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 OwnershipKey Themes for Funding:• Partnerships• Taxability• Phasing

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

ComparisonsCommunity/AffordableCOST: $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/CondosCOST: $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