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lim,ililli-I <br />119MIrri <br />proceedings for Council to terminate the exemption. <br />2.6.2 Local Hiring. Core Campus shall provide a plan with local hiring goals <br />on: <br />A. The percent of the dollar volume of the combined professional <br />services and construction contracts to include local firms <br />[Imw 4 ff M K U.M. M M <br />B. The percent of on-site construction jobs performed by local <br />residents (residing in Oregon). Exceptions for specialty work <br />not available in the local market will be reviewed on a case by <br />case basis. <br />Core Campus shall also demonstrate a good faith effort to solicit bids for <br />professional services and construction contracts from qualified women <br />and minority business enterprises. <br />2.6.3 Bicycle and Pedestrian Access and Safety. Core Campus has committed <br />to: <br />2.6.3.1 Design elements to facilitate safety and access, such as a <br />streetscape barrier along East Broadway so residents and <br />visitors are not tempted to cross the street mid-block. <br />2.6.3.2 Working with the City on options for safe pedestrian crossings. <br />2.6.3.3 Lighting, signage, and maps for residents and visitors. <br />2.6.4 Transportation Options. Co <br />allow bicycle storage within <br />site embedded parking. <br />- e Campus plans to provide a flex-car and <br />units, in addition to providing limited on- <br />2.7 The financial information Core Campus submitted in their application is based <br />on projections prior to finalizing financing, construction, and tenanting. The <br />applicant demonstrated that the project as proposed could not be built but for <br />the benefit of the tax exemption. <br />Underwriting for the permanent financing is based on a maximum 75% loan- <br />to-value and minimum 1.25 debt service coverage ratio. Core Campus will <br />need to provide 25% ($11 million) of the project's financing in the form of <br />equity, which is likely to come from an equity investor active in the nationwide <br />market. Additionally, the proposed project will require the investor to assume <br />some risk from the major redevelopment costs associated with the site and <br />Page 3 of 4 <br />Resolution EXHIBIT A-1-Reploft, <br />