My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
Question and Answers to Issues Courthouse Square
>
CS_Courthouse Square
>
Question and Answers to Issues Courthouse Square
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
9/20/2012 7:48:22 AM
Creation date
9/6/2011 10:10:59 AM
Metadata
Fields
Template:
Building
RecordID
10326
Title
Question and Answers to Issues Courthouse Square
Company
Transit Board
Building
Courthouse Square
BLDG Document Type
Committee
Project ID
CS9601 Courthouse Square Research
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
85
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
' <br />' <br />~ <br />' <br />~ <br />' <br />' <br />' <br />' <br />Was the original project privately or publicly financed? <br />In the original concept the private developer would build all the space, both public office <br />space, the bus terminal, and private commercial space. <br />Marion County required that its office space cost $1.20 per square foot or less. Marion <br />County would lease, and then purchase, its space from the developer using funds already <br />budgeted by county departments for rent. Marion County would eventually own its office space <br />in the new building. <br />As part of the request-for-proposal process, Marion County and the Transit District <br />formed a Development Team Selection Committee. Members represented Marion County, the <br />Transit District, the City of Salem, adjacent property owners and the Salem Downtown <br />Association. (The Statesman Journal is an adjacent property-owner, but chose not to be <br />represented on the committee, citing a conflict of interest.) <br />During Development Team Selection Committee meetings, David Glennie (a private <br />developer, representing the Salem YMCA on the committee) strongly recommended that Marion <br />County use Certificates of Participation (C.O.P.s) rather than the private developer's financing. <br />C.O.P.s issued by Marion County and backed by the county's rent payments would be charged a <br />lower interest rate, saving taxpayer dollars, he argued. <br />' Glennie volunteered to run a financial analysis of the project based on the use of C.O.P.s. <br />On June 13, 1996, Glennie confirmed by e-mail that the project could be built within the $1.20 <br />per sq. ft. parameters set by Marion County. Subsequently, Glennie declined to provide the <br />' selection committee with copies of the financial analysis. He resigned from the committee prior <br />to the selection of the development team. <br />' The committee agreed and recommended C.O.P.s as the funding source for the county <br />portion of the project. Reports of the financial analysis as well as the committee <br />recommendation convinced Marion County to change the original financing method. The debt <br />' service on the project was always the county's rental fees whether those fees were paid to a <br />developer in the form of a lease and a balloon payment or in retiring the C.O.P.'s. Using the <br />C.O.P.s has the advantage of saving the taxpayers millions of dollars in interest and owning the <br />' building. <br />The financing for the bus terminal and transit offices has never changed. The Transit <br />r District will pay its part of project costs with grants from the Federal Transit Administration <br />(FTA) and designated local match funds. The FTA funds are taxpayer dollars being returned <br />' from Washington, D.C. for this project. The FTA funds are restricted and can only be used on <br />the transit center; they cannot be used for other transit-related purposes. If the federal funds are <br />not used for this project, the grants will be canceled and the money will be assigned to other <br />' proj ects around the country. <br />' <br />(Support information: Tabs 3-6) <br />e <br />
The URL can be used to link to this page
Your browser does not support the video tag.