Financial- Budget (1- 2 Files) - Laserfiche WebLink

Home Browse Search

.~ • . o ~ __ ~ ~ SUl~~]~1ARY OF PROPOSAL ~ Lease Terms (Cont.) ~ Property Management A~reement: It would be agreed t~at t~e Project Coordinator will mana~e t~ie project, ~or t~e term o~ t~e lease. Terms of tlie employment are to , be negotiated betaveen t.~ie parties. It would be agreed t~at t~e management company would ~ave an annual ~~t~~ bud~et and would place aside mont~y operating {unds t~at t~e County would own. T~is is bein~ done to assure all ~ owners o~ t~e project tliat the buildings and improvements are protected and maintained aver t~e ~e o~ t~e project. ~ t~nnual Operating Buclget: would be agreed to t~e by Praject Coordinator and General Services. It is to inclu~ a Capital Reserve {und as well as a Repair budget and etc. (See attac~ed) ~ Financing: , Lease terms are based oa t~e project being ~nanced by t~e Project Coordinator using C.O.P.'s at an interest rate not to exceed 6.5%. ~ Par~:350 to 400 par~zin~ stalls. County will recei~e 250. It will be reviewed to place t~e par~ und~ ~~d. , Tlus option is currently bei.ng reviewed. It is possible t~at t~us idea will bring t~e , project in aver the current proposecl budget. ~ T~e County is to cover tlie cost of b,~ld~g tke par~xin$ structure and will own tlie par~xin~. T~e DeveloP~ ~il lease bac~x {rom t~e County par~Zing stalls based on 3 to 4 per/1,000 ns~. o~ Retail or O{~ice Space, at a mont~y rate o~ ~.50.00. ~ It s~~ld be noted t~at t~e estimated. annual cost per stall is ~99~, wit~out operating ~3 maintenance versus a rental income o~ ~600. (C~ec~x wit~ t~e City of ~ Salem for a cost estimate to operate t~e par~zin$ structure). , ~ pa~e 13 / summarv o{ Proposal DAN BERREY, P.C., BROKER ~ , - ~