phases. Phase I would be constructed to house current Senator Block tenants <br />and some leased space. Phase II would be constructed later as County offices are <br />relocated out of the Courthouse. This option assumes that some County offices would <br />vacate the Courthouse within 5 years in order to accommodate growth of the Courts. <br />Planning, phasing and funding issues are critical to the success of this option. <br />C. Public Service Building @(50,000 nsfl <br />50,000 nsf = 62,500 gross sq. ft.) <br />62,500 gsf x$ 135/sq. ft. _ $ 9.4 million (incl. demo) <br />Remodeling/upgrades $ 1 - 1.5 million <br />$ 10.4 - 10.9 million <br />