HomeMy WebLinkAboutAgenda - 02-07-2008-6Option A: Lease/Purchase Hillsborough
Commons (HC)
Estimated Total Estimated Total Cost
Minimum Cost After Anticipated
Reimbursements
Lease amount through February 2012 $2,611,972 $1,305,986
HC Upfit:
• County responsibility upfit costs limited
sustainable design (materials, lighting, low
flow fixtures, but no structural or parking
lot)
• Basis: 56,327square feet at $35.50 per
square foot, with the Landlord picking up a
total of $600,000 of upfit costs.
Sustainable Design:
• Additional upfit costs for sustainable
design elements desired if HC is
purchased. Includes structural changes of
entranceways, installation of windows,
changes in parking lot.
Purchase Option of Entire Shopping
Center:
• Purchase price, if exercised by deadline
of February 2012
• Assumes an April 1, 2008 commencement
date of lease, with 3 months free rent
during which no rent credit is assessed,
thereby allowing $660,000 rent credit (44
months@ $15,000/mo)
Upfit for Health Department at HC:
• Estimated upfit costs for Health
Department at Hillsborough Commons
after February 2012.
• Estimate is based on 30,000 square feet at
$175/s.f., which is the need articulate by
the Health Department for space in
Central/Northern Orange.
• Remaining 20,000 s.f. may be available for
leasing to existing tenants or other non-
profit or non-County agencies who may be
able to pay rent.
• Upfit of the additional 20,000 s.f. would be
carried out when needed.
$1,400,000 $700,000
$600,000 $600,000
$14,829,000 $11,121,750
$5,250,000 $5,250,000
Estimated cost to provide space for human $26,090,972 $20,377,736
services delivery in Central Orange County.
(This supplants the need to expand the
Whitted Building as indicated in the space
study. Does not eliminate the need for
additional space in Chapel Hill, although the
proposed addition to the SHSC could be
smaller than the study pro osed .
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Option B:
NEW CONSTRUCTION OF DSS BUILDING
Estimated Total Estimated Total Cost
Minimum Cost After Anticipated
Reimbursements
Construction of new facility:
• Estimated construction costs for 50,000 s.f.
DSS building @$350/square foot for project
costs, exclusive of furniture/equipment.
• Assumes construction would begin
approximately two years hence. $17,500,000 $8,750,000
Estimated upfit costs of vacated space for
Health Department clinic space at SHSC:
• Assumes approximately 10,000 s.f.
@$250/s.f. including design costs, permits
and construction.
• Does not include equipment necessary to
outfit clinics
• Does not include site work, including
parking.
• Note: $200/s.f. is current estimate of
medical facility upfit. $2,500,000 $2,500,000
Estimated renovation of Whitted Building:
• Renovate approximately 30,000 square feet
of the 59,000 square feet in Whiffed Building
for Health Department operations.
• Remaining 29,000 square feet would not be
renovated in this scenario. $6,000,000 $6,000,000
Total Option B $26,000,000 $17,250,000
Option C:
SHSC Addition and Subsequent Addition of DSS Building
Estimated Total
Minimum Cost
Addition to SHSC:
• Assume 25,000 square foot addition to
SHSC @$350/s.f.f
• Assume SHSC expansion would be
completed no later than 3 years 6
months after Board approves the
action. This includes 9 months SUP
Modification and 6 months ZCP, 6
months planning, 20 months
construction and 1 month for architect
selection with Board approval.
Anticipated completion would therefore
be around January 1, 2012. This is an
aggressive time line.
• Assumes DSS would occupy new
space in order to maximize
reimbursement at the rate of 50% over
20 year depreciation schedule.
• Assume Board approves project no
later than July 1, 2008.
SHSC upfit of space vacated by DSS as
they move to the new section of the
building;
• Assume 10,000 square feet @$250/s.f
$8,750,000
$2,500,000
Estimated Total
Cost After
Anticipated
Reimbursements
$4,375,000
$2,500,000
Total Addition to SHSC $11,250,000 $6,875,000
Construction of DSS building:
• Assume 50,000 s.f. DSS building
• Assume the completed building will
accommodate needs for five years
after completion of construction. This
would place commencement of
construction of new DSS building
sometime in 2017.
• Based on a very conservative 4% per
year construction cost escalation, the
square footage cost in 2017 is
estimated to be $426 square foot or
$21,291,426. $21,291,426 $10,645,713
Grand Total of both additions: $31,937,139