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03/03/98 TUE 16:22 FAX 503 223 4606 __ H~ELVIN 11fARK COMPANIES 1~002 ~ ' - i~ ASSITMPTIONS 2/11/98 ARGUS Fiuancial Model {11:25 AM) Five Story~TH NCREASED BASE CONTINGENCY cAND ADDITIONAL COST% Vacancy CONTINGENCIES Assumes lviarion County oc,cuPies 96,622 sf. An additiona12,633 sf is assessed for'/: interest in the first floor conference room. Assumes a 0% wacancy rate witlvn C°~ntY'°~upied space. -Assumes Salem Area Transit's share of the project is $ 9,844,000. ,,,~M,• ,~ ~Ya;~:~:^' '~ u q,;,~'?';:,6,:.. 3y's~`: • ~~w~~; ~'P'' u a N°. ~~~ : . ~~::~~~~:.~~~~~~~ < ~~~~..:~.-~~w:..:. ~~::~: ~4~;~~~~~~... -Expenses are assumed to be $.284 / mo. Per rentable sf ($ 3.41 annually). The CountY reunburses expenses escalated over base year expenses. -The model assumes 258 staJls subsurface and 59 above grade pazidag staiis. -The model assumes CountY controls 277 stalls and gencrates $ 40/ mo. per stall on alI spaces and escalates at 4% annually: -Assumes a 5.25% (elcempt) iuterest rate on a srtandard 25-year amottization schedcile. -Assumes Marion County qualifies for a completely exempt rate. ~ ense escalation~over base year. -Assumes the Count.y Pays ex~ Assumes Marian County leases out 15,302 sf of speculative space. Assumes the space is ieased to a non exempt tenant~ The model assuines a 5°/a vacancy ratc on speculative space. Vacan~cy is catcu.lated on noa-elcempt tenant's BTOSS revenue. -Assumes a$1.60 per sf rent on the speculative space. Tenant pays escalations over base year expenses. -Leasing commission is calculated at 6% for the first five ycars 3% for the second five years. ' -Assumes Salem Area Transit controls 24,193 sf of office. An additional 2,633 sf is assessed for 1/: interest in the first floor canference room. -Assumes Transit pays $ 9,844,0o0 cas~ for their interest and pays no rent. -Expenses are assumed to be $.284 I mo. Per rentabie sf ($ 3.41 annually) in year two. Transit reimburses their prorata share of these expenses. The model assumes that transit controls 40 subsurface pazking stalls.