partners for lancaster county schools foundation · 2011-12-08 · partners mission is to provide...
TRANSCRIPT
MERCER PLACE “Model” for Other
Rural Virginia Counties
“We Will Build and Operate Affordable Rental Housing for Our Teachers, Healthcare, Law Enforcement, and Municipal/County Employees”
Table of Contents Who Is PARTNERS? Our Mission? Why Are We Here Today? Mercer Place Description and Budget Does Your Community Need a Mercer Place? Why Did We Build Mercer Place? What Was Our Project Plan and Schedule? Who Were the Major Sponsors/Donors? Our Board of Directors & “Pro-Bono” Team? What Are the Community Benefits? Project Contact Information Questions?
PARTNERS Mission Is to Provide Affordable Rental Housing for Lancaster County Teachers, Healthcare, Law Enforcement, County and Municipal Employees and Other Critical Workforce Persons” PARTNERS Project Must Be 100% “Self-Sustaining” and Operate Using Only Rents Paid by Its Residents.
Mission Statement
Why Are We Here Today? To Make You Aware of Our Mercer Place Affordable Housing Initiative – Teachers, Healthcare, Law Enforcement, and Municipal and County Employees
PARTNERS Foundation 501(c)(3) Operates – 16 2 BR/2 Bath Rental Units (1,050 sq.-ft.) with W/D/D/M and Energy Efficient Design on 6 Acres in Kilmarnock, VA
$2.0M Complex Opened 1 July 2011 and Was 100% Occupied by August
Residents – 12 Teachers; 2 Social Services/CSB Counselors; Healthcare Worker; and 3 Private Sector Employees
Mercer Place Is a “First in Virginia” to Provide Affordable Housing for “Community” Teachers and Other Critical Workforce Persons
Mercer Place Affordable Housing
Mercer Place Unit Floor Plan
Mercer Place Cost — $2.0M Land Purchase $152,451 Architectural Fees $23,750 Project/Site Engineering $93,828 Town Permits/VHDA Fees $19,793 Engineering/Site Work $16,500 Construction Contract $1,412,439 Town S/W Hook-Up Fees $162,150 Construction Management $44,776 Construction Loan Interest $20,746 VHDA Closing Fees $10,451 Improvements/Start-Up $58,052
Ground Breaking
Design/Construction/Financing Architect – JA, PLLC, Raleigh, NC
(Wayne Jones, Architect) Site Engineering/Design – Bay Design Group,
Gloucester, VA (Ben Burton, PE) Builder – Community Housing Partners
Corporation (CHP), Christiansburg, VA (Todd Peacock, VP)
Construction Loan – Chesapeake Bank, Kilmarnock, VA (Tom Richardson, VP)
Mortgage Loan – VHDA (Dr. Bill Fuller and Toni Ostrowski, Sr. Community Housing Officers)
Grand Opening
Mercer Place Operating Budget Rental Revenue: $123,484.00 Operating Expenses: $122,898.56 Net Income: $1,586.24 Major Expenses Foundation Expenses: ($3,296.00) VHDA Financing Costs: ($84,598.56) Property Management: ($7,424.00) Operations/Maintenance: ($27,580.00)
Maybe Your Community Needs a Mercer Place?
Do You Have Trouble Recruiting Teachers to Your Community and then Retaining Them?
Are Your Teachers Paid Enough to Afford Purchasing a Home in Your Community?
Does Your Community Lack Affordable Housing for Teachers/Workforce Persons?
Do Many of Your Teachers Commute from Long Distances Where More Affordable Housing Is Available?
Is Your Teacher Workforce Aging with Many Nearing Retirement?
Why Did We Build Mercer Place? “We Will Build and Operate Affordable
Rental Housing for Our Teachers, Healthcare, Law Enforcement, and Municipal/County Employees”
We Needed Affordable Rental Housing for Our Teachers
Lancaster Teachers Are Underpaid Compared to NN Counties and State Average – HUD “Low-Income” < 80%AMI
LCPS Average Salary – 16% Below State Not Realistic to Expect Increases in School
Budgets and/or Teacher Salaries in Near-term Lancaster County Is Least Affordable County in NN Highest Housing Values ($462k) Lowest Median Family Income ($41.9k) Very Limited Rental Housing Available
We Needed Affordable Rental Housing for Our Teachers Lack of Available/Affordable Housing Is
“Barrier” to Attracting New Teachers 47% of Teachers Live Outside County Aging Teacher Demographic Will Require
Attracting/Hiring Many New Teachers in Near-term
Experiencing Difficulty in Hiring and Retaining Younger Teachers
What Was Our Project Plan
and Schedule? “We Will Build and Operate Affordable
Rental Housing for Our Teachers, Healthcare, Law Enforcement, and Municipal/County Employees”
Where Is Lancaster County?
Lancaster County – Notable Demographics/Data
Citizens over 62 years old – 37% Largest in State (only 3 Counties > 30%) Citizens over 65 years old – 31.2% (12.2%)
Population – 11,391 (-1.5% in 10 years) White – 70.1% (68%); Black – 28%; Other – 1.9% Bachelor’s Degree (or Higher) – 28.3% (33.4%) Median Household Income – $43,434 ($59,272) Multi-Unit Housing – 4.7% (21.3%) Citizens Below Poverty – 12.7% (10.6%)
County/School System Data LCPS Student Enrollment (PK-12) 1,290
Percent (%) White 44.1 Percent (%) Black 49.8
Disadvantaged Students 651 On-Time Graduation Rate (%) 92.2 Number Teachers (LCPS) 105 Percent of All Teachers @ Mercer Place 9.8
New LCPS Teachers (2011-12) 14 New LCPS Teachers at Mercer Place 7 12 Teachers at Mercer Place 9 LCPS;
and 3 from Chesapeake Academy
Project Plan and Schedule
Build Mercer Place for $2.1M, including Land Cost
Raise $800,000.00 from Local Non-Profits; Charitable Groups, Local Governments, and Large Foundations Outside the Community
Borrow $1.3M from VHDA at a Low Interest Rate to Ensure Affordable Long-term Mortgage
Set Affordable Rent at $625.00/mo. – 25% of Starting Teacher’s “After-Tax” Salary
Project Plan and Schedule
Project Milestone Schedule
IRS 501(c)(3) Approval – 20 Jan 2009
Fundraising – 1/2009 thru 9/2011
Engineering & Design Phase – 8/09 thru 12/09
Building/Construction Phase – 12/10 thru 7/11
Ready-for-Occupancy – 1 July 2011 “School Year”
Where Did We Get the Idea & “Model” for Mercer Place?
The State Employees Credit Union (SECU) of North Carolina Sponsored Two (2) Successful Affordable Housing Projects for Teachers in NC
“Run Hill Run” – Dare County Educational Foundation (Kill Devil Hills)
“Hertford Point” – Partners for Hertford County Schools Foundation (Ahoskie)
New Project – by Dare County Educational Foundation (in Hatteras)
Why Did We Name It Mercer Place?
The Name “Mercer Place” Selected by Suzanne Bellows Who Made the Parcel/Site Affordable to Our Foundation
In Honor of Her Father, E. Garnett Mercer, Jr., Former Lancaster County Commonwealth Attorney
Who Were the Major Donors/Sponsors
“We Will Build and Operate Affordable Rental Housing for Our Teachers, Healthcare,
Law Enforcement, and Municipal/County Employees”
Major Sponsors and Donors $155,790 – Jessie Ball duPont Fund $105,500 – Anonymous Donor (local community) $100,000 – Nettie Lokey Wiley and Charles L. Wiley Foundation $85,000 – Robert G. Cabell III & Maude Morgan Cabell Foundation $50,000 – Anonymous Donor (local community) $40,000 – Lancaster County Industrial Development Authority $39,800 – Mason and Lula Cole Charitable Trust $30,000 – The Sunshine Lady Foundation $25,000 – Suzanne Bellows and Todd Bellows $24,861 – Partners Foundation Board Member $20,000 – T. Nash and Gloria M. Broaddus Foundation $20,000 – Campbell Memorial Presbyterian Church $11,000 – Donald W. and Doris B. Lynch $10,000 – The Freeman Family Fund $8,500 – The Dominion Foundation $7,000 – The Eugene Duffer Charitable Trust $5,000 – Chesapeake Bank $24,000 – Religious and Civic Groups, Businesses, and Individuals
Who’s on Our Board and “Pro-Bono” Team?
“We Will Build and Operate Affordable Rental Housing for Our Teachers, Healthcare,
Law Enforcement, and Municipal/County Employees”
“Partners” Foundation Board Dr. Daniel Lukich Superintendent, Lancaster County Public Schools Donald McCann Representative, Lancaster County School Board Deborah Cook Head of School, Chesapeake Academy Ronald Mihills Chairman, Board of Trustees for Chesapeake Academy Emerson Gravatt Vice President, Rappahannock General Hospital Dr. Jack Russell Chairman, Lancaster County Board of Supervisors Albert Pollard Delegate (99th District) Virginia House of Delegates Dr. Richard Luck Executive Director, Woodrow Wilson Foundation for State of Virginia Rehabilitation Center Suzanne Bellows Land Sponsor and Major Donor Jean Light Vice President, Chesapeake Trust, (CFS Banks) Gerald Sellers Co-Owner Currie Funeral Home and Town Representative Kelly Antonio Teacher Representative, Chesapeake Academy Tara Booth Teacher Representative, Lancaster County Public Schools Brownie Watkins Educator, Chesapeake Academy Board, Outreach Chair, Grace Church William Hubbard Attorney, Hubbard, Terry, and Britt William Warren Retired Sr. V.P. RCI and Former Elected Official
Our Pro-Bono Partners Morattico Baptist Church
– duPont Fund Sponsor
Hubbard, Terry and Britt Law Firm – Legal Advice & Assistance
Dehnert, Clarke & Company – IRS 501(c)(3) Filing, & Tax Services
Williams-Mullen Law Firm – Real Estate & Financing Services
Bay Design Group – Engineering & Design Services
What Are the Benefits to Our Community?
“We Will Build and Operate Affordable Rental Housing for Our Teachers, Healthcare, Law Enforcement, and
Municipal/County Employees”
Enhance Educational Opportunities by “Providing Affordable Rental Housing for Teachers” Improve Teacher Recruiting and Retention Help Replace Many Teachers Who Are Eligible to Retire Make It Affordable for Teachers to Live in Our County Serve as “Model” for Other Rural Virginia Counties
Increase Attractiveness of Business Environment Improve Ability to Recruit and Retain Employees via Quality of
Education System Available to their Families Improve County’s Educational/Socio-Economic Infrastructure Increase the Area’s Attractiveness to Businesses Considering
Relocating to Our County
Community Benefits
Project Contact Information
“We Will Build and Operate Affordable
Rental Housing for Our Teachers, Healthcare, Law Enforcement, and Municipal/County Employees”
Contact Partners’ Board of Directors President, William Warren – 804.435.9918; or [email protected]
Other Board Members: Donald McCann, Vice President – 804.435.6942 Brownie Watkins, Treasurer – 804.438.5504
PARTNERS – Affordable Rental Housing for Teachers, Healthcare, Law Enforcement, and
County/Municipal Employees
QUESTIONS??