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262985 WH17E - CITY CLERK COUl1C11 2��985 PINK - FINANCE GITY OF SAINT PAITL 1 CA{;1RRY -,�EPARTMENT . BLI;E -MAYOR � F11E N O. . -y� ouncil Resolution ; Presented By Referred To Committee: Date Out of Committee By Date WHEREAS, Laws of Minnesota 1973� Chapter 764, expressly authorizes the City to acquire property and construct public improvements thereon in furtherance of the purposes of said law, including, but not limited to, procuring structures for the public _ parking of motor vehicles; and WHEREAS! This Council ha.s authorized administrative staff to proceed with the planning of a downtown development district within the corporate boundaries of the City and ha.s further authorized the development of a program for capital improvements within such district for the express purpose of providing impetus for additiona.l commercial development, increased employment, needed clima.te controlled linka.ges, pa.rking facilities and other necessary facilities to be included in the development district program; and . WHEREAS� The City ha.s determined that there is a need for public pa.rking within the proposed development district; and WHEREAS, The Council ha.s received an agreement proposed to be - entered into between the City of Saint Paul and Letoh Associates� a Minnesota limited partners�ip, which agreement contemplates the future construction of a hotel facility by Letoh Associates and an adjacent public parking facility by the City� all within the proposed development district; now, therefore, be it RESOLVED: 1. That the Council hereby expresses its desire tha.t this project proceed in accordance with the guidelines of the Develop�nent District Act and tha.t the necessary steps be taken to locate a hotel and public parking facility in Block A of the City of Saint Paul. � COUIVCILMEIV Yeas Nays Requested by Department of: Hun t Konopatzki In Favor Levine Meredi th A gains t BY Sprafka Tedesco Mme.President Butler Form Approve b ity torney Adopted by Council: Date Certified Passed by Council Secretary $Y By Approved by Mayor: Date Approved by ayor for Submission to Council By BY WHITE - CITY CLERK CO1111C11 26�2s85 PINK - FINANCE GITY OF SAINT PAZTL CA�RY,-,�EPARTMENT BLUE - MAVOR File NO. . . - Council Resolution Presented By Referred To Committee: Date Out.of Committee By Date 2 . 2 . That the proper City officials are hereby authorized to execute the Agreement attached hereto as Exhibit A. 3. That copies of this resolution be forwarded to the Task Force Committee for the proposed downtown development district. � � COUIVCILMEIV Requested by Department of: Yeas BLi't1CT Nays Zono°patzki �� In Favor Levine Meredith � Against BY � Roedler Tedesco Mme.President7�C HB�it Adopted by Council: Date JAt� ��t t974 Form Approved by Cit At rney Certi ed sed by cil tary BY By Approve y or• Date Approved by Mayor for Submission to Council gy Y PUBLI$HED FEB � ;g7� 1 � � � +f ' - 262985 AG REEr4E NT THIS AGREEMENT, made and �ntered into this day of• , by and between the CITY OF SAINT PAUL, a municipal corporation, hereinafter referred to as "City", and LETOI3 A5SOCIATES, a Minnesota limited partnership, hereinafter � referred to as "Develaper" , WITNESSETH: WHEREAS, City, through its Council, has authorized the administrative staff to proceed with the planning of a downtawn development district within its corporate boundaries and has further authorized the development of a program for capital im�ravements within such district for the expressed purpose of providing impetus for additional commercial development, increased employment, needed cZimate controlZed linkages, parking facilities and other necessary facilities ta be included in the development district program; and WHEREAS, the bound.aries of and improvements within such district are proposed to appear as shown on Exhibit A attached hereto; and • WHEREAS, Laws of Minnesota for 1973, Chapter 764, expressly authorizes the City to acquire property and construct public EXHIBIT A .r �� � . � . � � 262985 improvements thereon, including, but not limited to, parking structures for the public parking of motor vehicles; and WF3EREAS, City has determined that there is a need for public parking within the proposed development district; and WHEREAS, Developer has expressed its desire to locate a hotel facility;�within the development district to be officially designated and approved by the Council of the City in accordance with the provisions of Chapter 764 hereinabove referred to; and WHEREAS, it is agreed between the parties that the proper Zocation for such facility should be above and adjacent to the public parking facility to be constructed by City within the proposed development district; and WHEREAS, it is necessary for the completion of the proposed . project that certain agreements be entered into, revenue rulings be obtained, and other conditions be satisfied; and WHEREAS, it is the express intent of the patties in entering this agreement to facilitate the compl�tion of necessary steps for construction of a public parking facility and a hotel facility within the devel.opment district, subject to the conditions herein expressed and the obligations imposed upon the City by Laws of Minnesota for 1973, Chapter 764, and other applicable laws, � Internal Revenue rulings and regulations; -2- � . , . 2629�5 NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is agreed, by and between City and Developer, as follows: 1. By mutual agreement, the City will not commit itself to the e�penditures of any funds othQr than those authorized herein � for legal, architectural or consultan�t work regarding the con- struction of a parking facility in connection with this project until Developer assures City that Developer has obtained the necessary financing commitments to construct the hotel facility. 2 . Developer authorizes City, in f�rtherance of the com- pletion of this project, to proceed to obtain a necessary ruling from the Internal Revenue Service with respect to the tax status of bonds to be issued by the City for the above referenced public parking facility in such form and style as is agreed upon by City' s legal counsel . 3. If Developer is unable to obtain commitments to finance the hotel facility, or if bond counsel by reason of what is in his opinion an adverse revenue ruling is unable to render an opinion in customary form approving bonds to finance the construction of the parking facility, and as a result of either such situation the project is terminated, Develo�er agrees to pay City any and alI legal fees incurred by City with respect to obtaining a -3- . 262985 revenue ruling in connection with this project as well as fees incurred for work donc to date by bond counsel of the ' City with respect to this project, provided, however, that the liability of Developer therefor shall not exceed the total sum of Seven Thousand Dollars ($7,000) . � 4. If City obtains a revenue ruling determined favorable by its legal counsel and if Developer assures City to its satisfaction that necessary financing commit�ients la ve been obtained for the construction of the hotel facility, then the parties mutually agree to enter into a written agreement embodying full and complete terms and conditions under which the project shall proceed. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. LETOH ASSOCIATES By Approved as to form: CITY OF SATNT PAUL City Attorney By Lawrence D. Cohen, Mayor Approved as to form and e�.e- cution - Rob�rt Trudeau, Director, City Attorney Department of Finance and Nlanagement Services -4- . . ' , 262985 STATE OF MINNE3J TA) � ) ss. COUNTY OF Rr32�iSEY ) On this day of , A.D. 1974, before me appeared to me personally known, who, being by me duly sworn, did say that he is a General Partner of Letoh Associates, named in the foregoing instrument, and that said instrument was signed by him as a General Partner of Letoh Associates and in behalf of said Letoh , Associates, and acknowledged said instrument to be his free act and deed and the free act and deed of said Letoh Associates. Notary Public, Ramsey Co. , Minn. r My commission expires � STATE OF MINNESOTA) ) ss. COUNTY OF RAMSEY ) On this day of , A. D. 1974, before me appeared LAWRENCE D. COHEN and ROBERT TRUDEAU, to me personally known, who, being each by me duly sworn, did say that they are the Mayor and Di rector of Fin�.nce and Management Services of zhe City of Saint Paul, respectively, and tY�t the seal affixed to the foregoing instrument is the corporate seal of said City, � and that said instrument was signed and sealed in behalf af said City by Authority of its Council, Resolution No. , and said LA��'RENCE D. COHEN and ROBERT TRUD� U acknowledged said instrument to be the free act and deed of said City. � � Notary Public, Ramsey Co. , Minn. My commission expires -5- � �� � �.��}. ECONOMIC FEASIBILITY REPORT .PROPOSED PAF�KING FACILITY AT MINNESOTA AND SIXTH STREETS ST. PAUL, MINNESOTA _ P�epared b�� NATIONAI PIANNING INC. OE1fl011, MICNIGAN � OC108ER, 1913 WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT TABLE OF CONTENTS PAGE INTRODUCTION AND SCOPE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 PARKING SUPPLY AND DEMAND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 FUNCTIONAL DESIGN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 RATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 REVENUE AND EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 EXHIBIT I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 EXHIBIT II ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 EXHIBIT III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 EXHIBIT IV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 EXHIBIT V . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 NOTES TO EXHIBIT V . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT INTRODUCTION AND SCOPE � (n accordance with the terms of our proposal dated August 1 , 1973, we submit, herein, our report on the economic feasibility of the proposed Municipal Parking Facility at Minnesota and Sixth Streets in St. Paul . We have examined the preliminary drawings of the garage and are satisfied that the Facility, as show� on the plans, is functionally sound and will meet with good public acceptance. We understand that the tentative plans for the development of the subject site inciude a 500 room hotel on air-rights over the garage. While our proJections include the potential parking demand from the hotel , we are aware that the proposed garag� would be open to the general public. This report, therefore, assu.mes no parking priority, express or implied, for hotel patrons or for any other specific category of parkers. During the course of our study, we have visited St. Paul and, from our own observations and interviews with knowledgable individuals, have: . Evaluated the parking demand frorn existing and anticipated generators, in the vicinity of the subJect site. WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT 2 . Conducted an inventory of altern�te p�rking facilities, both existing and planned, which will be available to . serve the indicated demand. . Examined the parking rates currently being charged on the site in the immediate area. Under the given conditions, we conclude that the proposed parking facility on the site will be economically feasible. As we note later, however, this conclusian does not tak� into aonsideration debt service on construction tosts or any other ndn-oper�ting 'costs relative to the project. WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT 3 PARKING DEMANO AND SUPPLY � The principal area of toncern bf this report is the nine square block section of downtown St. Paul which has as its center the block bounded by Sixth, Seventh, Cedar and Minnesota Streets. This central block is the site of the propdsed garage and hotel . The adjoining blocks constitute the �pproximate zo�e of influence of the proposed parking garage. The existing m�jor parking demand generators within the defined area include Dayton'5, The Donaldson Store, the American National Bank Building and the Ndrthwest National Bank Building. Secondary generators include Woolworth's, Grants, The Twin City Federal Savings Building, and a number of small retail stores along Seventh Street. In addition to these existing generators , the Northern Federal Building on Wabasha Street will open soon and the new American National Bank Building is currently under construction. Not all of the employees and shoppers associated with the generators listed above park within the nine block area being considered , nor do the parking facilities located in this area serve these generators exclusively. In an effort te mdre clearly define the degree of parking activity in the viclnity of the site, we have interviewed the operators WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT � � � � � � � 4. of the maJor parking facilities in the area. We are especially fortunate in this regard in that our affiliate, National Garages, Inc. , � operates the Dayton's garage as well as the existing parking lat on the site, and so the statistics of these facilities were available to us for detailed analysis. 7he information which we have gathered indicates that there are approximately 1 ,]'90 off-street p�rking spaces within the nine block area. (For our own purposes, we are including the Donaldson Garages, which, whil� located adjacent to the specific area, is connected to it by a skywalk) . Of these available spac�s, �ome 775 are leased to monthly parkers on a contract basis. The remaining l ,til5 spaces handle an estima'ted 840,000 cars annually. Based on a six-day week, this volume indicates a daily turnover of between two and one-half and three times for each transient space. In view of these statistics, we feel that the existing parking facilities are not operating at optimum occupancy levels at the present time. It is our experience that the number of spaces available could efficiently park the indicated numb�r of trahsient cars plus an additiohal 225, or a total of 1 ,000, monthly cars. Alternately, the 1 ,015 transient spaces could, with an acceptable increase in daily turnover, handle an additional 250,000 transient cars annually. WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT s Although the information provided us indicates that the existing parking facilities are not currently under.any signifitant demand pressure, the situation will be altered with the opening of the Northern Federal Building. According to pubiished estimates, this new generator will require 300 parking spaces, 75 more than the existing swrplus. In addition, the new American National Bank Bwilding, which will contain 250,000 sq. ft. of office area, wi11 generate an estimated demand for 500 spaces for employees and as many .as 50-75 spaces for visitor parking. It is our understanding that the building will contain parking for only about 290 cars, leaving between 2fs0 and 285 spaces to be provided elsewhere, and increasing the space defiCiency in the area to between 335 and 360. Finally, the proposed hotel project, whith is to Cbntain SOO rooms, various restaurants and lounges, meeting rooms, a large ballroom and up to 90,000 sq. ft. of retail area, will constitute an independent center of parking demand generation. During peak d�ytime demand periods, we estimete that the hotel and its facilities will generate a demand for up to 300 long-term employee parking spaces, and an additional 125 spaces for hotel guests and other transients. If a major retailer occupies a substantial portion of the available retail area, the transient parking requirements could increase to as many as 200 spaces. WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSUITANTS FOR REAL ESTATE DEVELOPMENT 6 Considering the e�isting parking activity together with the new demand generated by the Northern Federal Building, the new American National � Bank Building and the proposed hotel complex, we prbject a potentiat demand for approximately 1 ,875 monthly parking spaces and a minimum of 975 transient spa��s. Serving this demand wili be the 1 ,790 existing spaces outlines above, less the 76 spaces which will be displaced from the site, and the 290 spaces planned for the American National Bank Building; a total of approximately 2,00$ or an indicated deficit of some 835 spaces. (See Exhibit 1 for supply and demand tabulations) . It should be noted that not all of the new monthly demand need be accommodated in nearby parking faCilities. In fact, the monthly parking rates currently being ch�rged, as well as those recommended for the proposed garage, will encourage many of tihese employees to seek lower rates on more re�ote parking lots. However, it is our opinion that as many as 500 prime monthly parking spaces will be required to satisfy the demand from the new generators listed above. WORLDWIDE PROJECT MANAGEMENi AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT 7 FUNC710NAL DESiGN We have been provided, by The Architectural A1 } iance, with pre- liminary design drawings of the parking garage underlying the Hyatt Regency Hotel . We have, in fact, been employed as Parking Consultants for the project and have determined that the garage is functionally sound. Further, since the site is the predetermined foeal point of the study area, the garage witt be idealiy located to serve the existing and planned demand generators listed earlier. On Exhibiti ll we have shown a schematic layout, based on the Architects drawings, of the grade level of the project illustrating the relationship of the garage entrance and exit ramps to the adjoining streets. As planned, cars will enter the fatility from Minnesota Street, follow the ramp down and enter into the traffic pattern on the first parking level . Departing cars will exit vie Sixth Street. Exhibit III iliustrates a typical level meeting the highest standards for customer self-parking. There would be three such levels providing approximately 300 spaces. The garage features a one-way traffic pattern and angle parking on the flat flaor system. Up and down ramps for movement between levels are provided on the circumference of the parking circle. Elevators and stairs serving the parking levels are located just off the hotel lobby on Seventh Street. WORIDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT 8 RATES � On Exhibit IV, we have provided a list of parking rate schedules being used in existing facilities. The transient rates which we will recommend for the proposed garage are adapted from those used suc- cessfully in the nearby Dayton's garage. We have added an overnight rate for hotel guests and other nighttime parkers. The recommended rate schedule for the proposed garage is outlined at the top of Exhibit V. As noted, the transient rate has been adjusted during the fifth year by the additio� of 5C to the initial charge. The principal reason for the increase is to offset the effects on inflation on operating expenses. To encourage early leases, the monthly rate has be�n intentionally kept below that being char�ed in the Northwestern National Bank garage across the street. The rate has been gradually increased over the next four years in recognition of the demand pressures, on the one hand, and, again, to offset inflationary effects on expenses. WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAI ESTATE DEVELOPMENT 9 REVENUE AND EXPENSES Based on all the informatioh which we have accumulated relative to existing and anticipated parking conditions in the vicinity of the site, we have provided projections of operating revenue and expenses for each of th� first five years of operation of the proposed garage. These can t�e found below the rate schedules on Exhibit V. We have assumed a capac�ty of 301� spaces as indicated on the preliminary drawings. Referrir�g to the revenue projections, we have divided the parking demand into several categories to facilitate analysis. The first projection under the heading of "Transients" pertains to the normel week day short- term trade, including shoppers, visitors to the various office buildings, etc. . Also included under this heading are those overnight hotel guests who will stay on for varying lengths of time during the following day. Of the 300 parking s�aces in the garage, 200 have been allocated to transient parking during the peak daytime demand period. The projected car totals anticipate a moderate to high use of these spaces during the d�y, and some evening use. The average revenue per car is based primarily on our experience with other parking operations with similar rates. We have, however, increased this average slightly to recognize the relatively longer parking duration of the holdover hotel guests. WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT 10 The second projection under the "Transient" heading refers to the parking revenue gained on Sundays .and Holidays from sightseers , diners, hotel visitors, etc. . "Overnight Cars", the next major category, consists principally of overnight hotel guests. The garage will experience very little other demand for overnight parking. The 180 cars projected is an average over the entire year, taking into consideration the peaks and valleys during and between Convention activity. Under the heading of "Monthly", we feel that, given the demand from existing generators and anticipating the demand from projects planned our under construction, the 100 monthTy spaces will find a ready market at the suggested rates. The total annual revenue from all categories is projected at $294,872 for the first full year of operation of the hotel and garage. This breaks down to approximately $983 per space, somewhat higher than would normally be expected from a new parking garage. We feel , however, that the site is ideally located and that the presence of the hotel will accelerate public recognition and acceptance of the garage.. After the initial year of operation, the total projected parking revenue rises to $313,904 the second year; $321 ,240 th� third year; $325,463 the fourth year; and, due partially to a minor increase in the transient rate, $339,327 in the fifth year of operation. WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT � � Below the revenue projections on Exhibit V, we have listed the various operating expenses which will be incurred by the parking operation. The item, "Wages", covers the salary, benefits, and payroll taxes of cashiers , maintenance or janitorial employees and a supervisor. The "Utilities" expense covers the cost of lighting the facility, heating the manager's office and cashier booths, etc. . As noted on the Exhibit, this estimate assumes that the necessary heating and ventilating of the garage can be accomplished by re-circulating the exhaust from the hotel through the garage. This concept has been successfully utilized in other facilities and we have been advised by the Architects that it appears to be �easible in this situation. Should this not be practicable, utility costs could increase by as much as $15,000 annually. "Maintenance" expense consists principally of elevator upkeep. This is normally contracted out to an independent firm. "Management and Bookkeeping" is also often provided by outside professionals. The fee for this servi�e is usually negotiated. The indicated charge is arbitrarily based on $2.00 per space per month. "Other" expenses includes such miscellaneous items as tickets, office supplies, depreciation of operating equipment, janitorial supplies, etc. . WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT 12 Added to the expenses outlined above, this results in total operating expenses of $57,800 for the first full year of operation. The relatively high cost per space, $192.66, results at least partially from the fact that the garage contains less than the optimum number of spaces from an operating cost standpoint. In recognition of the current inflationary trend, we have increased the various expense categories annually through the following four years. In the case of wages, the increase amounts to 5i per year. The remaining expenses, with the exception of Management and Bookkeeping, have been added to at an annual rate of 3i. The net operating revenue projection, then, rises from $237,072 in the first year to $272,427 for the fifth year, or from $790 per space to $908 per space over the same period. It should be noted that the scope of this study does not include estimates of construction costs for the proposed garage. The economic projections , therefore, refer only to operating revenue and expenses and do not include provisions for debt service, taxes, or any other non- operating costs which may be assessed against the garage. WORLDWIDE PROIECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT 13 EXHIBIT I PROPOSED MUNICIPAL GARAGE ST. PAUL, MINNESOTA EXISTING OFF-STREET PARKING CAPACITIES Donaldson's Garage 500 Spaces Northwest National Bank Garage 600 Spaces Dayton's Garage 615 Spaces Parking Lot on Site 76 Spaces TOTAL EXISTING OFF-STREET CAPACITY 1 ,791 Spaces Potential C�pacity Increase (Decrease) American National Bank Building 290 Spaces Parking Lot on Site (76)Spaces TOTAL ANTICIPATED CAPACITY 2,050 Spaces Existing Parking Space Demand 1 ,565 Additional Future Demand Northern Buitding 300 American National Bank Building 550 Proposed Notel 425 TOTAL ANTICIPATED DEMAND 2,840 ANTICIPATED PARKING SPACE DEFICIT (835) WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT 14 EXHIBIT II MINNESOTA STREET DOWN •• -•� ♦ � � � � ♦ F- W W - � � � W N W z °� �"' N � W = � H W a x N � _ N � � � � � _ w � \ " - ♦ � � � f � r I • � � � t ♦ 1 1 Truck Etevator CEUAR STREET SITE PLAN WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT 15 EXHIBIT III TRUCK DOCK AREA � � ♦ � // DOWN � '� � � \ � � , '�-� � � , • � �� � i � � o � • « I , � �. � � � UP .. ..----__..�._.. .. TYPICAL LEVEL WORLDWIDE PROIECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT 16 EXHIBIT IV PROPOSED MUNICIPAL GARAGE ST. PAUL, MINNESOTA EXISTING PARKING RATES Donaidson 's Garage 50t First Hour 40� Ea. Add' 1 Hour $2. 10 Maximum Per Day $26 A Month Undercover $35 A Month Heated Northwest National Bank Garage 50� First Hour 25C Ea. Add' 1 Hour $2.00 Maximum Per Day $50 A Month Dayton's Garage 25t First Half-Hour 15G Ea. Add' l . Half-Hour to $1 .30 lOG Ea. Add' 1 Half-Hour $1 . 90 Maximum Per Day Parking Lot on Site 35t First Hour lOC Ea. Add ' 1 Half-Hour $1 •50 Maximum Per Day WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT i� EXHIBIT U REVENUE AND EXPENSE PROJECTIONS PARKING FACILITY HYATT REGENCY PROJECT ST. PAUL, MINNESOTA _ CAPACITY: 300 Spaces RATES . Transient - 25t lst � hr.� - 15G ea. add ' t. � hr. - $2.50 max. - $1 •50 from 6 p.m. to 8 a .m. Monthly - $�5 lst year - $47 2nd year - $49 3rd year - $51 4th year and $53 5th year. lst Yr. 2nd Yr. 3rd Yr. 4th Yr. 5th Yr. REVENUE Transients Days � Evenings Cars 160,700 17g,800 185,300 187,300 18g,300 @ 86t 1-2 $138,202 $154,628 $159,358 $161 ,078 $172,263 Sundays - Holidays Cars 4,000 4,200 4,400 4,500 4,550 @ S1 .o3 � $ 4, 120 $ 4,326 $ 4,532 S 4,635 S 4,914 Overnight Cars 180 Avg - 3 5 days 65,7�0 @ $1 .50 $ 98,550 $ 98,55o S 98,55o S 98,55� $ 98,550 Monthly 100 �eases $ 54,000 $ 56,400 $ 58.800 $ 61 �200 $ 63�600 Total Parking Revenue $294,372 $313,904 $321 ,240 $325,463_ 53�9,�27 Operating Expenses Wages $ 30,000 $ 31 ,500 $ 33,000 $ 34,700 $ 36,500 Utilities3 15,000 15,450 15,900 16,400 16,g00 Mainter.ance 2,000 2,050 2, 120 2, 180 2,250 Mgmt. � Bkkp. 7,200 7,200 7,200 7,200 7,200 Other 3,600 3,700 3,820 3,930 4,050 Total Operating Exp. $ 57,800 $ 59,900 $ 62,040 $ 64,410 $ 66,900 Net Operating Revenue $2 0 2 5254,004 $259.200 $261 .053 $2� Net Revenue/Space 790 847 864 g7p 9pg WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT 18 NOTES TO EXHIBIT V 1 Rate for the first half hour has been increased to 30� in the fifth year adding 5� to the average revenue per transient car. 2 Average revenue per car is slightly higher than normal due to the longer parking duration for holdover hatel guests. 3 Utilities expense is based on the expectation that the exhaust from the hotel can be re-circulated through the garage. If the garage must provide part or all of its own ventilation, utility costs would increase to as high as $30,000.00 . WORLDWIDE PROJECT MANAGEMENT AND PARKING CONSULTANTS FOR REAL ESTATE DEVELOPMENT