Development Team Meeting Notes (96-99)

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currently assuming three roles independent of each other. Decisions need to be made. In hiring a project manager, a rfp will be used and there are public requirements involved ~, in this process. Gordon Hanna responded that he and Dan are here present today with the expectation to have a cooperative meeting for all parties. The meeting was then turned over to Ed Einowski and Mark Gardiner for discussion of Courthouse Square bond fmancing. Ed had prepared a handout outlining the requirements for bond fina.ncing for all participants. There are financial and legal issues involved. The County will be selling up to $28 million in bonds. When the bonds are sold, the county will live with the interest for 20 years. We need to have a11 aspects with as few uncertainties as possible before going to market. You must provide full disclosures in the official statement (prospectus) regarding all risks associated with the Project and the Project participant. It is important to eliminate as many construction risks as possible prior to marketing bonds. A question was asked if construction will start before bond sale takes place? The bond sale would be premised on the assumption that we could not go out for bonds until we had a budget, design drawings, gmp etc. It would be great to have by August 1. Randy added that Marion County does have a$5 million line of credit with solid waste and RG will be bringing some to the party. We have access to funds that would get us to October 1 if needed. Ed stated with the current trend of a rising bond mazket, the sooner we get this done the better off we will be. If we have gmp by July 15, we could have the sale mid-August and the dollars in hand by September 15. Curt Pence asked what type gmp is needed? We have a couple of issues: market conditions and code issues. If the dd drawings do not reflect enough unforeseen issues, we could have problems. Would like to propose that Pence Kelly ta.ke on the risk of market conditions, but have the County carry their own contingency with code issues. Mark Gardiner asked what level of drawings do you egpect to have: a sophisticated set of drawings, dd shell versus ti finishes? Where do we sit? Curt asked if the gmp will cover shell only or include ti? Ra.ndy indicated it would be shell only for the leased portion. Discussions included when the azchitect could supply drawings to the contractor. The architect also needs direction from both Marion County and Transit District on the ti's. The question was asked if it was possible to break out the shell and ti spaces separately? The ti's are not the big bucks, maybe about a third of the costs. For Pence Kelly the hardest part to nail down is the ti. Randy responded that if the ti portion is a critical piece, we can get the County to put 2