Property Appraiser and Tax Collector Office Space Update August 5, 2014.

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Presentation transcript:

Property Appraiser and Tax Collector Office Space Update August 5, 2014

Background Summary of Options Discussions with SunTrust Stay vs. Lease & Move Next Steps Presentation Outline

Background Summary of Options Discussions with SunTrust Stay vs. Lease & Move Next Steps Presentation Outline

Background Began Looking for permanent home over 18 months ago Presented Construction Options Presented Lease Options Presented Purchase Option Board Direction to Pursue Purchase

Background Purchase Option fell through We will continue to search for other sites Timeline unknown Both TC and PA have now said they do not need to be located together

Background Construction Options still available Within 3 to 5 years Location to be determined

Background Summary of Options Discussions with SunTrust Stay vs. Lease & Move Next Steps Presentation Outline

Summary of Options Build Options Location to be determined Lease Options SunTrust (49,307 SF) Purchase Option 3660 and 3670 Maguire

Summary of Options Build Options Location to be determined Lease Options SunTrust (49,307 SF) Purchase Option 3660 and 3670 Maguire

Background Summary of Options Discussions with SunTrust Stay vs. Lease & Move Next Steps Presentation Outline

Discussions with SunTrust Negotiated a 5-year lease term $25.00/SF (2.75% escalator) Tenant Improvement allowance $15/SF 5 months free rent in year one $23.00/SF Effective Rate 5-year cost - $6,000,000 A 3-year renewal option was not offered

Background Summary of Options Discussions with SunTrust Stay vs. Lease & Move Next Steps Presentation Outline

Stay vs. Lease & Move Comparison to Lease/Move Costs 50,000 SF X $17/SF = $ 850,000 Tenant Build Out = $1,000,000 Move Costs = $1,500,000 Total Year One = $3,350,000 Total Five Years = $6,990,500 (2.75% escalator)

Stay vs. Lease & Move 5-Year Cost to Lease & Move $6,990,500 5-Year Cost of SunTrust $6,000,000 5-Year Savings $ 990,500

Background Summary of Options Discussions with SunTrust Stay vs. Lease & Move Next Steps Presentation Outline

Next Steps Finalize discussions with SunTrust for a 5-year renewal and bring the new lease to the Board for approval on August 19, 2014 Consent Agenda and continue to pursue purchase or build options during that timeframe

Property Appraiser and Tax Collector Office Space Update August 5, 2014

Background Summary of Options Discussions with SunTrust Summary of Construction Options Next Steps Presentation Outline

Summary of Construction Options OptionCost Administration Center Site $21.6M 90,000 SF Reinforced Concrete Includes Required Garage Michigan Street $19.3M 90,000 SF Tilt Wall Includes Required Garage West Colonial $18.7M 90,000 SF Tilt Wall Includes Surface Parking Requires land purchase

Summary of Construction Options Timeline for Construction Administration Center (3½ to 5 yrs.) Programing (nearly complete) Design Permitting Solicitation Board Approval Contract Award Find Temporary Parking Construct Garage Construct Building Obtain CO and move in

Summary of Construction Options Timeline for Construction Michigan Site (3½ to 4½ yrs.) Programing (nearly complete) Annex into the City (Objections from neighbors?) Design Permitting Solicitation Board Approval Contract Award Construct Building and Garage Obtain CO and move in

Summary of Construction Options Timeline for Construction West Colonial (3 to 4 yrs.) Programing (nearly complete) Find and Purchase site (?) Design Permitting Solicitation Board Approval Contract Award Construct Building Obtain CO and move in