Lecture at Georgia State University
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Transcript of Lecture at Georgia State University
A recent Historic Macon Foundation restoration
Restoring More than Buildings: Developing Economies and Communities
Through Historic Preservation
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Why Preservation?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Why Preservation?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Why Preservation?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Why Preservation?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Why Preservation?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Soul of the Community
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
More than mansions
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Living History Map
www.livinghistorymap.com
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Preservation economics
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
A place worth loving
Thursday, February 16, 12
Historic Macon is best known for expertise in neighborhood revitalization, as proven by an Honor Award from the National Trust
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
National Awards
Thursday, February 16, 12
Each dot represents one of Macon’s historic buildings listed on the National Register of Historic Places
6,000HISTORIC BUILDINGS
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
National Register
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Revolving Fund model
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Revolving Fund model
Grants andLoan funds
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Revolving Fund model
Grants andLoan funds
Purchase property
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Revolving Fund model
Grants andLoan funds
Purchase property
Rehabilitate property
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Revolving Fund model
Grants andLoan funds
Purchase property
Rehabilitate property
Sell property
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Revolving Fund model
Grants andLoan funds
Purchase property
Rehabilitate property
Sell property
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
“Cold” Market
•Huge proportion of community’s housing is sub-standard or vacant•Properties languish on market for long periods of time•Your community was cited nationally for low cost of housing•Housing prices range from $60-$80 per square foot for good quality housing•Most expensive house ever sold maybe $110 per square foot
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Rehab and Sale
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Rehab and Sale
•Cold Markets require acquisition, rehab and sale
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Rehab and Sale
•Cold Markets require acquisition, rehab and sale
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Walkability
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Tree Nursery
!
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Dog Park
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Second Sunday
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Second Sunday
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Mercer Village
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Control Development
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Huguenin Heights
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Huguenin Heights
• Four square blocks
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Huguenin Heights
• Four square blocks• Bounded by Interstate, two major collector roads and a public park
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Huguenin Heights
• Four square blocks• Bounded by Interstate, two major collector roads and a public park• 16 projects completed over five year period
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
1211 Ross St.Sold for $158,0001,900 sf=$83/sf
1295 Ross St.Possible Rehab project
1268 Ross St.Sold for $130,0001,500 sf=$87/sf
1525 Coleman Ave.Sold for $130,0001,510 sf=$86/sf
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Estimating Value
• Average of $83 per square foot among these three comparable recent sales• Our proposed project, 1295 Ross St., has 2,100 square feet• $83 per square foot x 2,100 square feet = $174,300• The maximum sales price for this project once complete will be $174,300
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Now think about acquisition:
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Now think about acquisition:
•What are the costs to repair the home?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Now think about acquisition:
•What are the costs to repair the home?•What is the cost of the money to be used for the repair?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Now think about acquisition:
•What are the costs to repair the home?•What is the cost of the money to be used for the repair?•How much developer’s fee do we need/want?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Now think about acquisition:
•What are the costs to repair the home?•What is the cost of the money to be used for the repair?•How much developer’s fee do we need/want?•What will the Realtor’s fee cost?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Now think about acquisition:
•What are the costs to repair the home?•What is the cost of the money to be used for the repair?•How much developer’s fee do we need/want?•What will the Realtor’s fee cost?•How much will this cost to advertise?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Now think about acquisition:
•What are the costs to repair the home?•What is the cost of the money to be used for the repair?•How much developer’s fee do we need/want?•What will the Realtor’s fee cost?•How much will this cost to advertise?
Add up all those costs and subtract from $174,300
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Now think about acquisition:
•What are the costs to repair the home?•What is the cost of the money to be used for the repair?•How much developer’s fee do we need/want?•What will the Realtor’s fee cost?•How much will this cost to advertise?
Add up all those costs and subtract from $174,300
Now, what can you afford to pay for the house?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
1295 Ross St.- Before
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
1295 Ross St.- After
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Creative acquisition strategies:
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Creative acquisition strategies:• Donation from City instead of tear-down or condemnation
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Creative acquisition strategies:• Donation from City instead of tear-down or condemnation• Speculative donation from City to increase property tax
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Creative acquisition strategies:• Donation from City instead of tear-down or condemnation• Speculative donation from City to increase property tax• Donation from city after delinquent taxes
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Creative acquisition strategies:• Donation from City instead of tear-down or condemnation• Speculative donation from City to increase property tax• Donation from city after delinquent taxes• Use “land bank” to aggregate property
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Creative acquisition strategies:• Donation from City instead of tear-down or condemnation• Speculative donation from City to increase property tax• Donation from city after delinquent taxes• Use “land bank” to aggregate property• Donation from developer if building is relocated
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Creative acquisition strategies:• Donation from City instead of tear-down or condemnation• Speculative donation from City to increase property tax• Donation from city after delinquent taxes• Use “land bank” to aggregate property• Donation from developer if building is relocated• Bargain sale
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Creative acquisition strategies:• Donation from City instead of tear-down or condemnation• Speculative donation from City to increase property tax• Donation from city after delinquent taxes• Use “land bank” to aggregate property• Donation from developer if building is relocated• Bargain sale• Out-right donation
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Creative acquisition strategies:• Donation from City instead of tear-down or condemnation• Speculative donation from City to increase property tax• Donation from city after delinquent taxes• Use “land bank” to aggregate property• Donation from developer if building is relocated• Bargain sale• Out-right donation• Donation after fire or other insurance pay-out
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Creative acquisition strategies:• Donation from City instead of tear-down or condemnation• Speculative donation from City to increase property tax• Donation from city after delinquent taxes• Use “land bank” to aggregate property• Donation from developer if building is relocated• Bargain sale• Out-right donation• Donation after fire or other insurance pay-out• Estate gifts
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Creative acquisition strategies:• Donation from City instead of tear-down or condemnation• Speculative donation from City to increase property tax• Donation from city after delinquent taxes• Use “land bank” to aggregate property• Donation from developer if building is relocated• Bargain sale• Out-right donation• Donation after fire or other insurance pay-out• Estate gifts• Code enforcement calls
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Acquisition
Creative acquisition strategies:• Donation from City instead of tear-down or condemnation• Speculative donation from City to increase property tax• Donation from city after delinquent taxes• Use “land bank” to aggregate property• Donation from developer if building is relocated• Bargain sale• Out-right donation• Donation after fire or other insurance pay-out• Estate gifts• Code enforcement calls• Others?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Huguenin Heights
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Huguenin Heights
The reason you need a long time period and a concentrated impact is to increase the sales prices by a couple dollars per sale, so that the profits on projects sold at the end make up for losses taken in the beginning.
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Know your market
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Know your market
Who is buying?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Know your market
Who is buying?72% Younger singles and couples without kids
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Know your market
Who is buying?72% Younger singles and couples without kids17% Empty nesters and retirees
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Know your market
Who is buying?72% Younger singles and couples without kids17% Empty nesters and retirees
What are they buying?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Know your market
Who is buying?72% Younger singles and couples without kids17% Empty nesters and retirees
What are they buying?Highly finished detached homes between 400 and 2,000 square feet
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Know your market
Who is buying?72% Younger singles and couples without kids17% Empty nesters and retirees
What are they buying?Highly finished detached homes between 400 and 2,000 square feet
How much house to their incomes support?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Know your market
Who is buying?72% Younger singles and couples without kids17% Empty nesters and retirees
What are they buying?Highly finished detached homes between 400 and 2,000 square feet
How much house to their incomes support?An average of $125,000
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•City of Macon benefits from reduced crime, reduced police responses, reduced fires
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•City of Macon benefits from reduced crime, reduced police responses, reduced fires•Rehabilitation eliminates need and cost of tear-downs
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•City of Macon benefits from reduced crime, reduced police responses, reduced fires•Rehabilitation eliminates need and cost of tear-downs•Increased property taxes
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•City of Macon benefits from reduced crime, reduced police responses, reduced fires•Rehabilitation eliminates need and cost of tear-downs•Increased property taxes•Increased sales taxes from construction materials purchased
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•City of Macon benefits from reduced crime, reduced police responses, reduced fires•Rehabilitation eliminates need and cost of tear-downs•Increased property taxes•Increased sales taxes from construction materials purchased•Increased employment from construction workers
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•City of Macon benefits from reduced crime, reduced police responses, reduced fires•Rehabilitation eliminates need and cost of tear-downs•Increased property taxes•Increased sales taxes from construction materials purchased•Increased employment from construction workers•Elimination of slum and blight
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•Mercer University needs increased campus security
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•Mercer University needs increased campus security•Fences and patrols cannot provide the same security as a safe neighborhood
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•Mercer University needs increased campus security•Fences and patrols cannot provide the same security as a safe neighborhood•Faculty and staff living near the campus do not require parking
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•Mercer University needs increased campus security•Fences and patrols cannot provide the same security as a safe neighborhood•Faculty and staff living near the campus do not require parking•Five year retention agreements limit recruiting costs and retain talented faculty
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•Area’s largest employer
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•Area’s largest employer•Employs over 1,000 nurses
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•Area’s largest employer•Employs over 1,000 nurses•Nursing turnover averages 10% per year
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•Area’s largest employer•Employs over 1,000 nurses•Nursing turnover averages 10% per year•Average cost to recruit a nurse tops $25,000
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•Area’s largest employer•Employs over 1,000 nurses•Nursing turnover averages 10% per year•Average cost to recruit a nurse tops $25,000•In addition, average parking space per employee costs $15,000 to construct plus land acquisition and maintenance
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
•Area’s largest employer•Employs over 1,000 nurses•Nursing turnover averages 10% per year•Average cost to recruit a nurse tops $25,000•In addition, average parking space per employee costs $15,000 to construct plus land acquisition and maintenance•Medical Center can institute down payment assistance with five year retention agreement for employees who will buy a house within walking distance of work
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
9%
9%
9%
26%
47%
Historic Macon Foundation Knight Foundation City of MaconMercer University Housing Authority
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Partnerships
9%
9%
9%
26%
47%
Historic Macon Foundation Knight Foundation City of MaconMercer University Housing Authority
•$2 million total
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Format
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Format
$800,000 ($250,000 pending match)- Cash
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Format
$800,000 ($250,000 pending match)- Cash (Knight Foundation grants, previous grants released from restriction and restricted by Board)
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Format
$800,000 ($250,000 pending match)- Cash (Knight Foundation grants, previous grants released from restriction and restricted by Board)
$700,000- Loans against our endowment at 4.75% interest only
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Format
$800,000 ($250,000 pending match)- Cash (Knight Foundation grants, previous grants released from restriction and restricted by Board)
$700,000- Loans against our endowment at 4.75% interest only
$500,000- Loans at $2/sf guaranteed developer’s fee
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Format
$800,000 ($250,000 pending match)- Cash (Knight Foundation grants, previous grants released from restriction and restricted by Board)
$700,000- Loans against our endowment at 4.75% interest only
$500,000- Loans at $2/sf guaranteed developer’s fee(low-interest loans managed by College Hill Alliance and contributed by the City of Macon, Mercer University and the Macon Housing Authority)
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000•Georgia Power, two heat pump water heaters, $3,000
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000•Georgia Power, two heat pump water heaters, $3,000•Traditions in Tile, tile, $3,000
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000•Georgia Power, two heat pump water heaters, $3,000•Traditions in Tile, tile, $3,000•YSY Construction, free tile installation, $3,000
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000•Georgia Power, two heat pump water heaters, $3,000•Traditions in Tile, tile, $3,000•YSY Construction, free tile installation, $3,000•ICI Glidden Paints, free no VOC paint, inside and out, $7,500
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000•Georgia Power, two heat pump water heaters, $3,000•Traditions in Tile, tile, $3,000•YSY Construction, free tile installation, $3,000•ICI Glidden Paints, free no VOC paint, inside and out, $7,500•L.E. Schwartz, 20% off roof materials and installation, $2,000
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000•Georgia Power, two heat pump water heaters, $3,000•Traditions in Tile, tile, $3,000•YSY Construction, free tile installation, $3,000•ICI Glidden Paints, free no VOC paint, inside and out, $7,500•L.E. Schwartz, 20% off roof materials and installation, $2,000•ZT3 Placemaker, landscape design, $1,000
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000•Georgia Power, two heat pump water heaters, $3,000•Traditions in Tile, tile, $3,000•YSY Construction, free tile installation, $3,000•ICI Glidden Paints, free no VOC paint, inside and out, $7,500•L.E. Schwartz, 20% off roof materials and installation, $2,000•ZT3 Placemaker, landscape design, $1,000•Ferguson, low flow plumbing fixtures, $500
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000•Georgia Power, two heat pump water heaters, $3,000•Traditions in Tile, tile, $3,000•YSY Construction, free tile installation, $3,000•ICI Glidden Paints, free no VOC paint, inside and out, $7,500•L.E. Schwartz, 20% off roof materials and installation, $2,000•ZT3 Placemaker, landscape design, $1,000•Ferguson, low flow plumbing fixtures, $500•LCBwoodturning, custom hand-milled balusters and trim, $1,000
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000•Georgia Power, two heat pump water heaters, $3,000•Traditions in Tile, tile, $3,000•YSY Construction, free tile installation, $3,000•ICI Glidden Paints, free no VOC paint, inside and out, $7,500•L.E. Schwartz, 20% off roof materials and installation, $2,000•ZT3 Placemaker, landscape design, $1,000•Ferguson, low flow plumbing fixtures, $500•LCBwoodturning, custom hand-milled balusters and trim, $1,000•Noland, sinks and faucets, $1,000
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000•Georgia Power, two heat pump water heaters, $3,000•Traditions in Tile, tile, $3,000•YSY Construction, free tile installation, $3,000•ICI Glidden Paints, free no VOC paint, inside and out, $7,500•L.E. Schwartz, 20% off roof materials and installation, $2,000•ZT3 Placemaker, landscape design, $1,000•Ferguson, low flow plumbing fixtures, $500•LCBwoodturning, custom hand-milled balusters and trim, $1,000•Noland, sinks and faucets, $1,000•Morris Appliances, 50% off kitchen appliances, $3,500
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000•Georgia Power, two heat pump water heaters, $3,000•Traditions in Tile, tile, $3,000•YSY Construction, free tile installation, $3,000•ICI Glidden Paints, free no VOC paint, inside and out, $7,500•L.E. Schwartz, 20% off roof materials and installation, $2,000•ZT3 Placemaker, landscape design, $1,000•Ferguson, low flow plumbing fixtures, $500•LCBwoodturning, custom hand-milled balusters and trim, $1,000•Noland, sinks and faucets, $1,000•Morris Appliances, 50% off kitchen appliances, $3,500•Midstate Countertops, 50% off countertops, $3,500
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000•Georgia Power, two heat pump water heaters, $3,000•Traditions in Tile, tile, $3,000•YSY Construction, free tile installation, $3,000•ICI Glidden Paints, free no VOC paint, inside and out, $7,500•L.E. Schwartz, 20% off roof materials and installation, $2,000•ZT3 Placemaker, landscape design, $1,000•Ferguson, low flow plumbing fixtures, $500•LCBwoodturning, custom hand-milled balusters and trim, $1,000•Noland, sinks and faucets, $1,000•Morris Appliances, 50% off kitchen appliances, $3,500•Midstate Countertops, 50% off countertops, $3,500•Tobesofkee Cabinets, 50% off cabinets, $5,000
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000•Georgia Power, two heat pump water heaters, $3,000•Traditions in Tile, tile, $3,000•YSY Construction, free tile installation, $3,000•ICI Glidden Paints, free no VOC paint, inside and out, $7,500•L.E. Schwartz, 20% off roof materials and installation, $2,000•ZT3 Placemaker, landscape design, $1,000•Ferguson, low flow plumbing fixtures, $500•LCBwoodturning, custom hand-milled balusters and trim, $1,000•Noland, sinks and faucets, $1,000•Morris Appliances, 50% off kitchen appliances, $3,500•Midstate Countertops, 50% off countertops, $3,500•Tobesofkee Cabinets, 50% off cabinets, $5,000•Cox Communications, cable wiring, $500
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000•Georgia Power, two heat pump water heaters, $3,000•Traditions in Tile, tile, $3,000•YSY Construction, free tile installation, $3,000•ICI Glidden Paints, free no VOC paint, inside and out, $7,500•L.E. Schwartz, 20% off roof materials and installation, $2,000•ZT3 Placemaker, landscape design, $1,000•Ferguson, low flow plumbing fixtures, $500•LCBwoodturning, custom hand-milled balusters and trim, $1,000•Noland, sinks and faucets, $1,000•Morris Appliances, 50% off kitchen appliances, $3,500•Midstate Countertops, 50% off countertops, $3,500•Tobesofkee Cabinets, 50% off cabinets, $5,000•Cox Communications, cable wiring, $500•BAP Security, partial donation of security system, $500
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
In-Kind•Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000•Lafarge Concrete, pervious concrete, $2,500•Conditioned Air, 15 SEER heat pump upgrade, $3,000•Georgia Power, two heat pump water heaters, $3,000•Traditions in Tile, tile, $3,000•YSY Construction, free tile installation, $3,000•ICI Glidden Paints, free no VOC paint, inside and out, $7,500•L.E. Schwartz, 20% off roof materials and installation, $2,000•ZT3 Placemaker, landscape design, $1,000•Ferguson, low flow plumbing fixtures, $500•LCBwoodturning, custom hand-milled balusters and trim, $1,000•Noland, sinks and faucets, $1,000•Morris Appliances, 50% off kitchen appliances, $3,500•Midstate Countertops, 50% off countertops, $3,500•Tobesofkee Cabinets, 50% off cabinets, $5,000•Cox Communications, cable wiring, $500•BAP Security, partial donation of security system, $500
Total- $41,000 in in-kind donations
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Engage the public
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Engage the public
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Engage the public
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Engage the public
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Creative Contracting
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Creative Contracting1. Fixed price construction manager hires hourly carpenters and manages sub contractors
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Creative Contracting1. Fixed price construction manager hires hourly carpenters and manages sub contractors
2. Non-profit opens credit accounts at vendors
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Creative Contracting1. Fixed price construction manager hires hourly carpenters and manages sub contractors
2. Non-profit opens credit accounts at vendors
3. Non-profit finances draws for contractor
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Creative Contracting1. Fixed price construction manager hires hourly carpenters and manages sub contractors
2. Non-profit opens credit accounts at vendors
3. Non-profit finances draws for contractor
4. Commit to multiple projects at bid price without re-bid
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Creative Contracting1. Fixed price construction manager hires hourly carpenters and manages sub contractors
2. Non-profit opens credit accounts at vendors
3. Non-profit finances draws for contractor
4. Commit to multiple projects at bid price without re-bid
5. Hire likely in-kind donors when the budget allows
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Marketing
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Marketing
•90% of buyers come from the web
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Marketing
•90% of buyers come from the web•All properties are listed in MLS with a Realtor
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Marketing
•90% of buyers come from the web•All properties are listed in MLS with a Realtor•Pay for Google Ad Words
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Marketing
•90% of buyers come from the web•All properties are listed in MLS with a Realtor•Pay for Google Ad Words•Register Google Blogger articles on each property
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Marketing
•90% of buyers come from the web•All properties are listed in MLS with a Realtor•Pay for Google Ad Words•Register Google Blogger articles on each property•3’x5’ full color interpretive signs
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Marketing
•90% of buyers come from the web•All properties are listed in MLS with a Realtor•Pay for Google Ad Words•Register Google Blogger articles on each property•3’x5’ full color interpretive signs•Open houses and parties
Thursday, February 16, 12
Even the National Association of REALTORS says:•“Two-thirds of Americans now see being within easy walking distance of places in their community as an important factor in deciding where to live”•“The coming demographic convergence will push construction inward, accelerating the rehabilitation of cities...”
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
REALTORS
Thursday, February 16, 12
13%
39%
48%
Households with Children Households without ChildrenSingle person households
U.S. Household Distribution in 1960
Thursday, February 16, 12
28%
45%
27%
Households with Children Households without ChildrenSingle person households
U.S. Household Distribution in 2030 (projected)
Thursday, February 16, 12
0
15
30
45
60
Households with Children Households without Children Single Person Households
1960
2000
2030
Suburban Urban Small-lot Urban Loft
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Real Estate Changes
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009626 Annals 192
Thursday, February 16, 12
• Demographic changes in the U.S. will require a vast increase in urban housing options
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Real Estate Changes
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009626 Annals 192
Thursday, February 16, 12
• Demographic changes in the U.S. will require a vast increase in urban housing options
• Between 2010 and 2030, four in five new homes needed to accommodate household growth will be for households without children
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Real Estate Changes
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009626 Annals 192
Thursday, February 16, 12
• Demographic changes in the U.S. will require a vast increase in urban housing options
• Between 2010 and 2030, four in five new homes needed to accommodate household growth will be for households without children
• To meet the emerging demand for the new urbanity, roughly 44.5 million new attached and small-lot detached units will need to be built between 2007 and 2020
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Real Estate Changes
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009626 Annals 192
Thursday, February 16, 12
• Demographic changes in the U.S. will require a vast increase in urban housing options
• Between 2010 and 2030, four in five new homes needed to accommodate household growth will be for households without children
• To meet the emerging demand for the new urbanity, roughly 44.5 million new attached and small-lot detached units will need to be built between 2007 and 2020
• Up to 27 million large-lot units may be surplussed by 2020
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Real Estate Changes
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009626 Annals 192
Thursday, February 16, 12
• Demographic changes in the U.S. will require a vast increase in urban housing options
• Between 2010 and 2030, four in five new homes needed to accommodate household growth will be for households without children
• To meet the emerging demand for the new urbanity, roughly 44.5 million new attached and small-lot detached units will need to be built between 2007 and 2020
• Up to 27 million large-lot units may be surplussed by 2020• Most buyers would be willing to accept a home with
smaller square footage for one with a higher level of finish
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Real Estate Changes
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009626 Annals 192
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Incentives for homes
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Incentives for homes
Georgia’s state income tax rate is 6%. A household with $50,000 in income pays about $3,000 in state income tax each year. Historic Macon
Foundation’s houses come with $30,000 in tax credits, meaning buyers with $50,000 in income would not pay taxes for ten years.
25%-30% state tax credit ($100,000 max)
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Incentives for homes
Georgia’s state income tax rate is 6%. A household with $50,000 in income pays about $3,000 in state income tax each year. Historic Macon
Foundation’s houses come with $30,000 in tax credits, meaning buyers with $50,000 in income would not pay taxes for ten years.
8.5 year property tax freeze at pre-rehabilitation value
25%-30% state tax credit ($100,000 max)
Homes in Macon are charged property tax every year. For a $135,000 home, that tax is nearly $2,260 a year ($188/month). Historic Macon homes have
values that are frozen, decreasing your property taxes drastically.
Thursday, February 16, 12
CASE STUDY
Purchase a home with tax credits in place
Thursday, February 16, 12
Homes
Thursday, February 16, 12
Homes
Thursday, February 16, 12
Restored homes from Historic Macon Foundation
include tax credits
Homes
Thursday, February 16, 12
Restored homes from Historic Macon Foundation
include tax credits
Homes
Thursday, February 16, 12
Restored homes from Historic Macon Foundation
include tax credits
This home at 980 Maple St. included frozen property taxes at $200 per year and $30,000 in state income tax
credits.
Homes
Thursday, February 16, 12
Restored homes from Historic Macon Foundation
include tax credits
This home at 980 Maple St. included frozen property taxes at $200 per year and $30,000 in state income tax
credits.
Homes
Thursday, February 16, 12
Restored homes from Historic Macon Foundation
include tax credits
This home at 980 Maple St. included frozen property taxes at $200 per year and $30,000 in state income tax
credits.
The net monthly cost to own this $135,000 home is
$500 per month
Homes
Thursday, February 16, 12
HomesHistoric home
Any other home
House Price $135,000 $135,000
Down Payment $4,725 $4,725
You Get a Raise! $2,700/year $0
Reduced Property Tax $205 $2,260
Total Savings $44,480 $0
Total Monthly Cost $500 $1,160
Thursday, February 16, 12
HomesHistoric home
Any other home
House Price $135,000 $135,000
Down Payment $4,725 $4,725
You Get a Raise! $2,700/year $0
Reduced Property Tax $205 $2,260
Total Savings $44,480 $0
Total Monthly Cost $500 $1,160
Thursday, February 16, 12
Down Payment Assistance
Thursday, February 16, 12
Down Payment Assistance
The City of Macon offers down payment assistance up to $25,000 for people of low
to moderate incomes
Thursday, February 16, 12
Down Payment Assistance
The City of Macon offers down payment assistance up to $25,000 for people of low
to moderate incomes
Mercer University offers $20,000 to all employees for
down payments
Thursday, February 16, 12
Down Payment Assistance
The City of Macon offers down payment assistance up to $25,000 for people of low
to moderate incomes
Mercer University offers $20,000 to all employees for
down payments
Georgia Dream can offer $5,000 to $7,500 to help with
down payment and closing costs
Thursday, February 16, 12
HomesHistoric home
Any other home
House Price $135,000 $135,000
Down Payment -$45,000 $4,725
You Get a Raise! $2,700/year $0
Reduced Property Tax $205 $2,260
Total Savings $99,480 $0
Total Monthly Cost $400 $1,160
Thursday, February 16, 12
HomesHistoric home
Any other home
House Price $135,000 $135,000
Down Payment -$45,000 $4,725
You Get a Raise! $2,700/year $0
Reduced Property Tax $205 $2,260
Total Savings $99,480 $0
Total Monthly Cost $400 $1,160
Thursday, February 16, 12
Sales Sheets
Thursday, February 16, 12
Historic Macon has rehabilitated more than 150 historic buildings•Creating over 2,000 construction jobs•Investing $12,000,000 in historic building restoration
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Neighborhood Revitalization
Thursday, February 16, 12
$0
$3,750,000.00
$7,500,000.00
$11,250,000.00
$15,000,000.00
Year 1 Year 2Year 3
Year 4Year 5
Year 7 Year 8
Year 9
Historic Macon’s projects Average increase
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Economic Development
Thursday, February 16, 12
Additional $141,500.00In property taxes EVERY year
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Creating New Taxes
Thursday, February 16, 12
0
25
50
75
100
Crim
e Rate
Huegenin Heights
Tattnall Square HieghtsNeighborhood
Crime Eliminated Downtown
Before RevitalizationAfter Revitalization
Crime dropped 80% in Huguenin Heights and 50% in Tattnall Square Heights thanks to Historic Macon’s investments
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Reducing Crime
Thursday, February 16, 12
Historic Macon helps save the environment•Rehabilitating old homes is better for the environment than building new•Saving houses has kept 20,000 TONS of debris from entering the landfill
140 Buildings =
20,000 TONS of debris=
The weight of…
1,810 school buses
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
The Environment
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Days on Market
0
28
55
83
110
Historic Macon National Average
Days on Market
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Property Tax Profit
0
5
10
15
20
Suburban development Historic preservation
Profit margin on taxes Cost to service
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P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
1295 Ross St.- Before
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P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
1295 Ross St.- After
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P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
1035 Elm St.- Before
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P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
1035 Elm St.- After
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P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Interior- Before
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P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Interior- After
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P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Interior- Before
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Interior- After
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
New Construction
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
New Construction
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
New Construction
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
New Construction
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P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
New Construction
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THE MOST IMPORTANT LESSON!
Every piece of real estate has a terminal value:
• For single family residential units (houses), the value is based on recent comparable sales from the area (comps) based on price per square foot (nothing else you do will raise this price)
• For income-producing projects (offices, apartments, retail space) the value is based on the amount of rent that the property brings in every year
• If you cannot complete a project on a budget that is less than the property's terminal value, then DON'T DO IT!
Real Estate Development
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
1295 Ross St.
2,100 sf, 3br., 3ba, 1880s Victorian
Houses in the area that sold recently (comparables):
1211 Ross St.- 1,900sf, sold for $158,000$83/sf
1268 Ross St.- 1,500sf sold for $130,000 $87/sf
1525 Coleman Ave.- 1,510sf sold for $130,000$86/sf
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Sample Valuation
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1295 Ross St.
What will the house be worth when you finish rehabilitation?
Average sale price is $85/sf but the largest comparable is 200sf smaller and prices per
square foot are progressively less the larger the house.
In fact, houses over 1,500sf loses $1 in value for every 100sf added
So 1295 Ross St. is 2,100sf, 600sf more than our best comparable at 1,500 so we'll reduce that price by $6/sf, resulting in a
comparable of $81/sf and multiply by 2,100
2,100 sf x$81/sf
$170,100
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Sample Valuation
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P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
980 Maple St.- Before
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P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
980 Maple St.- After
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Once you know the maximum value of the property to be rehabilitated, you can work into your budget backwards. Everything you spend must
cost less than the maximum sales price, including:
l Construction costsl Interest expenses (loan fees and interest)l Insurancel Property taxesl Realtor feesl Developer feesl Landscaping
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Beall’s Hill
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Real Estate professionals use specialized budgets called “pro formas” including at least three parts:
1) Construction Costs2) Soft Costs3) Summary
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Budgeting
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Budgeting
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Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Budgeting
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P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Beall’s Hill
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P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Revitalized --> Not Revitalized
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P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Completed Project
Under Construction
Begins in <30 days
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Why Preservation?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Why Preservation?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Why Preservation?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Why Preservation?
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Demolition by neglect
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Demolition by neglect
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Demolition by neglect
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Facts
Thursday, February 16, 12
• Preservation consultant by-passed design review, instead getting the municipal court to order demolition as an immediate threat to health and safety
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Facts
Thursday, February 16, 12
• Preservation consultant by-passed design review, instead getting the municipal court to order demolition as an immediate threat to health and safety• Rehabilitation will cost at least $800,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Facts
Thursday, February 16, 12
• Preservation consultant by-passed design review, instead getting the municipal court to order demolition as an immediate threat to health and safety• Rehabilitation will cost at least $800,000• Value at sale will be around $500,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Facts
Thursday, February 16, 12
• Preservation consultant by-passed design review, instead getting the municipal court to order demolition as an immediate threat to health and safety• Rehabilitation will cost at least $800,000• Value at sale will be around $500,000• You have about a month to intervene
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Facts
Thursday, February 16, 12
• Preservation consultant by-passed design review, instead getting the municipal court to order demolition as an immediate threat to health and safety• Rehabilitation will cost at least $800,000• Value at sale will be around $500,000• You have about a month to intervene• You have access to a $1 million line of credit
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Facts
Thursday, February 16, 12
• Preservation consultant by-passed design review, instead getting the municipal court to order demolition as an immediate threat to health and safety• Rehabilitation will cost at least $800,000• Value at sale will be around $500,000• You have about a month to intervene• You have access to a $1 million line of credit• What do you do???
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Facts
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
But there are still mansions...
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
But there are still mansions...
Thursday, February 16, 12
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
But there are still mansions...
Thursday, February 16, 12
Josh Rogers, Executive [email protected]
phone 478-742-5084 • fax 478-742-2008email [email protected] • site www.historicmacon.org
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