Financial- Debt Services to CH2 - Laserfiche WebLink

Home Browse Search

Courthouse Square Debt Service Analysis Issue: Proposed $2,000,00 bond call for June principal bonds in 2001, 2002, 2003, partial in 2004. Notes: Revenue collected at $1.20 rate is allocated as follows: $.90 towards debt service, $.30 to operation and maintenance expense. Total rentable square foota~e:143.936 sa ft Allocated Space Sq Footage Rent Debt Service O&M Total Revenue Leased space 111,163 1.20 $1,200,561 $400,188 $1,600,749 Transit 22,422 .30 $80,793 $80,793 Vacant 6,629 *.10 $7,955 $7,955 Retail 3,700 .20 $8,882 $8,882 Total $1,200,561 $497,818 $1,698,379 Assumption: County departments will pay $1.20/sq ft effective July 1, 2000 The O&M figures for Transit, vacant and retail space listed above is calculated on a full year. For FY 00/O1 the O&M will be prorated and begin accruing upon move-in between October and December. Approximate amount will be $473,412 collected for O& M in FY 2000/O1. Also note that at some point in the future the vacant space will accrue at full rent once space is occupied. At 1.20, this generates $71,592 for debt service, $23,868 for O&M. Attached are two scenario spreadsheets for comparing total revenue against principal payments and interest. Scenario 1 shows rent plus parking revenue calculated at $50 per parking space, scenario 2 shows parking revenue calculated at $55. Both spreadsheets show principal and interest payments through FY 2008/09 when the balance that's accumulated from the first 4 years principal payments has been reduced and rent will have to increase to cover debt service. The revenue reported on these sheets is what's allocated to cover the debt service only. This analysis does not take in to consideration any possible increases for operation and maintenance. When these costs increase (warranties expire, etc), then rent will have to be increased, very likely prior to the date shown on the spreadsheets. Question of County Administrator and BOC: Budget instructions indicated that all departments moving into CH2 were to appropriate funds for rent at $1.20 for their space. There was subsequent discussion of changing the amount. Need final decision as this impacts Facilities rent revenue. * Vacant space normally rents at .20 per square foot. In process of clarifying this rent amount. Could mean an additional $7,955 for operating and maintenance expenses.