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ASSUMPTIONS 12/10//98 ARGUS Financial Model (8:39 AM) <br />258 subsurface stalls-No Private Tenant / No Vacancies <br />FINAL ACC ESTIMATE AND FIIVANCING COSTS / INTEREST RATE <br />Assumes Marion County occupies 112,236 sf. An additional 2,712 sf is assessed for %: interest in <br />the first floor conference room. Assumes a 0% vacancy rate within County~ccupied space. <br />-Assumes Salem Area Transit's share of the project is $ 9,844,000. <br />-The models reflect rents at $1.30 / mo. Per rentable sf ($ 15.60 annually). <br />-Expenses aze assumed to be $.284 / mo. Per rentable sf ($ 3.41 annually). The County <br />reimburses e~enses escalated over base year expenses. <br />-The model assumes 258 subsurface stalls. <br />-The model assumes County controls 218 stalls and generates $ 50/ mo. per sta11 on all <br />spaces and escalates at 4% annually. <br />-Assumes a 4.99% (exempt) interest rate on a standard 25-year amortization schedule. <br />-Assumes a completely exempt rate. <br />-Assumes the County pays expense escalation over base year. <br />-Assumes Marion County leases out no speculative space. <br />-Assumes Salem Area Transit controls 26,255 sf of office. An additiona12,712 sf is <br />assessed for %2 interest in the first floor conference room. <br />-Assumes Transit pays $ 9,844,000 cash for their interest and pays no rent. <br />-Expenses aze assumed to be $.284 / mo. Per rentable sf ($ 3.41 annually) in base-yea.r. <br />Transit reimburses their prorata share of these expenses. <br />-The model assumes that transit controls 40 subsurface parldng stalls. ~ <br />