Sheboygan Falls Middle School Renovation Sheboygan Falls Middle

Sheboygan Falls Middle School Renovation

General Capital Group Introduction • Real Estate Development & Investment Group • Headquartered Fox Point, Wisconsin • Founded by Michael and David Weiss in the mid 1990 s • Twenty Employees • 27 Housing Transactions • Four housing projects currently under construction

Berkshire -- Greendale

Berkshire – Oconomowoc

School Sisters of St. Francis

Maria Linden RCAC Historic Rehab

School Sisters of St. Francis: Sacred Heart Renovation

Bergamot Brass Works Apartments: Delavan, WI

Sustainability

Proposed Historic Renovation Sheboygan Falls Middle School 101 School Street

CONCEPT PLAN • Renovate School into 54 Independent Senior Apartments • Construct 9 free-standing townhomes for workforce audience • Mixed Income Project: Affordable and Market Rate Units • Long-term Lease of Community Gym to a Non-Profit/Agency • Community Theater/Meeting Space Available to Public • Install Neighborhood Pocket Park • Enhance site with “de-hardscaping”

SENIOR APARTMENTS and WORKFORCE TOWNHOMES Affordable Units Market Rate Units TOTAL 1 BR School (Sr) 25 3 28 2 BR School (Sr) 19 7 26 3 BR Townhomes 9 0 9 53 10 63 TOTALS

Dollars and Cents • $13. 3 million Total Development Cost • City TIF of $1. 65 million; 4. 5% interest rate; 25 year term • TIF gets re-paid over life of project • Property currently off tax rolls • $25, 000 “Municipal Service Recovery” Payment built into TIF structure for Sheboygan Falls • Project will pay City Park Impact Fees of $500 per unit • WHEDA Affordable Housing Tax Credits • State and Federal Historic Preservation Tax Credits • HOME Funds from State of Wisconsin

Creating a WIN-WIN scenario • School District must “do something. ” Must sell or demolish for $1. 2 mil • Subdivision or alternative use is not cost feasible • Mixed income, mixed “age” proposal: serves larger community need • Community use of gym and pocket park • Work with City to modify one-way street pattern • TIF payments include off-set to cost of City services • A high quality “WIN-WIN” project