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Old Town Hall - Renovation and Breakeven Point 6.2.21
<br />Restoration Costs (Details in 2018 RCP Report)
<br />Markup / Inflation factor 20%
<br />PHASE 1 Climatation 2018 2021
<br />Cost Cost
<br />Seal Envelope $ 600 $ 720
<br />Replace Roof & Repair Eaves (Original) $ 20,000 $ - Work done in 2018
<br />Repair Eaves / Soffits $ - $ 1,000
<br />Replace Entry Door and Stairs $ 6,100 $ 7,320
<br />Total Phase 1 $ 26,700 $ 9,040
<br />Phase 2 Pre -Occupancy Upgrade
<br />Cost Cost
<br />Repair and Restore Windows $ 1,350 $ 1,620
<br />Repoint Chimney $ 1,000 $ 1,200
<br />Install ADA Ramp, Sidewalk $ 4,850 $ 5,820
<br />Install Doors, Plumbing, Hvac $ 2,600 $ 3,120
<br />Restore Wood Floor, Install Tile $ 4,500 $ 5,400
<br />Finish Interior $ 3,940 $ 4,728
<br />Total Phase 2 $ 18,240 $ 21,888
<br />Total Phase 1 and Phase 2 $ 44,940 $ 30,928
<br />Miscellaneous Costs
<br />Total Project Cost Estimate
<br />$
<br />$
<br />15,000
<br />45,928
<br />Lease Revenue (Proposal) Month Annual Less Taxes Maintenance Net
<br />Year 1 $ 850 $ 10,200 $ - $ 1,020 $ 9,180
<br />Year 2 $ 1,250 $ 15,000 $ 3,200 $ 1,500 $ 10,300
<br />Year 3 $ 1,250 $ 15,000 $ 3,296 $ 1,500 $ 10,204
<br />Year 4 (hypothetical) $ 1,288 $ 15,450 $ 3,395 $ 1,545 $ 10,510
<br />Year 5 (hypothetical) $ 1,326 $ 15,914 $ 3,497 $ 1,591 $ 10,825
<br />$ 71,564 $ 13,388 $ 7,156 $ 51,020
<br />*Breakeven point sometime in Year 5
<br />Property Taxes (Commercial / 3A)
<br />Land Value 95,400
<br />Building Value (778 SF * $70/sf) 54,460
<br />Taxable Market Value 149,860
<br />Estimated Taxes / Annual $ 3,200
<br />*City Portion $ 1,120
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