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D3/03/98 TUE 16:22 FAX 503 223 4606 ___ __ MELVIN MARK COMPANIES <br />/ <br />ASSiJMPTIONS 2/11/98 A.RGUS Financial Modet {11:25 AM) <br />Five Story- 258 sabsurface stalls-Privatc Tenant in Reduced Speculative Space, W/ 5% <br />Vacancy - WITH INCREASED BASE CONTINGENCY AN~D ADDITIONAL COST <br />CONTINGENCIES <br />Assumes Marion County occupies 96,622 sf. An additiona12,633 sf is assessed for'/: i~erest in <br />~e first floor conference room. Assumes a 0% va,canc3' rate witlvn C°~t5'-oc~upied space. <br />Assumes Salem Area Traosit's share of ~e project is $ 9,844,000. <br />'~, >:. ~, r~ o-, ' ~ ~~~~~~~~~~w~~~'` <br />~~~'~`.~#1~~~.~`~~~~~~~..~~.~`. . . . -~ <br />-Expenses are assumed to be $.284 / mo. Per rentable sf {$ 3.41 annually). The County <br />reunburses expenses escalated over base year ex~enses. <br />=Ihe model assumes 258 stalls subsurface aud 59 above grade parldn8 stalLs. <br />-The model assumes County conizols 2~7 stalls and generates $ 40! mo. per stall on all <br />SpaCes wd eSCalateS at 4% anIIUally: <br />-Assumes a 5.25% (elcempt) interest rate on a sfiandard 25-year amortization schedule. <br />Assumes Marion County qualifies for a complctely exempt rate. <br />-Assumes the Couaty pays expense escalahon over base year. <br />Assumes Marion County leases out 15,302 sf of speailative space. Assumes the space is leascd <br />t~ a non-exempt tcnaat 'TE~e model assumes a 5% vacancy rate on speculative space. Vacancy is <br />calculated on non-elcempt tenant's gross revenue. <br />A,ssumes a$1.60 per sf rent on the speailative space• Teuant pa3's e.scalations over base <br />year expenses. <br />-Leasing commission is calculated at 6% for the first five ycars 3°/a for the second five <br />y~s. . <br />Assumes Salem Area Tiansit coutiols 24,193 sf of office. An additional 2,633 sf is <br />assesse~ for'/s interest in the first floor conference room. <br />-Assames Transit pays $ 9,844,000 cash for their interest and pays no rent. <br />-Ex~enses are assumed to be $.284 / mo. Per rentabie sf ($ 3.41 annually} in year two. <br />Transit reimburses their prorata share of these expenses. <br />The model assumes that transit co~rols 40 subsurface pazking stalis. <br />C~oo2 <br />~ <br />