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Annandale Public School

Annandale Public School

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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