CCP 12-28-1994 - Laserfiche WebLink

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. TOTAL: $39.07 . In the December 7 Memo, on Exhibit I, which is attached for reference, we assume that the estimated market value, which would be used for the generation of property taxes, would be 80% of the total project costs. 80% of $39.07 is $31.26, which is the number used in that Exhibit I and generates $1.90 per square foot in real estate taxes. $31.26 times 95,000 square feet, the building square footage, provides the estimated market value of $2,969,467 as used in that Exhibit I (there will be some small differences in the numbers due to the effect of rounding). Exhibit II uses the assumptions contained in Exhibit I of this memo and Exhibit I of the December 7 Memo. The total project costs are shown at $3,711,834 (80% of that number being $2,969,467 which is the estimated market value shown in Exhibit I of the December 7 Memo). The construction and other costs are $3,2~2,509 which corresponds to the total of direct and indirect . costs of $3,232,520 contained on Exhibit I of this memo. The Site Costs are shown at $1.60 per square foot which, as indicated above, is derived from Exhibit VII of the December 7 Memo. The building square feet and land square feet in Exhibit II are the numbers previously mentioned for Phase I and the average lease revenue per square foot is based on the mixed usage also previously described. The revenue inflation, vacancy and operating expenses are either industry standards or educated assumptions. The mortgage constant is the most difficult calculation. Interest rates are obviously rising, and the most likely scenario is probably a mixture of rates for construction and take-aut financing or a variable rate based on a predetermined index. It is necessary to establish the mortgage constant since it ultimately determines the amount of equity that is needed for the Project. Using the assumptions on Exhibit II . 3