Development Team Meeting Notes (96-99)

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we are competing for Steve's time while he is working on another county project. If this is the case, Randy asked to be informed so he can bring the parties together to set some priorities. 5th Floor: Dan reported that with the parking stall cost down, he had assumed he would get his overall costs down by putting the fifth floor on the building. There are assumptions that the county and transit will be paying 100% for some of their design features. His concern is that by compensating the county for the land lease and parking, he may not be able to get the numbers down to an amount that he can afford. If the fifth floor doesn't get built we might get a GMP that is higher than what has been forecast by having a two story parking structure. The county will not suffer. RG may, but he is a little over budget. Dan does not have a back door. If he doesn't get the fifth floor, he will lose his investors. Once the cost goes over $50.00 sf, his backers will lose interest. $45.00 sf is acceptable. He doesn't have the high ti costs for retail that he has for the office space. Dan is very confident that we can get there with what we know today, but it is very tight. Dave reported that Curt generated the pricing from contractors and we should have current rates. Alan asked if these are based on current construction market rates, or what we will see in the fall. Dan said that we are not locking prices on the structure until November or December. Everyone agreed that the later, the better. Dan wants a presentation for Randy and the Finance Team by the end of next week. Randy is concerned that if the cost of the fifth floor is under $50.00 sf and the rest of the structure is $58.00 sf, it would appear that the fifth floor was subsidized. He has to be certain that the county doesn't give anything away. We need to be able to show the benefit of the fifth floor to the rest of the project or it will not survive the audit. Dan said that he has to be careful of the overall blend rate. He still has to contribute to the cost of the structure below. Design: The design will be completed by June 4. Dan and Randy will meet with the finance team next week. RG reported that there is growing concern from the merchants on High Street that the project will take away their parking. They are also concerned about the noise and nuisance of the construction. RG wants us to be proactive by getting a statement out as to what street areas we will take up with construction. Alan said that we would be taking the parking lane from Chemeketa, Court and Church. Len said that there may be periods of time when we will have to impede the parking on the High Street side. There was discussion around taking the parking off High Street when the project is complete. When transit takes out the space on High Street, parking will be returned to the front of the Courthouse. The plaza space can be used for staging for the most part. Once the parking garage is complete, we have the area of the bus mall for staging. Contractors are going to want trailers on the site. Dan suggested staging on the Courthouse block, but Randy doesn't think this will happen. It will impede on the courts and the visitors to the courthouse. RG asked that the team make some of these decisions now, to be proactive.