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Yellowstone Facility

Yellowstone Facility. The following is a summary of our visits with various architects and financial review analysis. Site Plan. Pouppirt, Rande 1507 Stillwater Avenue, Suite G Rande Pouppirt Cheyenne, WY 82009 307.778.8236 Pouppirt@aol.com.

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Yellowstone Facility

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  1. Yellowstone Facility The following is a summary of our visits with various architects and financial review analysis . . .

  2. Site Plan

  3. Pouppirt, Rande1507 Stillwater Avenue, Suite G Rande PouppirtCheyenne, WY 82009307.778.8236Pouppirt@aol.com • Availability – After May, 2006, their schedule is very open to our type of project. • Fee Structure – 7.5% to 10%. If we bid the construction the rate will be closer to the 10%. This is due to the extra work required to prepare bid packets, etc. • Experience – Other local work includes, Community House, Ed Murray & Son’s, United Way, Alta Vista School, numerous restoration projects, and building renovations. Currently working on a new facility for Security 1st in Laramie. • Market Views – Rande suggested and estimate of $200/sf plus architect fees for construction. Rande priced land in the city at around $10/sf. Retail lease rates at $13 to $16/sf and if a ‘build-to-suit’ around $20 to $25sf. Typical tenant finish is running at $45/sf. • Other – Randy is the Architect assisting the land developers and offered to discuss revising the plot layout to accommodate a drive-thru. The developer is in the engineering stages and will be taking the plan to the city in the near future. • Next Step – Rande is going prepare a proposal for conceptual work on the project by Tuesday, April 18th.

  4. Pappas & Pappas Architects2617 East Lincolnway, Suite A Stephan A. Pappas, AIACheyenne, WY 82001307.638.1461spappas@pappasarchitects.com • Availability – Current availability is good(1 to 4 mns.), six(6) months out will not be good. Don’t forget to consider availability of consultants. • Fee Structure – Prefers to run hourly until design is complete, then move to % of construction (7% to 10%).Will build fee structure to meet our needs typically around 8.2% for $4m to $4.5m projects, or has done hourly not to exceed. • Experience – Primary work includes medical facilities & schools. Designed the Pinnacle Bank remodel (long time ago) and the Parkway Office building. • Market Views – Stephan estimated the market rates to be around $180/sf to $200/sf for the facility. • Other – Stephan suggested an RFP to bid the Construction Manager, then to work under a CMGC. • Next Step – Stephan is going to prepare a proposal for conceptual work on the project to be delivered no later than Tuesday, April 18th.

  5. The Design Studio, Inc., TDSI1906 Thomes Avenue Randy Byers, AIA, LEEDCheyenne, WY 82001307.775.9970tdsirbyers@aol.com • Availability –Availability is good assuming an April, 2007 construction start. Anything sooner they will not be able to provide a service. • Fee Structure –Prefers a fixed fee for the design/drawing/bidding, then move into % of construction • Experience –Work includes numerous historic preservation projects, government, schools, and is currently contracted with Meridian for an addition and renovation. • Market Views – Randy estimates a high-end land per foot price of $12/ft. • Other – Randy will be joining the Warren FCU Board in May, he wanted to think about his place on this project. • Next Step –Randy will prepare a fee structure for the Program, Budget, Scheduling, and Planning phases of the project.

  6. Lee Architects/Interior Designers2525 S. Wadsworth Blvd,Suite 21 Keith ZahllerDenver, CO 80227303.989.4500 x124kzahller@leearchitects.com • Availability – Availability is good for the project. • Fee Structure – Standard 8% to 10% • Experience – Sixteen years of financial institution facilities. Successfully completed the Dell Range branch and 7th Avenue remodel. (40+ credit union clients/projects) • Other – Lee has recently completed credit union projects that include a retail establishment to compliment services and expand member services. (i.e. Starbucks) • Next Step – Lee will provide a proposal for the programming, schedule, floor plans, exterior design, and building site plan.

  7. Capital Investment Construction $243/sf $3,639,600 Land $ 400,000 Data/phone/hard&software $ 32,754 Furnishings $ 80,850 Signage & Merchandising $ 70,000 Alarm/Security Equipment $ 151,496 Total Capital Investment $4,374,700 $292/sf Refurbish King Sooper’s $ 15,000 One time printing/forms $ 5,750 Total Cash Outlay $4,395,450 Annual Financial Impact Interest Income $243,204 Lease Revenue (2,500sf) $ 50,000 ATM Interchange Income $ 7,200 Interest Income loss on avail. Cash ($175,818)* Dividend Expense ($ 80,952) Utilities/Operational increase $ 5,616 Net Depreciation increase ($ 93,144) Personnel ($ 4,536) Decrease in annual Net Income ($ 48,430) Increase in annual cash flow $ 44,714 *by end of 2009 cash is projected to fully recover Project SummaryYellowstone 15,000sf Facility

  8. Balance Sheet 12/31/07 12/31/08 12/31/09 Loans (7% growth) $173,358 $185,493 198,478 Cash/Invest 19,596 25,724 32,981 Fixed Assets 10,992 11,706 12,481 Total Assets $203,946 $222,923 $243,940 Savings (10% growth) $170,375 $187,412 $206,153 A/P, Other 6,280 6,280 6,280 Total Liab. $176,655 $193,692 $212,433 Total Equity $ 27,291 $ 29,231 $ 31,507 Total Liab/Equity $203,946 $222,923 $243,940 5% NCUA Fixed Asset Cap 4.38% 4.23% 4.06% Assumptions: Yellowstone opens in 2007, Colorado adds in 2008 & 2009 (at $500k each) Loan Growth 7% 7% 7% Share Growth 10% 10% 10% Income Statement 12/31/07 12/31/08 12/31/09 Loan Int $12,677 $14,325 $15,757 Cash Int 554 786 1,063 Total Int. $13,231 $15,111 $16,820 Int. Exp 5,666 6,629 7,756 A/P 180 250 250 Total Inc Exp$ 5,846 $ 6,879 $ 8,006 Prov LL $ 1,362 $ 1,457 $ 1,559 Other Inc 5,421 5,754 6,105 Other Exp 10,113 10,589 11,086 Net Income $ 1,331 $ 1,940 $ 2,274 ROA .65% .87% .93% Int. Margin 3.99% 4.19% 4.18% NonInt Exp/Assets 5.04% 4.89% 4.69% NonInt Exp/Tot Inc 59.42% 54.22% 48.36% Assumptions: Loan Rate Increases 70bp in ’07, 40bp in ’08, 22bp in ‘09 Share Rate Increases 100bp in ’07, 20bp in ’08, 23bp in ‘09 Financial ProjectionsYellowstone 15,000sf Facility

  9. Warren FCU Historical Financial Trends Actual Budget 20032004 %Chg2005 % Chg2006 % Chg Total Loans 112,089 129,386 15.43% 146,339 13.10% 164,215 12.22% Total Assets 164,963 168,895 2.38% 173,744 2.87% 184,246 6.04% Total Savings 140,034 142,530 1.78% 145,985 2.42% 154,886 6.10% Total Liab/Equity 164,963 168,895 2.38% 173,744 2.87% 184,246 6.04% Interest Income 8,516 9,028 6.01% 9,610 6.45% 11,253 17.10% Interest Expense 2,498 2,272 - 9.05% 2,687 18.28% 3,758 39.84% Other Income 2,656 3,381 27.30% 5.052 49.41% 5,127 1.49% Other Expense 7,923 8,222 3.77% 9,252 12.53% 9,732 5.18% Net Income 331 1,298 292.15% 1,314 1.22% 1,600 21.78%

  10. Member MapWithin Footprint of Yellowstone Location

  11. Yellowstone Area Demographics Member Data Accts Individ. HH Balance Total Loans 2,622 1,624 1,387 $22,200,966 Total Deposits 8,519 3,801 2,485 $43,795,612 Total Invest./Other 226 178 125 $ 7,007,413 Totals: 11,367 3,895 2,512 • 15% of all loans • 28% of all deposits

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