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 -

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

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

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