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Annandale Public School

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

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Annandale Public School

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  1. Annandale Public School

  2. The Team • Local Sponsors • Preservation Planner • Historical Architect • Structural Engineer • Mechanical Engineer • Cost Estimator • Financial Analyst

  3. The Process • Assess rehab potential • Talk to stakeholders • Identify obstacles and opportunities • Evaluate alternatives • Prepare schematic designs • Assign costs • Work the numbers

  4. Disposition Alternatives • Continued School Use • Demolition • Do Nothing • Interim Use • Phased Rehabilitation • Full Rehabilitation

  5. 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

  6. Use Alternatives • Community Center • Technology Center • Affordable Housing • Upscale Condominiums

  7. Scenarios • Interim Use—Core of a Community Center • Community Center/Affordable Housing • Community Center/Upscale Condominiums

  8. Interim Use

  9. Community Center

  10. Dwelling Units-Level 1

  11. Dwelling Units-Level 2

  12. Site Plan

  13. 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)

  14. Financial and Ownership Key Themes for Funding: • Partnerships • Taxability • Phasing -

  15. Project Finance Tools • Federal and State Tax Credits • TIF/Tax Abatement • Grants • Private Lending

  16. Comparisons Community/Affordable COST: $7,000,001 LI Tax Credit $ 2,565,000 Fed Tax Credit $1,260,000 State Tax Credit $1,260,000 TIF Finance $ 269,825 Private Donation $ 500,000 Private Lending $ 600,000 GAP: $ 544,893 Both assume dollar sale School District Funds not Included Community/Condos COST: $7,000,001 Fed Tax Credit $1,260,000 State Tax Credit $1,260,000 TIF Finance $ 269,825 Sale of Units $1,317,450 Private Donation $ 500,000 Private Lending $1,030,000 GAP: $1,362,726

  17. Examples • Orono Discovery Center • Central Square-Glenwood

  18. Examples • Chatfield Center for the Arts • Glencoe Civic Center

  19. Examples • Detroit Lakes Community Center • Central Park Bluff View Suites– Red Wing

  20. Next Steps • Establish an organization • Buy time • Implement measures for interim use • Develop programs • Articulate a case statement • Seek partners • Raise funds

  21. Annandale Public School

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