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~ <br />~ <br />SUI~LMARI' OF PROPOSAL <br />~ Lease / Purc~-ase: <br />This lease is to be a lease / purckase witk no balance (residual) at tke end o~ tke <br />~ lease. In ot~er words, t~e County will own t~e 61,000 ns~ at t~ie end o~ t~e lease, <br />with no balance due. ~ <br />~ Tenant Improvements: <br />Tenant Imprwement Budget ~a ~39.00 GSF. <br />~ Demo~ition ~ Excavation; <br />Transit to pay ~or 57% o~ t~e estimated cost, or ~1,398,210. <br />~ Marion County to pay ~or 43% o~ the cost, or ~1,054,790. <br />~ I.ease Up; <br />It is estimated tkat tke project will need to skow tke lender a preleasing o~ <br />70% o~ any private o{~ce /retai~ space. A~urt~er analysis will be explored to build <br />~ an additional ~oor o~ o{{ice space. T~is is to be pezEormed once tke Architect ~as <br />addressed t~e number of par~xing spaces tkat can be built on site. At that point <br />tke developer will have an estimate as to how muc~ additional o{~ce space can be <br />~ built on site. <br />To date it is estimatecl tkat 13,000 GSF o~ Retai~ Space will be built and owned. <br />~ by t~e Project Coordinator. <br />~ S taeetscape; <br />City o~ Salem will cwer t~e cost o~ t~e Streetscape wkic~ is estimated <br />to be ~2,000,000. <br />~ Wit~out Federal Grant Dollars or Cost Saving Ideas: <br />The Project Coordinator is prepared to bring up to ~3,000,000 to reduce t~e loan <br />~ amount required to b~ld tke project ~or Marion County. <br />A lease ~or Zj years is to be negotiated wit~i General Services t~at will yield tke <br />~ Project Coordinator between 15% to 18% Internal Rate o~ Return (IRR), Be~ore <br />Taxes. <br />~ This model is not included at this time. Further meetings will ta~xe place wit~ <br />General ~ ervices and tke Project Coordinator to wor~x the di~{ezent optians out. <br />pa~e 14 / Summary o{ Proposa~ <br />~ <br />