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~ <br />~ <br />' <br />SUl~~]~1ARY OF PROPOSAL <br />Lease Terms (Cont.) <br />~ Property Management Agreement: It would be agreed t~at t~ie Project Coordinator <br />will mana$e t~e project, ~or t~e term o~ t~e lease. Terms o~ t~e employment are to <br />~ be negotiated between t~e parties. It would be agreed that tke management <br />company would kave an annual oP~t~~ budget and aould place aside mont~y <br />operating ~unds t~iat t~e County would own. Tkis is bein~ done to assure all <br />~ oanezs o~ the project tkat the buildings and imprwements are protected and <br />maintained wer t~e ~e o~ t~e project. <br />~ t~ruzual Operating Buc~get: wovld be agreed to tke by Project Coordinator and <br />General Services. It is to included a Capital Reserve {vnd as well as a Repair <br />budget and etc. (See attacked) <br />~ <br />Financin~: <br />Lease terms are based on t~e project being ~inanced by t~e Project Coordinator <br />~ using C.O.P.'s at an interest rate not to exceed 6.5%. <br />~ Par~:350 to ~00 par~Zing stalls. <br />County will receive 250. It will be reviewed to place the par~xing und~ ~~d. <br />, This option is currently being reviewed. It is possible tkat this idea will bring t~e <br />~ project in wer t~e current proposed budget. <br />~ T~e County is to cover tke cost o~ b~lding t~e par~xin~ structvre and will own t~e <br />par~xin~. T~ie Developer will lease bac~x {rom t~e County par~xing stalls based on 3 <br />to 4 per/1,000 ns~. o~ Retai~ or O{~ce ~ pace, at a mont~y rate o~ ~50.00. <br />~ It skould be noted tkat tke estimated annual cost per stall ~~99~, wit~out <br />operating F~ maintenance versus a rental income o~ ~600. (C~ec~x wit~ tke City o~ <br />~ Salem ~or a cost estimate to operate t~e par~ing structure). <br />~ pade 13 / Summarv o{ Proposal <br />DA.'~1 BERREY, P.C., BROKEIt <br />~ - <br />~ <br />