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08/25/99 1~:34 $503 588 5~95 HU~[AN RESOURCES f~ 003 <br />, ~ <br />ASSUMPTIONS 3/19/99 ,ARGUS FINANCIAL MODEL <br />For <br />. CQURTH~USE SQUA~.E <br />This model assumes that tha$2M Debt Rcduction Fund within the Estimated Project <br />Cost budget is applied, in its entirety, tuwards the eai-Iy redemption of $2M ia <br />outstanding project bonds. ' <br />Assumes a 4.99% (exerupt} iaterest rate on a 25-year amortization schedule. Debt <br />payments are msde se~ianmia[ly. ~ <br />Marion County occupies 112,236 rcntabie sf of office sgace and an additiana12,712 s~fQr <br />its'/~ interest in the fi.rst floor heaiing raom_ <br />Assumes Mation Couaty pays a base rent of $1.2Q per rentable~sf of space aad expense <br />escalations over the base year. <br />Year one ea~cpe~nses are estimated at $.30/month per sf and escalate 4°to a,nmaally. <br />Assumes a 0% vacancy in Marion Caunty space. <br />Marion County controls Z I S aiTice related parl;in~ stalls and 3 9 stalls that may be <br />dedicated to the futu~e north block development. Mazion County receives ~50 per month <br />reut a~. 257 parldag sCalls. Parking revenue cscalat~s 4% annuallg_ <br />Salem Area Transit controls 26,255 rentable sf of office space and aa additions12,712 sf <br />for its h interest iu the first floor hea~in~ room. <br />Salam Arca Transit controls 44 o~ice related parking stalls a.nd 17 stalls that may be <br />dedicated to the future north biocl~ deveiopment_ r <br />Assumcs Salem Area Transit pays $9,568,780 for their int~rest in the builtling, par]ciug <br />aad-t~ansit mall. <br />SAM'1 pays no base rent but does pay its pro ~ata shaze of vperati.ug expenses w=rcntly <br />estimated at .3 0 sf. <br />