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02/06/98 FRI 16:45 FAX 503 223 4606 MELVIN MARK COMPANIES <br />• Relocation <br />County - In (p) This line item was Randy Ctiuas's estimate of move in cosks- <br />County -0ut (c~ This cost is not included in our model. If this is to be included, we will <br />have to add this w the total project budget. <br />Tenant (r) I am unclear of the urtended use of this line item This cos( is not <br />included in our latest model. ffthis is to be included, we Vvill have to <br />add this to the total projcct budget <br />Construcfion Cost <br />pioject Conslruction (s) The square footage on Pence Kelly's budgets aze gross sf.i The recent <br />County draft multiplies gross sf costs by rentable areas. 1`his <br />understates the costs. Also, the tenant imgrovement calc+~lations <br />allowances should be based on rentable areas, not nsable ~reas as <br />calcuiated. The calculation as reflected in the assumptioris understates <br />costs. <br />p~g ~~~ The cost to construct parldng is werstated. The current ~evelopment <br />contemplates only 258 subsurface stalis and 59 on-grade ~talis. The <br />abaveground stalls will wst significazrtly less than s~vcGlred pa~dnS• <br />The latest Pence Kelly bndget (geneiated 10/3 ) estimates ithe cost per <br />below-grade stall at S10,480~xclud'mg general condition's, bond, <br />overhead and fees. <br />• Federal Arts Allocation (u) We understood that this line item was cazried m an inte~al Transit <br />budget and would not be included as part of the total pro~ect budget If <br />this is not the case, we will have to add tlus to the total p~o~ect budget. <br />Streetscape (v) In considering sonrces and uses for different component3 of the pmject, <br />the team had concluded that it would be wiser to use S 1.~ M rather than <br />~2.0 M due to the uncxrtain natnre of the funding• The ~d <br />always anticipated ad}usting the level of st=eetscape fi' to the level <br />of iunding. It was fiirther assumed Wat the money woul~ be Paid <br />directiy (or shortly after the costs were incused) and would not req»ire <br />additional borrowing costs. <br />Remaval of High S`t. Terminal (w) 'This line item is possibly camed in two different placesi Pence Kelly <br />was canying $45,000 in their streetscape budget to "Re~we and <br />Repair existing bus facility." ', <br />Finance C°-sts <br />Capitatized jnterest Account (x) While the amoant reflected is acc~rate enough for our~ediate <br />b~g~ p~rpOS~, this unoucrt will flnctuate on each m el depenc~ing <br />on carrent project costs and inteaest rates. <br />Financing Costs {p) These casts are directly associated with the preparation;aad sale of the <br />bonds. There have been other costs incurred (ie. bond Founsel) which <br />are not included in these costs and should be camed eL~ev~'here in the <br />budget. <br />i~ooa <br />• Miyce]laneous Comments <br />LPa~;n¢ comm+~~;ons appear to have been excluded from the Cotmiy's draft budget. Whil@ the amount <br />has decreased with the reduction in private space, unless all space is ocxupied by the Mariqn <br />