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April 29, 2001 |
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FINANCING |
THE RENOVATION |
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Estimated Cost- $4.6 million |
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Construction hard costs |
$3,185,384.00 |
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Architectural fees |
$286,700.00 |
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Fund-raising costs |
$48,715.00 |
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Other non-financing soft costs |
$212,790.00 |
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Contingencies (8% of hard costs) |
$254,830.00 |
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Asbestos removal |
$85,600.00 |
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Oil tank removal |
$4,000.00 |
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Furniture and fumishings |
$50,000.00 |
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Pay off mortgage on residences |
$295,000.00 |
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Loan fees |
$20,000.00 |
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Interest during construction |
$42,000.00 |
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Interest from end of construction |
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to end of capital campaign |
$123,000.00 |
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Total renovation costs to the |
$4,608,019.00 |
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end of the capital campaign |
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(Amount already paid out |
$563,324.00 |
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Funds To Pay for the Renovation |
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Keystones Capital Campaign |
$2,100,000 |
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CCC cash reserves |
$ 200,000- $300,000 |
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Maryland bond for LAP program |
$100,000 |
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Interest earned on donations |
$36,249 |
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Bank loan (8%) |
$1,300,000 - $1,550,000 |
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Total available funds |
$3,736,249 - $4,086,249 |
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Remaining gap |
$ 871,770-$ 521,770 |
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