CCP 12-28-1994 - Laserfiche WebLink

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----.-..- " statement attached as Exhibit VII to the December 7 Memo and . attached to this memo for reference describes all the Site Costs under Uses. The Site Costs include acquisition of land and buildings, demolition, relocation, public improvements, site improvements, issuance costs, carrying costs, administrative costs and so forth. It is those Site Costs that amount to approximately $9.5 million for which the Redeveloper is seeking assistance. All Site Costs and any amount for assistance is expressed in 1995 dollars. At the very minimum, it is necessary to reduce the Site Costs to $1.60 per square foot of net useable land as is shown on Exhibit VII to the December 7 Memo (total uses of $9,581,018 divided by the net useable square footage of 2,558,172 equal $1.60). There will be additional discussion of the Site Cost assistance in the next section of this memo. However, it was necessary to describe the method by which we arrived at the $1.60 per square foot in order to explain Exhibits I, II and III attached to this memo. Exhibit I assumes the construction of a 95,000 square foot . building on a site that is 299,578 square feet. The construction shell is $1,980,000 or $20.84 per square foot. Tenant improvements for 80% of the space is estimated at $6.00 per square foot and for 20% of the space at $20.00 per square foot. The combined tenant improvement costs are $8.80 per square foot. The indirect costs are conservatively estimated at $416,520 which is only 11% of the total project costs if the Site Costs are assumed to be $1.60 per square foot of net useable land, or $5.05 per square foot of building. A summary of the project costs calculated on the building square footage is as follows: Construction Shell: $20.84 Tenant Improvements: $8.80 Indirect Costs: $4.38 Site Costs: $5.05 2 . ---------