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Tewksbury Town Hall Rehabilitation CPA Fund Project. Special Town Meeting October 5, 2010. Introductions Overview Architectural Drawings Community Preservation Act Funding Questions and Answers. Town Hall Rehabilitation. Overview. Dedicated in 1920, 16,000 sf.
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Tewksbury Town Hall Rehabilitation CPA Fund Project Special Town Meeting October 5, 2010
Introductions • Overview • Architectural Drawings • Community Preservation Act Funding • Questions and Answers
Town Hall Rehabilitation Overview
Dedicated in 1920, 16,000 sf. • Former Police Station, Library and various Town Offices • Currently serves as Offices for: • Board of Selectmen • Town Clerk • Town Manager • Veterans Agent • Administrative Services • Serves the public for Board and Committee Open Meeting requirements. • No significant renovations since being built • Renovation discussions started 1985 BuildingHistory
Building Issues • Not Americans with Disabilities Act compliant for public access or employee use. • Building Code issues • Lacking fire sprinkler protection • Leaking roof, lack of insulation and outdated deteriorated windows • Inefficient heating and ventilation • Outdated plumbing and electrical • Inefficient space utilization • Lack of public meeting space for boards and community • Lack of proper Public Record storage and document space
Renovation Goals • Retain historic features and character • Improve resident accessibility • Comply with ADA and CPA • Create functional office space • Increase public and community meeting space • Update mechanical and plumbing • New roof, insulation and replace windows
Proposed Project • Rehabilitate 16,000 sf and construct 2,500 sf additional space in ADA and CPA compliance • Install 3 story access elevator • Improve second floor space • Improve basement for office space for Community Development or other Offices • New plumbing, heating, AC, roof and windows • Increase and improve document storage to State requirements. • Preserve the Lobby, including stairways and plaques and Auditorium, including stage façade, ceiling and windows
CPA Fund Project Costs for STMRehabilitation Costs $5,883,303 Oversight Costs +$220,000 Total $6,103,303
Town Hall Rehabilitation ArchitecturalDrawings
Town Hall Rehabilitation Community Preservation Act Funding
In accordance with the Tewksbury Community Preservation Committee’s Criteria for Historical proposals: • Protect, preserve, enhance, restore and/or rehabilitate historic, cultural, architectural or archaeological resources of significance, especially those that are threatened; • Protect, preserve, enhance, restore and/or rehabilitate town-owned properties, features or resources of historical significance; • Protect, preserve, enhance, restore and/or rehabilitate the historical function of a property or site; • Support the adaptive reuse of historic properties; • Are within a Tewksbury Historic District, on a State or National Historic Register, or eligible for placement on such registers, or on the Tewksbury Historical Commission’s Cultural Resources Inventory; • Demonstrate a public benefit; or • Demonstrate the ability to provide permanent protection for maintaining the historic resource.
Preference will be given to proposals that address as many of the following general criteria as possible: • Are consistent with current planning documents that have received wide scrutiny and input and have been adopted by the town; • Preserve the essential character of the town • Save resources that would otherwise be threatened • Demonstrate practicality and feasibility, and demonstrate that they can be implemented expeditiously and within budget; • Produce an advantageous cost/benefit value; • Preserve or utilize currently owned town assets; and • Receive endorsement by other municipal boards or departments.
Total Renovation Cost Estimate $6,103,303 Existing CPA Funds Available = $ 1,552,851.98 CPC commits $1,503,303.00 of the available . (Leaving a $49,548 balance available in CPA balance.) Total Costs are $6,103,303, minus commitment of $ 1,503,303 = $ 4,600,000. CPA Funding and Borrowing
Amount to borrow is $ 4,600,000. Financing Town Hall in accordance with the CPA -FY2012 Estimated Surcharge = $ 583,740 -Deduct 10% each for affordable housing and open space, and add 5% for buffer = 25% $583,740 x 75% = $437, 805 -Therefore, we can only borrow against what the first payment of $437,805 will cover. CPA Funding and Borrowing
Amount to borrow is $ 4,600,000 For example: First Bond Payment @ 4.5% for 20 years= $437,000 (Below our threshold of $437,805) In this example: Total 20 year interest= $ 2,173,500 Portion of average home ($368K)CPA surcharge ($50.78): Year 1 Approx. $37.84 Year 20 Approx. $20.81 CPA Funding and Borrowing
Town Meetings approved CPA funds in total of $417,500 for the Architect and Design.May 2007- 25,000May 2009- 142,500Oct. 2009- 250,000 #1 Total_________________________________$417,500 Town Meeting approved CPA Funds totaling $425,000 for Preservation of Records at Town Hall.Oct 2009- 50KMay 2010- 375K #2 Total_________________________________$425,000 Town Meeting History
STM Oct. 5, 2010 CPA fund contribution to town hall = $1,503,303 Previously Approved CPA Funds Architect & Design (2007-2009) +417,500 Preservation of Records (2009 -2010) +425,000 Up front total CPA fund contribution = $2,345,803 Total Project Costs: $6,103,303 + 417,500+ 425,000 $ 6,945,803 $2,345,803 ÷ $6,945,803= 33.77% (of Total Project Costs) Tewksbury’s CPA ‘Down Payment’
Example Bond Payment Impact on CPA Surcharge@ 50% State Match@ 75% State Match
