CHAIRMAN OF THE BOARD CHAIRMAN OF THE COMMITTEE ON GROUNDS AND BUILDINGS CHAIRMAN OF THE COMMITTEE ON FINANCE PRESIDENT OF THE UNIVERSITY Flush left, all caps, bold ACTION BY CONCURRENCE--AMENDMENT OF THE BUDGET FOR CAPITAL IMPROVEMENTS AND THE CAPITAL IMPROVEMENT PROGRAM AND APPROVAL OF EXTERNAL FINANCING FOR ACME PROJECT, XXXXXXX CAMPUS Flush left, all caps, bold, underline Omit “the” before project name (“Acme Building,” not “the Acme Building”) It is recommended that: No bold Pursuant to Standing Order 100.4(q) Bold -- Note: The following wording will differ on an Item-by-Item basis. (1) The President amend the 2003-04 Budget for Capital Improvements and the Capital Improvement Program to include the following project: UC Acme Building - preliminary plans, working drawings, XXXXXX: construction, and equipment - $15,000,000, to be funded from external financing. (2) The President approve and authorize external financing not to exceed $15,000,000 to finance the project listed in (1) above, subject to the following conditions: a. Interest only, based on the amount drawn down, shall be paid on the outstanding balance during the construction period; b. Repayment of any financing shall be from the XXXXXXX’s campus share of Opportunity Funds; and c. The general credit of The Regents shall not be pledged. -2- (3) The Officers of The Regents be authorized to provide certification to the lender that interest paid by The Regents is excluded from gross income for purposes of federal income taxation under existing law. (4) The Officers of the Regents be authorized to execute all documents necessary in connection with the above. A Key (capital „K‟) to abbreviations and the project description are attached. (Attachment) Center, title case, no bold -3- KEY Capital Improvement Program Abbreviations S Studies P Preliminary Plans W Working Drawings C Construction E Equipment - State Funds (no abbreviation) F Federal Funds G Gifts HR Hospital Reserve Funds I California Institutes for Science and Innovation LB Bank Loans or Bonds (External Financing includes Garamendi, Bonds, Stand-By, Interim and Bank Loans) LR Regents’ Loans (Internal Loans) N Reserves other than University Registration Fee (Housing and Parking Reserves) R University Registration Fee Reserves U Regents’ Appropriations (President’s Funds, Educational Fund) X Campus Funds CCCI California Construction Cost Index EPI Equipment Price Index Budget for Capital Improvements and Capital Improvement Program Scheduled for Regent's Allocations, Loans, Income Reserves, University Registration Fee Reserves, Gift Funds, and Miscellaneous Funds Center, title case, no bold Campus and Project Title Proposed (Total Cost) Approved 2003-04 XXXXXX Acme Building --- P $ LB W $ LB C $ LB E $ LB ($15,000,000) Description “Description” is always first, “Background” is always second. Center, title case, underline, bold Ideally the following sections (the “body” of the Item) would comprise a maximum of 3 pages (excluding the “Action,” the “Key,” and Attachments 1 and 2). Text flush left (no indent at start of paragraph) Background Always second after “Description” Flush left, title case, underline, no bold Project Description Flush left, title case, underline, no bold CEQA Classification Flush left, title case, underline, no bold Financial Feasibility Flush left, title case, underline, no bold -5- Additional financial information is shown in Attachment 2. Do not underline “Attachment” Approved: Richard C. Atkinson President of the University Judith L. Hopkinson Chairman of the Committee on Finance George M. Marcus Chairman of the Committee on Grounds and Buildings John J. Moores Chairman of the Board of Regents (Attachments) Center, no bold -6- ATTACHMENT 1 Flush right, all caps, bold PROJECT STATISTICS ACME BUILDING CAPITAL IMPROVEMENT BUDGET XXXXXXX CAMPUS CCCI 4XXX Centered, all caps, bold Cost Category Amount % of Total Site Clearance $ % Building $ % Exterior Utilities $ % Site Development $ % A/E Fees (a) $ % Campus Administration (b) $ % Surveys, Tests $ % Special Items (c) $ % Contingency $ % Total $ 100% Group 2 & 3 Equipment $ Total Project $15,000,000 Statistics Gross Square Feet (GSF) (d) Assignable Square Feet (ASF) (d) Ratio ASF/GSF (%) UC % Building Cost/GSF (d) $ Building Cost/ASF (d) $ -7- Comparable University Projects at CCCI 4XXX Building Ratio CIB Dated UC Campus Project Name Cost/gsf gsf/asf $ % $ % $ % (a) Fees include executive architect and other professional design contract costs. (b) Campus administration includes project management and inspection. (c) Special items include independent structural and historical reviews; hazardous materials survey/monitoring; acoustic, theater, audio visual, interior, color, roofing, graphics, lighting, multi-media and telecommunications consultants; planning and environmental; agency review; and moving costs totaling $X; and interest expense totaling $X. (d) Gross square feet (GSF) is the total area, including usable area, stairways, and space occupied by the structure itself. Assignable square feet (ASF) is the net usable area. -8- ATTACHMENT 2 Flush right, all caps, bold SUMMARY FINANCIAL FEASIBILITY ANALYSIS Centered, all caps, bold, underline Project Title: Acme Building Total Estimated Project Cost $15,000,000 Proposed Sources of Funding External Funding: $15,000,000 Proposed Financing Terms Interest Rate: 6.125% Duration: 30 Years Campus Opportunity Fund Information (2006-07) (1) Estimated Revenue $ Pre-Off the Top Generated Existing Garamendi Projects $ Opportunity Funds Generated $ Total $ Estimated Debt Service Existing Garamendi Projects Debt Service and OMP $ Other existing projects – debt service $ Total $ % Opportunity Funds Pledged % Debt Service Coverage (1) First full year of principal and interest payments for the project. Insert additional information as may be needed. Required information will vary depending on financing mechanisms used.
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