This is a printer-friendly version of an article from Zip06.com.
02/09/2022 07:20 AMThe following information is taken directly from the Town of Madison website and official town documents.
The Academy Project design proposal calls for the renovation of the existing building, which, supplemented by upgrades, hazardous material abatement, and ADA compliance, will provide flexible, multi-use, and dedicated community spaces as well as offices for selected municipal departments. The flexible community space is expected to be used for programming activities related to arts, education, recreation, and culture for all age demographics.
Activities might include (but are not limited to): visual arts, performing arts, music, theater performances, cultural activities, adult education, culinary arts, social activities, children and teen programs, sports and recreation, commercial opportunities, business expos, and other recreational activities. The building is approximately 53,000 square feet and has three levels that will be accessible to the community.
Below is a breakdown of the primary components of the proposed space utilization plan:
• Flexible Community Space: Approximately 36,000 square feet of space for programming, including a 5,400 square feet gymnasium, 2,500 square feet/125-seat theater, and 1,150 square feet commercial kitchen
• Youth & Family Services Offices & Programming Space: Approximately 6,000 square feet for offices and dedicated programming space
• Beach & Recreation Offices: Approximately 1,000 square feet of office space for departmental staff and public service needs.
Note that the facility design also includes a large, glass enclosed entry foyer on the main level that will house an elevator bank providing ADA access to all levels of the building.
The site design also includes 91 additional parking spaces for visitors, along with 31 existing spaces, and additional street parking in the surrounding neighborhood. The current site plan maintains the existing Academy ball fields and nearby playground in their current form.
Project Costs
Colliers International developed a detailed project cost estimate of approximately $15.9 million to complete the project. This includes site improvements, design, construction, renovation and installation costs, engineering and professional fees, inspection, evaluation and surveying costs, materials, equipment, purchase costs, furnishings, legal fees, financing costs, interest expense on temporary borrowings, and a contingency fund for unexpected costs related to the Academy Project.
The budget also assumes the installation of energy efficient mechanicals for heating, ventilation, and air conditioning, including a geothermal system and photovoltaic cells. Note that the project budget increased by more than $1.9 million from a previous estimate in 2019 due to construction cost escalations, changes in space utilization, conversion of some space to office use, and planned installation of more energy efficient systems.
The town will also seek additional state and federal grants and tax credits to offset some construction costs for the Academy Project.
The town currently estimates an approximate annual operating cost of $335,000 to operate the building under the proposed design plan. This includes estimates of approximately $200,000 for additional staff, and $135,000 for utilities and maintenance. These are estimates only and based on current market rates and operating costs for the Senior Center (adjusted by square footage) and do not reflect the additional efficiencies of a geothermal system.
Any final operating costs will be dependent upon the final building design, programming plan, and approval of future town budgets. The town will pursue any available energy credits to reduce utility costs in the building.
The town anticipates the building to generate program revenue and rental fees from outside organizations seeking to use space in the building.
Bonding Costs to Madison Taxpayers
The town is seeking through referendum the authorization to issue up to $15.9 million in bonds to fund the Academy Project. These bonds will be issued in a series of notes and bonds over multiple years. Summarized below is the estimated cost of bonding for every $100,000 of assessed property value (Assessed Value represents 70 percent of a property’s appraised value as determined by the town assessor):
Years 1 to 5: $34
Years 6 to 10: $37
Years 11 to 15: $31
Years 16 to 20: $26
Years 21 to 24: $16
Average annual cost over bond life $28*
Peak year is fiscal year ending 2025-’26: $45
*Estimated financing costs over life of bonds. Average based on 22 years.
“Estimated Annual Tax” does not represent expected tax mill rate changes in future years. The annual tax mill rate is set annually by the Board of Finance after the town holds its annual budget referendum.
The town will also seek additional state and federal grants and tax credits to offset the cost of the Academy Project. These are not reflected in the estimates for bonding as there is no guarantee the town will be successful in its efforts.
Schedule
Subject to voter approval on Feb. 15, final design is expected to begin shortly thereafter. Construction is expected to begin in 2023 and continue for approximately 12 to 18 months.