wild carrot proposal for 3901 shaw boulevard - st. louis, mo

8/17/2019 Wild Carrot Proposal for 3901 Shaw Boulevard - St. Louis, MO

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PROPOSAL

for the revelopment of

THE HISTORIC SHAW THEATER

for

THE WILD CARROTevent space

presented by

on behalf of

THE NEWELL POST, LLC

U I C


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1607 tower grove avenue • saint louis, missouri 63110 • t 314.771.7300 • f 314.771.7303

November 10, 2015

The Community Development Agency andLand Reutilization Authority of the City of St. Louis

c/o Matthew SisulCDA Project Manager1520 Market Street, Suite 2000Saint Louis, Missouri 63102e-mail: [email protected]

Re: RFP Response3901-05 Shaw BoulevardSt. Louis, Missouri 63110Including 3866-68 and 3900-04 DeTonty

Dear Matthew:

On Behalf of our clients Laura Bunch and Dr. Larry Newell of The Newell Post LLC, we are pleased to present thisresponse to your Request for Proposals for the historic Shaw Theater building at the intersections of Shaw Boulevardand 39th Street. The historic rehabilitation described in this proposal calls for the building to be redeveloped into a6000 square foot event space with a two bedroom apartment above and a 1200 square foot retail suited accessedfrom 39th Street. The event space will be operated by co-developers Laura and Casey Bunch, who will also resideabove in the apartment.

We are excited to play a role in this important project that will bring this former theater building back to life in a useand appearance close to its original function. The following points and exhibits response are in the order requested inthe RFP. Please contact me if you have any question or need additional documents.

Sincerely,

Brent CrittendenCEO | U I C

Responses:1) Redevelopment Team

a. Developer:

The Newell Post, LLCLaura Bunch (50%) and Dr. Larry Newell (50%)1932 Senate St., Apt ASt Louis MO 63118*Development consulting by UIC

b. General Contractor:Urban Improvement Construction, LLCDBA: UIC Constructors


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1607 Tower Grove Ave, St Louis MO 63110314-771-7300www.uicstl.com

c. Architect (Inclusive of Historic Tax Credit Consulting)Central Design Office, LLCDBA: UIC Architecture and Urbanism1607 Tower Grove Ave, St Louis MO 63110314-771-7300www.uicstl.com

d. Construction Lender:TBD

2) Project Description: The applicant intends to redevelop the property for a residence and event space, asfurther described below:

a. Sitework: The applicant would like to acquire both the property at 3901 Shaw and the two Cityowned lots located at DeTonty and 39th. The patio area located immediately to the south of thebuilding and at the corner of Shaw and 39th, will be repaved in concrete and a new low simulated

wrought iron fence and shrub row will be added at the border to the sidewalk. This landscapedpatio will serve as a gathering a pre-event space, or occasional outdoor event space. The vacantlots on DeTonty will be left primarily as green space, with new concrete parking areas located onthe alley. The property at 3900 DeTonty will be re-landscaped to serve as an outdoor event spaceand the property at 3866 DeTonty will be used as a garden to support the functions of the eventspace.

b. Building Exterior: The project renovation will follow the Secretary of the Interior’s Standards forHistoric Rehabilitation, striving to refurbish the building to match historic photos of the exterior. Thesouth elevation will have the original masonry openings restored and new painted wood doublehung windows installed on the second floor. The ground floor will include new storefront openings,and replicas of the previous ticket window, display panels, and awning. The east elevation willinclude new full height glazed storefront openings, based on an assumption of the past fenestration

and contingent on consultation with the National Parks Service. The roof will be replaced with anew TPO membrane and new guttering. The brickwork will be repointed and repainted.

c. Building Interior, General: The building interior will be a gut level renovation, generally seeking toremove various partitions, framing, and finishes that have been added following the period ofsignificance for the historic district. All mechanical, electrical, and plumbing services and systemswill be completely replaced and the building will be fully sprinkled.

i. Event Space: The main portion of the ground floor will host an event space, as described inmore detail in Exhibit A. The vision for the space is to reveal as much of the historic fabricas possible, juxtaposed with new elements, leading to an eclectic look and feel. Newelements include office, bride and groom spaces, bathrooms, event support, and a bararea.

ii. Retail Suite: A 1200 sf retail suite will be created at the north end of the building, accessed

from 39th

Street. This will be constructed as a white-box space and marketed to aneighborhood retail or office tenant.iii. Apartment: The 2nd floor apartment will be gutted and rebuilt into a 2 bedroom apartment.

d. Users: The building owner will operate the event space, The Wild Carrot, and reside in theapartment above. A tenant for the Retail Suite has not been determined.

3) New Job Impact: The event space will have 2 full time staff members and provide various part time positionsfor direct staff of the event staff and for outside caterers, parking staff, and others.

4) Preliminary Drawings: Please see Exhibit A, which contains preliminary plans and building elevations.5) Schedule:


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a. September-October 2015: Project Planning, Financing, and RFP Preparationb. November-December 2015: Proposal Submission and Negotiationc. January-March 2016: Tax Credit Application and Review, Construction Documents, Bidding and

Negotiation, Closing on Fundingd. April-October 2016: Construction Work (6 Months)e.

November 2016: Opening for 2016 Holiday Season6) Financial Statements: The Newell Post, LLC is currently discussing the project with several lenders.

Financial statement may be sent in a secure format as requested.7) List of Similar Projects Completed by UIC: UIC is a ten year old integrated practice with a strong track

record of completing medium to large scale historic redevelopments that make significant contributions totheir neighborhoods and the City. The following are a sample of relevant redevelopment project by UIC overthe past 3 years.

a. City Garden Montessori Charter School, 1618 Tower Grovei. Develop, Design, Build Servicesii. 31,000 square feetiii. $2,700,000

iv.

Completed August 2012b. Olio and Elaia

i. Develop, Design, Build Serviceii. 7000 square feetiii. $600,000iv. Completed November 2012

c. Tower Grove Mews Complex, 1605-21 Tower Grovei. Develop, Design, Build Serviceii. 21,000 square feetiii. $1,930,000iv. Complete March 2014

d.

The Luminary Center for the Arts, 2700 Cherokeei. Develop, Design, Build Serviceii. 18,000 square feetiii. Development, Architecture and Project Management Servicesprovided pro-bono iv. Completed October 2014

e. Lunar Tool Building/GadellNet Headquarters, 1532 Vandeventer Avenuei. Develop, Design, Build Serviceii. 11,800 square feetiii. $1,433,000iv. Complete January 2015

f. Jefferson Commons, 1600 Jefferson Avenue

i.

Design-Build Servicesii. 40,000 square feetiii. $3,200,000iv. Completed June 2013

8) Marketing Plans: As noted above, the property will be an owner operated event space, which will seekbookings starting in November of 2016. The proprietors will begin marketing the property for event users inthe late summer of 2016. More details about marketing are described in Exhibit C.


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9) Financial Structure: The property will be owned by the special purpose entity The Newell Post, LLC, which isowned by Father and Daughter team Laura Bunch and Dr. Larry Newell, on a 50/50 basis. The operatingentity The Wild Carrot will be the tenant for the event space, and a business plan for this enterprise isattached as Exhibit B.

10) Development and Construction Budget: See Exhibit C11)

Pro Forma Operating Budget: See Exhibit D12) Offer for the Property: The Newell Post, LLC offers $10,000 for the property at 3901 Shaw Avenue, with

terms of conveyance to be agreed to with the CDA.


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U I CTHE WILD CARROT THE NEWELL POST, LLC

EXHIBIT A - DRAWINGS

site plan


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ground foor plan


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3 9 t h s t r e e t e l e v a t i o n

s h a w a

v e n u e e l e v a t i o n

n o r t h e l e v a t i o n


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EXHIBIT B - BUSINESS PLAN FOR THE WILD CARROT


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BUSINESS PLAN

THE WILD CARROT

Laura + Casey Bunch

St. Louis [email protected]


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TABLE OF CONTENTS

I Table of Contents 2

II Executive Summary 3

III General Company Description 4

IV Products & Services 5

V Marketing Plan 7

VI Operational Plan 8

VII Management & Organization 10

VIII Ownership, Startup Expenses, & Capitalization 11

IX Financial Plan 12


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II – EXECUTIVE SUMMARY

The Wild Carrot fills a niche in the St. Louis area for event venues. We are an event space thatfocuses on creativity, imagination and flexibility in a non-traditional space. Our clients willexperience a unique approach to wedding ceremonies and receptions through the aesthetic, decorand management style that is not already available. In addition, the community will benefit fromspace availability for a variety of social and corporate functions. Laura and Casey Bunch are on-site, hands on event managers with significant event experience, who focus on the entire event production from planning to tear down. The Wild Carrot will have a substantial impact on thefuture of wedding trends in the St. Louis area.


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III – GENERAL COMPANY DESCRIPTION

The Wild Carrot will be an event space housing wedding ceremonies, receptions, corporateevents and other social gatherings for the creative St. Louis public.

MISSION STATEMENT

Our mission is to change the norm in event venues in St. Louis through our decor, aesthetic andoverall image. We will always evolve and change to meet or even start wedding trends for ourclients.

GOALS + OBJECTIVES

The majority of event venues in the St. Louis area are lacking in creative design and overallexecution of events. Our goal is to gradually improve and evolve the wedding industry in St.Louis to match the current national trends. The decor and layout of the Wild Carrot is inspiringand whimsical, allowing each client to understand the eclectic style it has to offer. We will striveto provide alternative choices in ceremony and reception styles that will appeal to a broadspectrum of clients.

STRENGTHS + CORE COMPETENCIES

We have owned and operated Burlap LLC, a wedding video production company, for three and ahalf years. This has allowed us to be aware of trends in weddings and events since our clients arescattered all over the US. In addition, we have 3 years of Event Planning experience managing asimilar styled space in Kansas City. We also have experience in Catering for large weddings and

corporate events where we managed the operational side of the business as well as provided staffsupport during the events. In addition, we are a hands-on operation. We personally plan, supportand manage each and every event on site from beginning to end.

LONG TERM

Weddings and events will always be our main focus, but we plan to evolve and meet the needs ofthe community and corporate clients over time. We will always be open to changes and creativeideas that might utilize our space for any number of needs. We pride ourselves on our ability tokeep “in the know” with wedding and event trends.


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IV – PRODUCTS & SERVICES

The Wild Carrot will provide a unique venue space for a variety of social and corporate events.Our main service will be to provide an eclectic managed space for clients to utilize for wedding

ceremonies and receptions. In addition, we will support a variety of event clients including:corporations, non-for profit organizations, professional associations, retail businesses and othercreative needs.

TYPE OF EVENTS

- Wedding Ceremonies- Wedding Receptions- Holiday Parties- Bat/Bar Mitzvah- Birthday Parties

- Bridal Showers- Anniversary Parties- Engagement Parties- Charity Events- Corporate Meetings- Company Picnics- Sales Meetings- Consumer Shows- Business Conferences- Conventions- Bridal Shows- Festivals- Art Shows- Fundraisers- Political Events- Reunions- Team Building Events- Galas- Open Houses- New Product Launches- Fashion Shows- Tradeshows- Athletic/Fitness Programs- Religious Events

COMPETITIVE ADVANTAGE

We provide indoor and outdoor ceremony options that are unique to the St. Louis market. Weallow flexibility and creativity with floor plans, decor and planning. We are always on-site andmanage every event beginning to end. We are always sensitive to customer’s needs, both planned


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and unanticipated. We are passionate about providing a new alternative in wedding and event planning for the St. Louis metropolitan area.

PRICING STRUCTURE

Our pricing structure is competitive with the similar available venue spaces in the area. We provide space for wedding ceremonies and receptions Friday-Sunday, mornings, afternoons orevenings. Pricing will vary depending on the day, time, and duration of event. The following is ageneral guideline of our pricing structure.

Friday evening Ceremony $700Friday evening Reception $2500Saturday Ceremony $1000Saturday Reception $3000Sunday Ceremony $500Sunday Reception $1500

Monday-Thursday Rental $1500

Rental for a ceremony includes 1 hour of set up time and 1 hour of event time. Rental for areception includes 4 hours of set up time and 4 hour event time. Additional hours of rental timeare allowed to be purchased at $250/hour. Rental for ceremony and reception events include 5hours of set up time and 5 hours of event time. This pricing includes an event manager on sitefrom set up to tear down, tables and chairs to seat up to 250 people, 2 hour consultation with theevent manager prior to the event date, a preferred list of vendors for clients to utilize, bride andgroom “getting ready” room, in house sound system and projector/screen, and lounge furniture.

Our rental and event structure does not include an in-house caterer or bar service. We provide alist of preferred catering companies that the client may choose from. These caterers meet ourrequirements for quality of presentation as well as product, staffing, cleanup, insurance andreliability. Use of a caterer not on our preferred list incurs a $250 kitchen fee as well as arequired walk through and copy on file of the caterer’s insurance and business license.


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V – MARKETING PLAN

Our marketing plan will utilize a variety of media and methods that primarily pertain to thewedding industry. Our target market is 23-40, living in or around the St. Louis metropolitan area

and interested in a more flexible, unique and progressive style. Our clients value creativity andare interested in current trends in the wedding and event industry.

COMPETITION + NICHE

Although there is a high volume of event venue spaces in St. Louis, we pride ourselves increating a unique environment not currently available. The Wild Carrot experience will be unlikeany option elsewhere in the city. Our rental pricing is competitive with the event venuescurrently available.

MEDIA

The Knot Online and PrintLocal Wedding MagazinesSt Louis Bridal Shows Prior to OpeningPromotional Video Produced by Burlap and Running on the WebsiteFacebook/Twitter and Instagram PagesOpen HouseFlyers Sent to Local Caterers, Florists and Event PlannersHost a Mock Wedding with Photos and Video for Posting

PROMOTIONAL BUDGET

Our promotional budget is outlined in our financial plan.

BUSINESS LOCATION

Our business location is consistent with our creative image and overall aesthetic. We are locatedin an active neighborhood in the city limits, accessible and familiar to all, providing what ourclients want and expect.


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VI – OPERATIONAL PLAN

DAY TO DAY OPERATIONS

Our daily operation varies depending on the events involved. During the week, we give tours ofthe space to perspective clients, host events and meetings with booked clients and potentialvendors. We give scheduled tours to potential clients Tuesday nights from 4-8, and Wednesdayand Thursdays from 9am-close. Special tours outside of these time frames can be arranged aswell. Fridays-Sundays we are on site from the set up to tear down for scheduled events.

LEGAL

The Wild Carrot will maintain and have available all documentation regarding licensure, liabilityand permits required for a Place of Assembly.

EMPLOYEES

We are staffed primarily by Laura and Casey Bunch, owners and on-site operators. As the business expands, both full time and part time employees will be required. We envision 1-2 fulltime event manager assistants for weekend events as well as a part time maintenance personduring the week. When adding liquor to our event packaging, we will staff bartenders and bar- backs.

INVENTORY

Our inventory will include:- 250 folding chairs- round and rectangle tables to seat up to 250- bar height tables- bar stools- lounge furniture- 200 votive candles and holders

Future plans may include decor rentals and bar materials.

PAYMENT POLICIES

A deposit is required to secure the event date on our calendar. This deposit amount is $1000 ofthe total amount due. The remaining balance is due 14 days prior to the event date. If an event iscancelled more than 9 months prior to the booked date, a $250 processing fee will be held andthe remaining $750 from the deposit will be refunded. If an event is cancelled within 9 months ofthe booked date, the deposit is completely non-refundable. If a client fails to pay remaining balance within 14 days of scheduled event, the event will be cancelled and the $1000 deposit will be forfeited.


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Any non-wedding event will require total payment of the rental fee at the time the event isscheduled. If the event is cancelled more than 4 weeks prior to the event, the payment isrefundable, less the $250 processing fee. If the event is cancelled within 4 weeks, 50% is non-refundable.

There is no charge for a canceled event if rescheduled immediately for a date within 60 days ofthe original scheduled date. Only 1 rescheduled date is allowed.


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VII – MANAGEMENT & ORGANIZATION

Laura Bunch will manage the day to day operations for the Wild Carrot. She will be the on-siteevent manager for all events and handle all event related correspondences and related issues. Her

role will also entail all financial operations including payroll, accounts receivable, accounts payable and general book keeping. Casey Bunch will be the Wild Carrot Assistant Manager andhandle special purpose events and activities. He will be the immediate backup when the eventmanager is not available.

PROFESSIONAL + ADVISORY SUPPORT

Attorney, accountant, banker and insurance agents are yet to be determined.


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VIII – OWNERSHIP, STARTUP EXPENSES, & CAPITALIZATION

OWNERSHIP

Laura Bunch will be the sole owner of the Wild Carrot. Funding will involve an 80% mortgagefor the cost of building including buildout with 20% down payment.

STARTUP EXPENSES…Estimated $28,500

- Tableso 60” round (31) $3000o 8 ft rectangle (20) $2000

- 250 Folding Chairs $5000- Lounge Furniture $3000- Bar Height tables $1000

- Bar height stools $1500- Votive Holders $150- Votive candles $100- Marketing $2000- Insurance $1200- Projector $1500- Speakers $2000- Sound System $5000- Misc $1000

Total Estimated Costs $28,500


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IX – FINANCIAL PLAN

SEE ATTACHED PROJECTIONS


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EXHIBIT C - DEVELOPMENT AND CONSTRUCTION BUDGET


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Sources

Mortgage Loan 63.8% 795,000.00

MO HTC Bridge Loan 18.8% 235,000.00

Owner Equity 17.4% 217,000.00

100.0% 1,247,000.00

Uses

Acquisition 0.8% 10,000.00

Rehab Building Costs School 81.8% 1,020,000.00

Contingency - Hard Costs (5%) 4.1% 51,000.00

Soft Costs (See Schedule Below) 12.4% 155,000.00

Contingency - Soft Cost 0.9% 11,000.00

100.0% 1,247,000.00

Soft Cost Schedule

Legal Fees 20,000.00

Tax Credit Audit 7,000.00

NPS Review Fee 2,000.00 Arch/Eng/Tax Credit Consult Fees 55,000.00

Lenders Inspections 5,000.00

Survey/Environmental 6,000.00

Real Estate Taxes 2,000.00

Insurance 8,000.00

Loan Fees / Closing Costs 10,000.00

Accounting Fees 1,500.00

Permit Fees 10,500.00

Interest During Construction 28,000.00

155,000.00

Shaw Theater

Proforma Redevelopment Model

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Shaw Theater

Proforma Redevelopment Model

Proforma Stabalized Income and Expenses

Rents

Event Space 6300sf 13.33/sf 6,300 12.00 75,600.00

Retail Space 1,400 12.00 16,800.00

Apartment Rental 900 1.20 12,960.00

Gross Potential Rental Income 105,360.00

Pro-Forma Vacancy 5.00% (5,268.00)

Net Pro-Forma Income 100,092.00

Operating Expenses

Real Estate Taxes (w/ abatement) (1,050.00)

Maintenance & Repairs (12,000.00)

Insurance (20,000.00)

Utilities (24,000.00)

Administrative Expenses 7.00% (7,006.44)

Tenant Reimbursements 50,000.00

Total Operating Expenses (14,056.44)

Net Operating Income 86,035.56

Annual Financing Charges 4.50% 20 60,354.75

Pre Tax Net Income 25,680.81

Debt Service Coverage Ratio 1.43

Monthly Debt Service 5,029.56

Cap Rate Valuation 8.50% 1,012,183.06

LTV 79%

Stabilized Return on Investment 12%

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Subcont ract M at erial Equipme nt Subcont ract M at erial Equipme nt

01 GENERAL REQUIREMENTS SUB GROUP

01 31 00 Project Mgmt & Coord $48,090.00 $0.00 $0.00 $48,090.00 $48,090.00

Project Manager (70%) 6 MO $4,375.00 $26,250.00 $0.00 $0.00 $26,250.00

Site Superintendent (70%) 6 MO $3,640.00 $21,840.00 $0.00 $0.00 $21,840.00

01 51 00 Temporary Utilities $6,500.00 $0.00 $0.00 $6,500.00 $6,500.00

Temporary Electric Service Charges 1 LS $3,400.00 $3,400.00 $0.00 $0.00 $3,400.00

Fire Extinguishers 6 EA $100.00 $600.00 $0.00 $0.00 $600.00

Temporary Heat ‐ Excluded 0 MO $1,500.00 $0.00 $0.00 $0.00 $0.00

Temporary

Construction

Lighting 1 LS $2,500.00 $2,500.00 $0.00 $0.00 $2,500.0001 54 0 0 C on st ru ct io n Aids $600.00 $0.00 $0.00 $600.00 $600.00

Site Toilets 6 MO $100.00 $600.00 $ 0.00 $0.00 $600.00

01 56 00 Temporary Barriers and Enclosures $2,500.00 $1,000.00 $2,000.00 $5,500.00 $5,500.00

Construction Fencing 1 LS $2,500.00 $2,500.00 $0.00 $0.00 $2,500.00

Boarding 1 LS $1,000.00 $2,000.00 $0.00 $1,000.00 $2,000.00 $ 3,000.00

01 58 00 Project Identification $500.00 $0.00 $0.00 $500.00 $500.00

Safety Signage 1 LS $250.00 $250.00 $ 0.00 $0.00 $250.00

Project Signage 1 LS $250.00 $250.00 $0.00 $0.00 $250.00

01 74 00 Cleaning and Waste Management $6,975.00 $0.00 $24,500.00 $31,475.00 $31,475.00

Site Maintenance General Labor 700 HR $35.00 $0.00 $0.00 $24,500.00 $24,500.00

Dumpsters 13 EA $400.00 $5,200.00 $0.00 $0.00 $5,200.00

Final Cleaning 8875 LS $0.20 $1,775.00 $0.00 $0.00 $1,775.00

02 EXISTING CONDITIONS

02 21 00 Surveys $2,000.00 $0.00 $0.00 $2,000.00 $2,000.00

Lead and Asbestos 1 EA $2,000.00 $2,000.00 $0.00 $ 0.00 $2,000.00

02 41 00 Demolition $39,937.50 $0.00 $0.00 $39,937.50 $39,937.50

Selective Demo 8875 SF $4.50 $39,937.50 $0.00 $0.00 $39,937.50

02 82 00 Asbestos Remediation $8,875.00 $0.00 $0.00 $8,875.00 $8,875.00

Asbestos Abtement Allowance 8875 sf $1.00 $8,875.00 $0.00 $0.00 $8,875.00

02 83

00 Lead

Remediation $4,437.50 $0.00 $0.00 $4,437.50 $4,437.50

Lead Remediation Allowance 8875 sf $0.50 $4,437.50 $0.00 $0.00 $4,437.50

03 CONCRETE

03 01 00 Maintenanc e of Concrete $14,000.00 $0.00 $0.00 $14,000.00 $14,000.00

Scrubbing and Sealing 7000 SF $2.00 $14,000.00 $0.00 $0.00 $14,000.00

03 30 00 Cast In Place Concrete $9,000.00 $0.00 $0.00 $9,000.00 $9,000.00

Patching 750 SF $4.00 $3,000.00 $0.00 $0.00 $3,000.00

Patio ‐ Partial 1500 SF $4.00 $6,000.00 $0.00 $0.00 $6,000.00

03 80 00 Conc. Cutting & Boring $2,500.00 $0.00 $0.00 $2,500.00 $2,500.00

Cutting and Demo 1 LS $2,500.00 $2,500.00 $0.00 $0.00 $2,500.00

04 MASONRY

04 20 00 Unit Masonry $70,000.00 $0.00 $0.00 $70,000.00 $70,000.00

Unit Masonry 1 LS $50,000.00 $50,000.00 $0.00 $0.00 $50,000.00

New Openings 8 EA $2,500.00 $20,000.00 $0.00 $0.00 $20,000.00

05 METALS

05 12 00 Struc tural Steel Framing $3,000.00 $0.00 $0.00 $3,000.00 $3,000.00

Misc Steel Framing Allowance 1 EA $3,000.00 $3,000.00 $0.00 $0.00 $3,000.00

05 52 00 Metal Railings $1,000.00 $0.00 $0.00 $1,000.00 $1,000.00

Pipe & Tube Metal Rails 1 LS $1,000.00 $1,000.00 $0.00 $0.00 $1,000.00

06 WOODS PLASTICS AND COMPOSITES

06 11

00 Wood

Framing $19,200.00 $11,050.00 $4,200.00 $34,450.00 $34,450.00

Rough framing & blocking 1 LS $15,000.00 $15,000.00 $0.00 $0.00 $15,000.00

Framing Material 1 LS $10,000.00 $0.00 $10,000.00 $ 0.00 $10,000.00

Exterior Window and Door Install 14 EA $75.00 $300.00 $4,200.00 $1,050.00 $4,200.00 $9,450.00

06 20 00 Finish Carpentry $21,875.00 $17,750.00 $0.00 $39,625.00 $39,625.00

Trim Carpentry‐Retail 7500 SF $2.00 $2.00 $15,000.00 $15,000.00 $0.00 $30,000.00

Trim Carpentry‐Apartment 1375 SF $5.00 $2.00 $6,875.00 $2,750.00 $0.00 $9,625.00

06 22 00 General Millwork Supply $0.00 $1,500.00 $0.00 $1,500.00 $1,500.00

Exterior Brickmold 1 LS $1,500.00 $0.00 $1,500.00 $0.00 $1,500.00

07 THERMAL AND MOISTURE PROTECTION

07 21 00 Thermal Insulation $0.00 $6,656.25 $0.00 $6,656.25 $6,656.25

Insulation 8875 LS $0.75 $0.00 $6,656.25 $0.00 $6,656.25

07 50 00 Membrane Roofing $56,700.00 $0.00 $0.00 $56,700.00 $56,700.00

TPO Roof Replacement 90 SQ $630.00 $56,700.00 $0.00 $0.00 $56,700.00

07 71 23 Manu. Gutters & Downspouts $9,000.00 $0.00 $0.00 $9,000.00 $9,000.00

New Gutters and Downspouts 450 LF $20.00 $9,000.00 $0.00 $0.00 $9,000.00

07 84 00 Firestopping $0.00 $1,500.00 $0.00 $1,500.00 $1,500.00

Firestopping 1 A $1,500.00 $0.00 $1,500.00 $0.00 $1,500.00

08 OPENINGS

08 11 00 Metal Doors and Frames $2,000.00 $0.00 $0.00 $2,000.00 $2,000.00

HM Interior 1 LS $2,000.00 $2,000.00 $0.00 $0.00 $2,000.00

08 14 00 Wood Doors $1,500.00 $0.00 $0.00 $1,500.00 $1,500.00

Residential Doors 1 LS $1,500.00 $1,500.00 $0.00 $0.00 $1,500.00

08 41 00 Entrances and Storefronts $55,000.00 $0.00 $0.00 $55,000.00 $55,000.00

Alum Storefront Systems 1000 SF $55.00 $55,000.00 $0.00 $0.00 $55,000.00

08 52 00 Wood Windows $5,600.00 $0.00 $0.00 $5,600.00 $5,600.00

Historic Windows 14 EA $400.00 $5,600.00 $0.00 $0.00 $5,600.00

08 70 00 Hardware $800.00 $0.00 $0.00 $800.00 $800.00

Hardware Allowance 1 LS $800.00 $800.00 $0.00 $0.00 $800.00

08 83 00 Mirrors $240.00 $0.00 $0.00 $240.00 $240.00

Mirrors 1 LS $240.00 $240.00 $0.00 $0.00 $240.00

09 FINISHES

09 21 00 Plaster and Gypsum Board Assemblies $27,093.75 $0.00 $0.00 $27,093.75 $27,093.75

Drywall hanging and taping‐Comm. 7675 SF $2.50 $19,187.50 $0.00 $0.00 $19,187.50

Drywall hanging and taping ‐ Apt. 1375 SF $5.75 $7,906.25 $0.00 $0.00 $7,906.25

09 31 00 Thinset Tiling $4,550.00 $0.00 $0.00 $4,550.00 $4,550.00

Wall Tile 1 LS $4,550.00 $4,550.00 $0.00 $0.00 $4,550.00

UNIT PRICES SUBTOTALS

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Hard Cost Estimate

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Shaw Theatre

Hard Cost Estimate

09 64 00 Wood Flooring $3,500.00 $0.00 $0.00 $3,500.00 $3,500.00

Wood Floor to Apartment 500 SF $7.00 $3,500.00 $0.00 $0.00 $3,500.00

09 68 00 Carpeting $6,500.00 $0.00 $0.00 $10,000.00 $10,000.00

Carpet Apartment 500 SF $7.00 $3,500.00 $0.00 $0.00 $3,500.00

Vinyl Cove Base Allow 1 A $6,500.00 $6,500.00 $0.00 $0.00 $6,500.00

09 80 00 Acoustic Treatment $0.00 $0.00 $0.00 $0.00 $0.00

NIC 0 SF $3.85 $0.00 $0.00 $0.00 $0.00

09 91 00 Painting $39,937.50 $0.00 $0.00 $39,937.50 $39,937.50

Painting 8875 SF $4.50 $39,937.50 $0.00 $0.00 $39,937.5010 SPECIALTIES

10 14 00 Signage $18,000.00 $0.00 $0.00 $18,000.00 $18,000.00

Awning 1 A $18,000.00 $18,000.00 $0.00 $0.00 $18,000.00

10 21 0 0 C om pa rt me nt s and Cubicles $3,000.00 $0.00 $0.00 $3,000.00 $3,000.00

Toilet Compartments 1 LS $3,000.00 $3,000.00 $0.00 $0.00 $3,000.00

10 28 00 Toilet, Bath and Laundry Accessories $2,200.00 $0.00 $0.00 $2,200.00 $2,200.00

Bath Accessories 1 LS $2,200.00 $2,200.00 $0.00 $0.00 $2,200.00

10 44 00 Fire Protection Specialties $1,500.00 $0.00 $0.00 $1,500.00 $1,500.00

FE 1 LS $1,500.00 $1,500.00 $0.00 $0.00 $1,500.00

10 55 00 Postal Specialties $200.00 $0.00 $0.00 $200.00 $200.00

Mailboxes 1 A $200.00 $200.00 $0.00 $0.00 $200.00

10 57 00 Wardrobe and Closet Specialties $300.00 $0.00 $0.00 $300.00 $300.00

Wire Shelving 1 LS $300.00 $300.00 $0.00 $0.00 $300.00

11 EQUIPMENT

11 31 00 R esidential Appliances $2,587.40 $0.00 $2,587.40 $5,174.79 $5,174.79

GE 18 CU Energy Star Fridge 1 $590.00 $590.00 $0.00 $590.00 $1,180.00

GE 30 FS Electric Coil Range 1 $448.00 $448.00 $0.00 $448.00 $896.00

Range Cord 1 $10.00 $10.00 $0.00 $10.00 $20.00

GE Spacemaker 1.4 CF Cap Microwave 1 $191.00 $191.00 $0.00 $191.00 $382.00

GE Energy

Star

Dishwasher 1 $265.00 $265.00 $0.00 $265.00 $530.00

White Electric Washer/Dryer Combo 1 $904.00 $904.00 $0.00 $904.00 $1,808.00

7.45% Tax 1 $179.40 $179.40 $0.00 $179.40 $358.79

12 FURNISHINGS

12 21 00 Window Blinds $0.00 $980.00 $560.00 $1,540.00 $1,540.00

Window Blinds 14 EA $70.00 $40.00 $0.00 $980.00 $560.00 $1,540.00

12 30 00 Casework $2,000.00 $0.00 $0.00 $2,000.00 $2,000.00

Cabinet Allowance 1 EA $2,000.00 $2,000.00 $0.00 $0.00 $2,000.00

12 36 00 Countertops $1,100.00 $0.00 $0.00 $1,100.00 $1,100.00

Apartment Kitchen Tops 1 EA $700.00 $700.00 $0.00 $0.00 $700.00

Vanity Tops 1 EA $400.00 $400.00 $0.00 $0.00 $400.00

12 93 00 Site Furnishings $650.00 $0.00 $0.00 $650.00 $650.00

Bike Rack 1 LS $650.00 $650.00 $0.00 $0.00 $650.00

21 FIRE SUPPRESSION

21 10 00 Water Based Fire Suppression $71,000.00 $0.00 $0.00 $71,000.00 $71,000.00

Sprinkler System 8875 SF $8.00 $71,000.00 $0.00 $0.00 $71,000.00

22 PLUMBING

22 10 00 Plumbing $36,000.00 $0.00 $0.00 $36,000.00 $36,000.00

Apartment 1 LS $6,000.00 $6,000.00 $0.00 $0.00 $6,000.00

Commercial 1 LS $30,000.00 $30,000.00 $0.00 $0.00 $30,000.00

22 33

00 Electric

Dom.

W

Heaters $400.00 $0.00 $0.00 $400.00 $400.00

Apartment HWH 1 EA $400.00 $400.00 $ 0.00 $0.00 $400.00

22 34 00 Fuel‐Fired Dom. W Heaters $0.00 $2,000.00 $0.00 $2,000.00 $2,000.00

Commercial HWHs 2 LS $1,000.00 $0.00 $2,000.00 $0.00 $2,000.00

22 41 00 R esidential Plum Fixture $0.00 $1,250.00 $0.00 $1,250.00 $1,250.00

Apartment Fixture Supply 1 LS $1,250.00 $0.00 $1,250.00 $0.00 $1,250.00

22 42 00 Comm. Plumbing Fixtures $0.00 $6,450.00 $0.00 $6,450.00 $6,450.00

Commercial Fixture Supply 1 LS $6,450.00 $0.00 $6,450.00 $0.00 $6,450.00

23 HEATING VENTILATION AND AIR CONDITIONING

23 30 00 HVAC Air Distribution $82,000.00 $0.00 $0.00 $82,000.00 $82,000.00

Commercial 7500 SF $10.00 $75,000.00 $0.00 $0.00 $75,000.00

Apartment 1 LS $7,000.00 $7,000.00 $0.00 $0.00 $7,000.00

26 ELECTRICAL

26 00 00 Electrical $59,100.00 $0.00 $0.00 $59,100.00 $59,100.00

Commercial 7500 SF $7.00 $52,500.00 $0.00 $0.00 $52,500.00

Apartment 1200 SF $5.50 $6,600.00 $0.00 $0.00 $6,600.00

26 51 00 Interior Lighting $0.00 $7,000.00 $0.00 $7,000.00 $7,000.00

Commercial 1 LS $6,000.00 $0.00 $6,000.00 $0.00 $6,000.00

Apartment 1 LS $1,000.00 $0.00 $1,000.00 $0.00 $1,000.00

26 56 00 Exterior Lighting $0.00 $4,000.00 $0.00 $4,000.00 $4,000.00

Exterior Lighting 1 LS $4,000.00 $0.00 $4,000.00 $0.00 $4,000.00

27 COMMUNICATIONS

27 40 00 Audio‐Video Communications $2,500.00 $0.00 $0.00 $2,500.00 $2,500.00

A/V Rough In Allowance 1 LS $2,500.00 $2,500.00 $0.00 $0.00 $2,500.00

28 ELECTRONIC SAFETY AND SECURITY

28 13 00 Electronic Access Control $0.00 $0.00 $0.00 $0.00 $0.00

NIC $0.00 $0.00 $0.00 $0.00

28 16 00 Intrusion Detection $2,500.00 $0.00 $0.00 $2,500.00 $2,500.00

Alarm Systems 2 EA $1,250.00 $2,500.00 $0.00 $0.00 $2,500.00

28 31 00 Fire Detection & Alarm $10,500.00 $0.00 $0.00 $10,500.00 $10,500.00

Fire Alarm 1 LS $10,500.00 $10,500.00 $0.00 $0.00 $10,500.00

31 EARTHWORK

31 11 00 Clearing and Grubbing $0.00 $0.00 $0.00 $0.00 $0.00

NIC 0 LS $0.00 $0.00 $0.00 $0.00

31 22 00 Grading $0.00 $0.00 $0.00 $0.00 $0.00

NIC 0 LS $0.00 $0.00 $0.00 $0.00

32 EXTERIOR IMPROVEMENTS

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Shaw Theatre

Hard Cost Estimate

32 12 00 Flexible Paving $0.00 $0.00 $0.00 $0.00 $0.00

NIC 0 SF $0.00 $0.00 $0.00 $0.00

31 17 00 Paving Specialties $0.00 $0.00 $0.00 $0.00 $0.00

NIC 0 LS $0.00 $0.00 $0.00 $0.00

32 31 00 Fences & Gates $12,000.00 $0.00 $0.00 $12,000.00 $12,000.00

Rooftop Enclosures and Front Patio 1 LS $12,000.00 $12,000.00 $0.00 $0.00 $12,000.00

32 92 00 Turf and Grasses $0.00 $0.00 $0.00 $0.00 $0.00

NIC 0 LS $0.00 $0.00 $0.00 $0.00

32

93

00 Plants $10,000.00 $0.00 $0.00 $10,000.00 $10,000.00Misc Planting Allowance 1 LS $10,000.00 $10,000.00 $0.00 $0.00 $10,000.00

33 UTILITIES

33 11 00 Water Dist. Piping $7,000.00 $0.00 $0.00 $7,000.00 $7,000.00

Water Connection 1 LS $7,000.00 $7,000.00 $0.00 $0.00 $7,000.00

33 31 00 Sanitary Sewerage Piping $10,000.00 $0.00 $0.00 $10,000.00 $10,000.00

Sanitary Sewer Connection 1 LS $10,000.00 $10,000.00 $0.00 $0.00 $10,000.00

33 71 00 Electric Utility Trans.& Dist $0.00 $0.00 $0.00 $0.00 $0.00

In Electric Subcontract 0 LS $0.00 $0.00 $0.00 $0.00

Subtotal $906,432.29

GC Fee 7.5% $67,982.42

GC Contingency 5% $45,321.61

Total $1,019,736.33

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Cost State QRE Fed QRE

Acquisition 10,000.00 0.00 0.00

Rehab Building Costs School 1,020,000.00 897,600.00 897,600.00

Contingency - Hard Costs (5%) 51,000.00 35,700.00 35,700.00

Soft Costs (See Schedule Below) 155,000.00 114,925.00 117,425.00

Contingency - Soft Cost 11,000.00 5,500.00 5,500.00

1,247,000.00 1,053,725.00 1,056,225.00

Legal Fees 20,000.00 18,000.00 18,000.00

Tax Credit Audit 7,000.00 7,000.00 7,000.00

NPS Review Fee 2,000.00 0.00 0.00

Arch/Eng/Tax Credit Consult Fees 55,000.00 46,750.00 46,750.00

Lenders Inspections 5,000.00 2,500.00 5,000.00

Survey/Environmental 6,000.00 0.00 0.00

Real Estate Taxes 2,000.00 0.00 0.00

Insurance 8,000.00 6,400.00 6,400.00

Loan Fees / Closing Costs 10,000.00 5,000.00 5,000.00

Accounting Fees 1,500.00 750.00 750.00

Permit Fees 10,500.00 8,925.00 8,925.00

Interest During Construction 28,000.00 19,600.00 19,600.00

155,000.00 114,925.00 117,425.00

State

Historic

Tax

Credits

Estimated

Historic

Tax

Credits 25.00% rate $263,431.25

Equity $0.92 price $242,356.75

State

Issuance

Fee 2.50% ($6,058.92)

Net

State

HTC

Equity $236,297.83

Federal

Historic

Tax

Credits

Estimated

Historic

Tax

Credits 20.00% rate $211,245.00Value* $0.00 price $0.00

Equity 99.00% perc.

owner. $0.00

* Federal HTC Allocated to Owner

Shaw Theater

Tax Credit Calculator

Project QRE Calculator

Soft Cost QRE Schedule

HTC Calculators

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EXHIBIT D - 15 YEAR OPERATING BUDGET


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