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

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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