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~ -- <br />~ _ SUI~~RY OF PROPOSAL <br />~ Land Va~ue ~ Lease; <br />Developer to lease t~ie land bac~x {rom Marion County based on a Net Land <br />Lease. Annual payments to be paid to tke County once tke developer ~as receiv~ed <br />~ a net cas~ on cas~ return o~ 15%. Return will be based on t~e developers equity <br />position to b,uld tke private space. Annual payments to be base~ on a 10% equity <br />~ yield o~ t~ie portion o~ tke land to building area that tke developer will occupy of <br />t~ie total project azea. <br />~ F.xample: As s~own above if t~e Developer percentage is 7.25% and t~e <br />land value is equal to ~142,455 tken t~e annual rental rate would be, <br />~14,2~6. <br />~ In no event would t~e rental rate exceed 10% o~ t~e value o~ tlie r'ect basec~ on <br />P ~l <br />the land value at the time o~ construction. Based ~~mple t~is would equal an <br />~ amount o~ ~1~,246. <br />~ Term: would be ~or 99 years wit~ and option. <br /> Building Lease Terms; <br /> County to lease t~ie portion o~ t~e 61 <br />000 ?~TSF plus t~e prorated comman area <br />~ , <br />bac~ ~rom the developez / project coordinator ~or a period o~ 2j years ~or t~e <br /> <br />~ foll~g t~s: <br /> Witk cost savin ideas or Federal Grant Dollara ~rom I~iarion Coun : <br />~ ~ tY <br /> Assumptions: <br />~ Construction Cost: ~12,685,000 @ 71,000 GSF/61,000 ns~ <br /> Maximum Loan Amount: ~10,841,000 ~a 6.5% / 25 yis. <br />~ Cash or Savin~ by County: ~ 1,844,000 <br /> Lease Rate: ~1~.~0 year or ~1.20 mont~ Net 5quare Footage. <br />~ Annual Rent o~: ~1,080,000. <br />~ Common areas: estimatec~ at: 85 to 1 Ratio. <br /> S~ould common area be increased tken tke rental rate would inczease. <br />~ Full Service Lease; (Excluding interior Janitorial Service) <br />A~justed annually up or drnvn based on operating cost ~or tke buildin~. <br />~ <br />~ pa¢e 12 / Summarv o~ Proposal <br />DAN BERREY, P.C., BROKEB <br />~ <br />