Date post: | 11-Jan-2016 |
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Annandale Public School
The Team
• Local Sponsors• Preservation Planner• Historical Architect• Structural Engineer• Mechanical Engineer• Cost Estimator• Financial Analyst
The Process
• Assess rehab potential• Talk to stakeholders• Identify obstacles and opportunities• Evaluate alternatives• Prepare schematic designs• Assign costs• Work the numbers
Disposition Alternatives
• Continued School Use• Demolition• Do Nothing• Interim Use• Phased Rehabilitation• Full Rehabilitation
Parameters
• Find a productive reuse of the building
• Serve a community purpose• Reduce burden on School District• Find a compatible use• Anticipate future of site• Maximize use of incentives• Minimize cost to taxpayers
Use Alternatives
• Community Center• Technology Center• Affordable Housing• Upscale Condominiums
Scenarios
• Interim Use—Core of a Community Center
• Community Center/Affordable Housing
• Community Center/Upscale Condominiums
Interim Use
Community Center
Dwelling Units-Level 1
Dwelling Units-Level 2
Site Plan
Costs• Interim Use: $12,000-$30,000
(Prep only—does not include operating costs)
• Partial-Community Ctr: $4,573,000-$6,338,000(Reduces amount of incentives available)
• Full-Community Ctr/Affordable: $6,000,000
• Full-Community Ctr/Condos: $7,960,000• Site Work: $665,000-$861,000
(Included in overall costs, includes garages)
Financial and Ownership
Key Themes for Funding:• Partnerships• Taxability• Phasing
-
Project Finance Tools
• Federal and State Tax Credits• TIF/Tax Abatement• Grants• Private Lending
Comparisons
Community/Affordable
COST: $7,000,001LI Tax Credit $ 2,565,000Fed Tax Credit$1,260,000State Tax Credit $1,260,000TIF Finance $ 269,825Private Donation $ 500,000Private Lending $ 600,000GAP: $ 544,893
Both assume dollar sale School District Funds not Included
Community/Condos
COST: $7,000,001Fed Tax Credit$1,260,000State Tax Credit$1,260,000TIF Finance $ 269,825Sale of Units $1,317,450Private Donation $ 500,000Private Lending$1,030,000GAP: $1,362,726
Examples
• Orono Discovery Center
• Central Square-Glenwood
Examples
• Chatfield Center for the Arts
• Glencoe Civic Center
Examples
• Detroit Lakes Community Center
• Central Park Bluff View Suites– Red Wing
Next Steps
• Establish an organization• Buy time• Implement measures for interim use• Develop programs• Articulate a case statement• Seek partners• Raise funds
Annandale Public School