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2 <br /> Revenues : <br /> CIP (prior year) $ 70,000 <br /> CIP (current) 99,240 <br /> Private Placement proceeds 1,200,000 <br /> Rental Income (approximate) 87,000 <br /> Total $ 1,456,240 <br /> Expenses: <br /> Purchase of building $1,100,000 <br /> Estimated upfit costs 150,000 <br /> Reserve for 501 obligations 36,795 <br /> ($20,000 CIP; $16,795 rent income) <br /> Debt Service 169,445 <br /> Total $1,456,240 <br /> Security deposits for tenants of 501 W. Franklin will be maintained in a liability account <br /> and will have no budgetary impact. <br /> • Term of the agreement is to be August 1, 1996 through June 30, 1996, renewable annually. <br /> Either party may extend 90 days notice to the other party and terminate the contract. <br /> RECOMMENDATION: The Manager recommends that the Board approve the agreement with <br /> ESM Associates for property management services at 501 West Franklin Street for an amount <br /> equal to 6% of gross monthly rental; and authorize the Chair to sign on behalf of the Board. <br />