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with revenue bonds. That item needs to be changed to reflect Revenue Bonds/COPs and marked <br />with an asterisk. This item can be addressed again with Gardiner & Clancy and bond counsel and <br />~ have them put in writing which option would be the most cost effective source of revenue. <br />The omission of parking revenue and ground lease revenue from this budget was also discussed. <br />Billy Wasson is looking at generating a Courthouse Square project budget and then a supplemental <br />budget that shows ancillary revenues/expenses, including such items as parking revenue, ground <br />lease, Franklin Building lease revenue, and court renovation costs. An annotation on that budget <br />should be included to show that court renovation costs will be an expense whether Courthouse <br />Squaze is built or not built. Billy Wasson's strategy will be to ta.ke a strong stance that those issues <br />don't belong in the capitalization budget and will answer each question separately. It takes a policy <br />decision on how the revenue resources will be handled from these areas. <br />Sheryl Derting requested some additional information to fill in some blanks on the spreadsheet from <br />both transit and county. The previous proforma included projected fmancing costs for the project. <br />This issue will be visited by Melvin Mark Company with Gardiner and Clancy. <br />Billy Wasson raised both a policy and PR question regarding what we do when the expenses are <br />more than the revenues: raise the revenue line by increasing the amount of the revenue bonds/COPs <br />or decrease construction costs? The project delay has cost the project significant dollars, i.e. A/E <br />services, Melvin Mark contract. Craig Lewis felt it was appropriate to meet with Gardiner & <br />Clancy to update these numbers and plug them into the proforma and provide updated information <br />~ by next week. RG. Andersen-Wyckoff said it would be a policy decision for county to make to <br />go above the $1.30/sf cost. Billy Wasson asked if there are other funds available to use; block <br />grants, lottery funds, 140 fund, etc. This issue can be resolved when we have received updated <br />fmancial figures. R.G. Andersen-Wyckoff suggested that Melvin Mark use the $1.30/sf as the key <br />number when re-running the numbers and not the $19.4 million. This allows the revenues needed <br />to float to its highest number and still maintaining the $1.30/sf costs. It allows us to see "how <br />much" we can borrow. A new set of numbers will be generated by next Thursday's meeting for <br />review. <br />4. ReQort to the Chamber <br />This item was covered at the beginning of the meeting. John Whittington and Billy Wasson will <br />schedule a meeting with the city regarding parking ne~rt week and also deal with the question on <br />ingress/egress that has been raised by SPOC. <br />5. Transit Snace Programming <br />John Whittington will have this information for this group ne~ week, and will follow Randy Curtis' <br />suggestion to add this information to the visual he prepared for a combined view. <br />6. Im~act on County's Credit Ra~ting <br />Craig Lewis will raise the question regarding bond rating with Gardiner and Clancy when they meet <br />~ Page 3 of 6 <br />