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16 <br /> 8. 5.4 A pool sub-contractor with past experience of building and <br /> equiping the size and type of pool specified will be identified by the <br /> main contractor. <br /> 8. 5. 5 Fitness Center <br /> The main contractor quotes $ 25, 000 for equiping this area <br /> 8 .5. 6 Architectural Fees <br /> These have been established as $ 336, 500 of which $10, 000 has <br /> already been paid. <br /> 8.5. 7 Salary structure <br /> See attached schedule (Appendix [14) ) showing intial salary/staff <br /> costs of $ 179, 000 p.a. <br /> 8 . 6 Independent valuation of the Center <br /> The lender may wish to obtain an independent valuation from a <br /> reputable specialist to support what the complex should valued at , <br /> when complete and fully installed. It should be apparent that notwith- <br /> standing the specialized nature of the building, it is basically a <br /> 90, 000sq ft structure situated on a prime business location and could <br /> be adapted to other commercial uses. From a collateral aspect, this <br /> inherent alternative usage creates very real value. <br /> 8. 7 County guarantee. <br /> The "county income" stream of $400, 000 that is contemplated will be <br /> documented to satify it becomes a budgeted undertaking on Orange County <br /> for the 10 year duration of the anticipated loan. <br /> 8.8 Collateral available to lenders <br /> 8 .8. 1 Assigned Performance Bond <br /> The contractor's performance bond :will be assigned to a lender. <br /> 8 . 8 . 2 - Deed of Trust over Land and Property <br /> The lending institution will have the benefit of a Deed of Trust <br /> over the acreage and buildings theron. See also 8. 6 above. <br /> 8 . 8. 3 Assignment over State Funds of $400, 000 per annum committed by <br /> Orange County. <br />