here - Strasburg

Transcription

here - Strasburg

Town of Strasburg, Virginia
March 2015
Strasburg Home Theater
151-155 West King Street, Strasburg, Virginia
Advance Planning Associates, LC
Table of Contents
Purpose, Scope & Background………………………………………3
Summary Findings - An Executive Summary…………………………………5
The Theater Today……………………………………………………8
King Street Front Elevation- Existing Interior Layout…………………9
Guided Site Visit - A detailed look at the building today………………12
Theater Tours Around The Region……………………….…….…..22
Alamo - Washington Theater - State Theater - Wayne Theater
Review of Proposed & Potential Uses…………………………….29
Exterior Elevations & Interior Layouts…………………..……….40
Movie Theater - Town Center - Fine Arts Center - Fitness Center
Site Planning…………………………………………………………53
Final Developmental Criteria & Findings………………………….58
Development Potential………………………………………………….59
Residential Housing, Retail/Commercial & Public/Semi-public……59
Action Steps & Recommendations……………………………………64
Budgets, Operations & Pro-forma Notes……………………………64
Option Costs, Development & Financial Considerations…………..66
Final Comments………………………………………………………….67
Appendix…………………………………………………………….69
Page 2
March 2015
Purpose, Scope & Background
Purpose – The primary purpose of this report is to evaluate the Strasburg Home
Theater using existing data, site visits and visiting other theaters to consider potential
future uses. Possible actions for acquisition by either private, public, non-profit or a quasipublic organization are suggested to allow for the successful future development of the
theater. Housing and a mix of uses are considered.
Scope – The intent is to look at the potential uses considering the theater building
in its current condition, without acquisition of additional property, while at the same time
considering the market for those uses, financing and management to create an environment
for a successful, sustainable project - public or private.
Background – The theater is located at 151 – 155 West King Street is currently
vacant. It is an important key element of the downtown streetscape.
Since its opening in the 1940’s the theater has been operated as a community
theater showing films to Strasburg and surrounding market area. Recent owners have tried
a variety of film and performance venues to attract customers. Two bar areas, one in the
main auditorium area and one in the balcony, were added recently along with a table seating
areas near each bar to create additional revenue sources. The theater was closed in 2013
and is under private ownership It is currently listed with a broker for sale.
The theater generally has remained original except for some interior and system
upgrades. Film projectors and related equipment for showing films have been removed. It
generally remains a fixed-seat, large auditorium-type structure with about 400 seats on a
sloped main floor. The now modified balcony area has had all seats removed and the floor
leveled to accommodate a bar-type seating and audience standing arrangement that faces
the stage. Some table seating is possible in the balcony area.
A large bar has been added on the first floor area in the main auditorium and a
smaller bar area in the balcony. Seating has been removed in the balcony to accommodate
the bar area. It appears that the seating in the main auditorium is original. A small amount
3
March 2015
of street-front retail space is incorporated into the theater façade along with an office for
the theater. The street-front space has been used for a variety of retail uses but is
currently vacant. Second floor level office space in the front of the building is currently
vacant. A gravel parking area provides limited parking and access to the side and rear of
the building. On-street parking is along King Street and unmetered. Access to the side
and rear of the building is provided through the adjoining lot under same ownership, the
gravel parking area, and a 10 foot alley along the other side.
The Town’s 2014 Business Inventory Survey describes the theater as
dilapidated and vacant.
The Town’s staff has
indicated that the theater is a key
component of its downtown
revitalization effort.
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March 2015
Summary Findings
The Theater Today - February 2015
• The theater is vacant and for sale by a local real estate brokerage firm. The listed price is
$450,000.00. A 2013 appraisal suggests a value of $725,000.00. The property is currently
assessed at $738,200.00 for the three parcels associated with the theater. Taxes and
utilities (water and sewer) are current with the Town.
• The theater has not been used for about 16 months. A leaking roof and marquee and wet,
flooded basement are contributing to the deterioration of the structure.
• The theater is a unique focal point of the downtown that can provide a keystone of
community activity and much needed King Street activity.
• After the failure of private sector operators, having a owner/tenant that creates a successful
business in the building is important to the well-being of King Street , it’s surrounds and the
Town of Strasburg.
Guided Site Tour Image By Image
• The images are clear. The theater facility is in need of immediate maintenance and upgrade.
The latest images taken in late 2014 show a building that is worn and outdated.
• Positive discussions with the Building Official suggest that a theater or similar use can
continue as long as it remains within the same use group. It is currently an assembly use group
category. The non-conforming status will need to be carefully considered with local officials.
• Parking is limited. Paved parking for the 10 - 12 on-site spaces, with safe pedestrian access to
the entrance doors of the theater, is recommended. Parking lot improvements are suggested
to help control water runoff. Nearby parking, as identified in the recent parking space study
by the Town, appears sufficient.
Theater Tours Around The Region
• No clear patterns emerged from the tour of four theaters. Two of the toured theaters are
privately held. Two “downtown” or “Main Street” theaters are similar to the Strasburg
Theater with regard to their position in the community. Both theaters are organized and run
by not-for-profit organizations. Both have or are spending considerable amounts for
restoration of their theaters. Both of the two “Main Street” organizations are operating and
marketing events.
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March 2015
• Multi-functional space and a variety of programing are important to each. Programing and
organizational elements are important success components.
• All of the theaters had fixed seating.
• Food and alcohol sales were important to two operations.
• Having a supporting non-profit organization is critical for two theaters.
• Having associations with other organizations helps bring a higher quality of programing.
Potential
• A variety of potential uses were envisioned and considered.
• Potential top choices included a multi-use facility with a variety of revenue sources, a minimal-
cost approach movie theater; and, a minimal-cost movie theater with a plan to include a mix of
uses that allow flexibility and a mix of revenues.
• Flexibility of space and a variety of revenue sources is of high importance.
• Due to the limited amount of space suitable for a residential component and the costs
associated with a change of use with a mixture of uses in the same structure, incorporation of a
housing component is not practical.
Options - Theater Sketches
• Sketches include: Existing Conditions, Movie Theater Options, Town Center or
Community Center Options, Fine Arts Center Options and a Brew Pub / Restaurant.
• The movie theater option with fixed seating is the least or minimal-cost option.
• Key to each option is an outside element or new structure on the side of the existing theater
where the existing gravel parking lot is now located. This will bring a sense of activity to the
site that would not otherwise be seen with just interior renovations.
Budget, Operation & Pro-forma Notes
• The minimal-cost option using the theater as a movie theater with fixed seating would cost
approximately $1,450,000.00 assuming acquisition of the property at the current listed sale
price and financing the acquisition along with A&E, project management and 18 months of
operation funding during the start-up and construction stage.
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March 2015
• The minimal-cost option would take approximately 12 to 24 months for planning , design,
approvals and construction.
• A & E planning and design, project and construction management costs need to be
considered as part of the initial purchase and renovation phase expenses.
• Programing, management and marketing is an on-going expense that should be added and
considered as part of any option.
• During the planning, design and construction phase, initial efforts to program, manage and
market the facility will occur during a period without income. Operational and management
funds will be needed.
• Monthly interest payments are about $8,000.00 to $10,000.00 depending upon a number
of financing factors.
• Management costs and programing venue costs vary depending on the option selected. Initial
management and programing expenses should budget enough for personnel, marketing,
programing and fundraising efforts for a period of 6 to 12 months.
Action Steps & Recommendations
• Gain control of the facility.
• Make repairs or renovations necessary to stop any additional water damage from roof,
marquee and the flooding basement.
• Create or utilize an organization that will focus on finding funds and managing the
development of a program suitable to sustain the selected option.
Development & Financial Suggestions
• Determine if the owner will finance the sale of the theater.
• Determine if the owner will rent with option to purchase
• Consider assisting any potential new owner / tenant with business planning to assure long
term success if ownership is private sector.
• Consider public-private venture of ownership and management.
7
March 2015
• Identify grant and loan funding sources that dovetail with the long term goals of selected
development option for the site and any local budget or match of funds if ownership is nonprofit or public sector.
The Theater Today
A closer look inside and out.
8
Guided Site Visit
March 2015
The theater occupies an important location along West King Street directly across King
Street from the post office. Recent streetscape improvements included the pedestrian
crosswalk linking the theater to the post office.
The marquee is a visual focal point along West King
Street clearly marking the center point of the block. It
is a prominent feature of the facade.
Currently the marquee is in need of repairs. It has
been identified as a priority maintenance item as part of
the minimal-cost option.
9
March zo1 5
West KingStTeet. Strasb<ir& Vltglnla
Stra!llutg Theater
February 18,2015
IA.. LINEAG E
l!..!_ ARCHITECTS
Exhibit A
eater1s current
a grave pa 1ngan access area.
Advance Planning Associa tes, LC
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March 2015
with the adjoining properties. The theater building is on one parcel while this gravel parking area
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March zo1 5
Str15burgTheater
I
w-u "
ti
GRA PfUC SCALI:
( OI
1IZT l
f
EXISTING CONDITIONS
l
·
fdnlar/ 18,2 01S
IA LINEAGf:
I!.!ARCltlTH:Th
1Z
March 2015
expansion of the theater for possible storage, better access and even a commercial kitchen.
The current gravel parking area is ideal for incorporation of outside related activities associated
with any new potential use proposed such as outside displays, tables and playground.
This area is identified as a high priority visual area that should be enhanced even for the minimalcost development option.
The rear and east side of the theater have limited access with little distance
to the adjoining property lines. The rear of the property has utility poles
and houses DEQ monitoring wells. Development of the theater to the
rear and east is limited.
At the time of this report, the adjoining property to
the east was for sale and is shown in the images to
the left.
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March 2015
The King Street frontage has a
separate door accessing a small retail
store space, main theater entrance
doors and the ticket booth and
theater offices with access to the
second floor hallway leading to
offices and the
balcony.
The main theater auditorium area houses a recently added bar and surrounding seating area.
This area has direct access to the lobby. The bar area has a full view of the theater stage and
screen.
14
March 2015
The main theater stage and screen with original seating still in place.
Original theater seats.
Repair, replacement or removal of the original fixed seating is a critical facility development and
financial decision. For the minimal-cost option these seats are left in place and “as is” with minor
repairs.
Theater Stage Area
The main auditorium theater stage and
screen area is designed with film screening
primarily in mind. The stage area has
limited storage. There is no screen for
viewing films. Some lighting is in place.
15
Curtain operations are manual.
March 2015
Lighting and electrical systems for the stage are in
need of updating .
The theater basements consist of three areas. The
largest basement area is generally below the stage
and accessed from the stage at the rear of the
building. The two smaller basement areas are at the
front of the building located under the theater
ticket/offices and the small King Street retail
space.
The larger rear basement was flooded during two site visits. The basement was subsequently
pumped out and the sump pumps made operational again. A drawing of the basement areas is
provided in the Appendix - Structural Inspection.
Solving the basement water problem is a high priority item.
16
Standing water and the high water mark are shown in these images.
March 2015
The balcony second-level bar and seating / stage viewing area is accessed from the main first
floor lobby. Fixed
seating was
removed and
leveled. The
occupancy load for
this area is 86.
17
March 2015
The curved stairway leading to the lobby is an attractive feature of the building. Bathrooms for
the balcony area are to the right of the stairway.
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March 2015
The top floor of the theater houses the projection room. Access is from the second floor
offices and balcony area. This is unique space with limited function. A bathroom area is
provided in the corner of the projection room. The room is empty without projection or sound
equipment. Purchase and installation of
18
March 2015
equipment is listed as a high priority minimal-cost option for the operation of a theater.
18
March 2015
The second floor “office “ area is divided into a
number of office suites that were once associated
with the operation of the theater. Access is
provided by a King Street level stairway and from
a connecting hallway to the balcony area. This
area was considered for the housing portion of this
study.
Additionally, this area could continue to provide
office space or be remodeled to include a large
“black box” or meeting/classroom area.
The King Street views from second floor office area help showcase this area and the key
position the theater has along the town’s main commercial street. This second floor area is
recommended to become an open meeting - classroom area suitable for a variety of purposes.
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March 2015
While accessibility needs careful consideration, this type of assembly use allows for much
needed “smaller” space within the building.
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March 2015
Second floor hallway with King Street access and
access to the balcony bar and seating area.
A large utility area housing HVAC and electrical areas on the second floor accessed from the
hallway.
20
March 2015
The theater marquee is in need of immediate repair and stabilization. Views from the second
floor windows show a sinking roof. Images from the King Street sidewalk level show the leaking
marquee. The marquee is a
prominent feature of the
building and King Street. It is
recommended to be repaired
and kept as an important
feature of the theater and the
town streetscape. The
theater and marquee are within
the Town’s Historic District
which governs such renovations
and repairs.
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March 2015
Theater Tours
Around The
Region
22
March 2015
22
March 2015
Theater Tours Around The Region
Four theaters were visited during the course of this study. The purpose of the tours were to
give insight to the staff and management team for other theaters in the region. Only the Alamo
could be considered within the market area of Strasburg. Members of the staff and town
elected officials attended. The theaters that were visited included:
• The Alamo Drafthouse Cinema located near Winchester, Virginia (Privately owned)
• The Theater At Washington, Virginia (Privately owned)
• The State Theater in Culpeper, Virginia (Not for profit owned)
• The Wayne Theater in Waynesboro, Virginia (Not for profit owned)
No clear patterns emerged from the tour of the four theaters. Two of the toured theaters are
privately held. Two “downtown” or “Main Street” theaters are similar to the Strasburg
Theater with regard to their position in the community.
Both of the “Main Street” type theaters are organized and run by not-for-profit organizations.
Both have or are spending considerable amounts for restoration of their theaters.
Multi-functional space and a variety of programing are important to each. Programing and
organizational elements are important success components.
All of the theaters had fixed seating.
Food and alcohol sales were important to two operations. The Alamo and the State Theater
both indicated the importance of the revenues from food and alcohol as well as concessions.
Having a supporting organization is critical for two theaters. The State Theater and Wayne
Theater had organizations in place to manage, market and operate the theaters. It should be
noted that while the Wayne Theater is still fundraising and under construction, the operating
organization is still active within the community. Events are held in other locations until the
theater is open.
Having associations with other organizations helps bring a higher quality of programing. Both
the State Theater and The Theater At Washington had important associations with national
organizations to elevate programing efforts. The Alamo is a national franchise.
Housing was not part of the operation of any of the theaters that were visited.
23
March 2015
Alamo Drafthouse Cinemas - Kernstown, Virginia
• Multi-screen modern cinema complex about five years old
• Privately owned, national chain
• Food & alcoholic beverages
• Dining in theater with fixed seating
• Within Strasburg, Virginia market area
• First run films & select specialty films
• Parking on-site in front of the theater
• Corporate & community events
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March 2015
The Theater at Washington,
Virginia
•
Privately owned
•
Speciality music venues
•
Limited concessions
•
Fixed seating
Off site parking (street
parking)
•
25
State Theater - Culpeper, Virginia
•
events)
March 2015
Multi-purpose theater (films, plays, music & local
•
Single screen
•
Fixed seating
•
Visible downtown location
Acquired adjoining property to extend lobby, to
provide access to the stage from the front and to add
storage
•
Restored over
approximately 15 years, about
•
$11 million cost
Limited town government
support, strong private support
•
•
Some food & alcohol
•
Off site parking
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March 2015
• Smaller meeting /film room
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March 2015
Wayne Theater - Waynesboro, Virginia
•
Currently raising funds
•
Seeking tax credit status
•
Under construction (currently delayed)
•
Fixed seating, stage/single screen
Multi-venue facility (music, plays, films,
local events)
•
•
Limited concessions and drinks
•
No eating in the theater auditorium
About 15 years since acquisition by the
town
•
Management by local non-profit arts
organization with staff and nearby offices
•
•
Active board and volunteers
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March 2015
• On-site & street parking
27
March 2015
•
New seating planned
Additional area behind
the stage for storage and dressing
rooms
•
Design allows for access
from front to back without going
through seating area
•
•
Small meeting / film room
About $9 million
restoration budget
•
Events and activities
currently being held at other
locations by the arts organization.
•
28
March 2015
Review Of Proposed & Potential Uses
“Flexibility of space and a variety of revenue sources is of high importance.”
29
March 2015
Review Of Proposed & Potential Uses
Market, Legal & Availability
Market - The market demand for structures like the Strasburg Theater is low.
Other similar properties throughout the region and state are occupied with active
operating businesses. Few theater-type properties are listed for sale. The Strasburg
Home Theater property can be categorized as unique to the Town and its market area.
Other markets with similar structures have created their own market for the use of
structures by forming alliances with art organizations or creating a non-profit film or theater
group to own, renovate and manage the theater.
Sale of food, drinks and concessions is important to the other theater operations.
The Strasburg Home Theater has the capability to allow for food and beverage in the
main auditorium, balcony area and second-floor offices / meeting room areas.
Legal (Zoning and Development Codes) - The list of allowed uses in the Town’s
zoning standards is quite long and extensive allowing for most uses envisioned. A
restaurant is an allowed use by-right in the Community Commercial (CC) Zoning District.
A bar or drinking place requires a Special Use Permit in the Community Commercial
(CC) Zoning District
With the building being vacant for approximately 16 months as of March 2015, the
non-conforming aspects of the building and site will need to be revisited by the Town staff
and County Building Inspector for such considerations as proposed uses and parking.
30
March 2015
Apartments require additional approvals and building modifications to
accommodate the residential use. A change of use and required use separation will be part
of any plan for modification of the existing offices to housing.
Availability - The availability of other similar buildings is low locally and throughout
the State. A search of real estate listings within a 50 mile distance turned up no similar
theater-type buildings for sale or lease. The building is for sale with immediate possession.
The local development codes appear “business friendly” to accommodate most
uses envisioned. The approval and development process time frame appears normal. Any
renovations and improvements for a new user should recognize the pre-construction time
necessary to properly bring the building up to an acceptable level using at least the minimalcost option and properly market and manage a new use.
A time schedule for occupancy (opening), using minimal levels of improvements, has
be evaluated as part of the study. An approximate 2-year time period is anticipated for
acquisition, organizing, planning, design and construction.
Mixing uses (apartments with assembly) within the same building will require
additional interior modifications to accommodate the mixed uses.
Existing Criteria - Having the exact information or criteria of the existing theater
structure and property is critical to identify potential future uses. See Exhibit “A”,
Existing Conditions, Theater Sketches.
Main Floor – The main floor (street level) consists of approximately 8380 square
feet with a major portion dedicated to a 400 +/- fixed seat auditorium facing the stage area.
A bar area is located at the rear of the large auditorium. This floor provides street access
entrance, ticket booth, theater office, bathrooms, and lobby area with stairways.
Stairways lead to the balcony, second floor offices and projection booth (third floor) level.
Left of the main theater entrance is retail space with window frontage and direct access on
King Street. All of the main floor area is currently vacant including the retail area.
31
March 2015
Access to the main floor is through a central entrance connecting the street level
doors to the lobby area. Emergency access doors are provided along each side with limited
pedestrian walkways. Access is also provided at the rear of the building at the rear of the
stage.
Second Floor – The second floor has access via the interior lobby area and from
a separate front street-level entrance. This floor consists of approximately 3138 square
feet. Currently vacant, the second floor is divided into offices facing King Street.
Access to each office is along a main hallway running parallel to King Street. The second
floor has a large storage/utility room and central bathroom with access from the main
hallway.
The second floor office area has been identified as the potential location for
residential apartments.
Third Floor – The third floor has limited access and is approximately 260 square
feet. This floor once housed the projection equipment.
Basement – The basement level is divided into three separate compartments. One
small compartment along the front of the building has access from the main lobby area and
generally is located under the small store front retail space. The other basement area has
limited access from a floor hatch located in the theater office area. The main basement has
access from behind the stage along the rear of the building. Due to the current damp and
wet conditions of the basements, use of these areas for storage is limited.
Utilities – The building is connected to public sewer and water. Electric service is
currently connected. Heating and air conditioning is provided using a number of heat pump
units.
Parking - A separate parcel of land under the same ownership allows for some onsite parking, about 10 -12 unmarked spaces, and access to the side and rear of the theater.
The parking and access area is compacted crushed stone and gravel. Handicapped
parking spaces are identified but not hard surfaced. Off-site parking
32
March 2015
is available on King Street. A recent parking study for the Town identifies parking
areas throughout the downtown that may be used. Agreements for the use of other
parking areas located in the downtown are not in place for the theater.
Potential Future Uses – Using the known criteria, future uses can be identified
into categories:
1. Fixed seat uses
2. Non-fixed seat uses
3. Mixture of fixed and non-fixed seating uses
4. Retail / Office uses
5. Residential uses
6. Mixed Use / Other uses
7. Uses requiring Special Use Permit
The Town Zoning Code allows for a variety of uses for the Community
Commercial Zoning District where the theater is located. Legally allowed uses listed on
the Composite Use Matrix taken from the Town Code were considered along with the
following uses. Allowed uses or uses requiring a Special Use Permit (SUP) are listed
under the column labeled “CC” for the Community Commercial Zoning District.
Fix seating – Movie theater, performance theater, church
Non-fixed seating – Gym and fitness center, library, dance studio, event
center, community or town center
Mixture of fixed and non-fixed seating – Performance theater with food and
drink (SUP), church, dance studio, event center, town or community center
Retail /Offices – Small retail use boutique-type shop, specialty offices,
offices related to the theater or mixed use
33
March 2015
Residential – Apartments, mixed use with retail and theater
Other – Gun/archery range with retail (not a currently allowed use)
Special Use Permit (SUP Zoning) – Bar or drinking establishment, selfstorage, craft brewery, one-time event or temporary use
Drawings showing potential uses are provided in the “Theater Sketches” section
of this report. The housing option is show in the “Final Development Criteria and
Recommendations” part of this report. A brew pub, restaurant, town/community center,
fine arts center and housing optiona are provided. The Strasburg Theater is located in
the Community Commercial (CC) Zoning District and the Historic District (HD)
Overlay Zoning District. The Community Commercial Zoning District regulations and
use matrix are shown here.
These sections may be found in the Town of Strasburg, Virginia Unified
Development Ordinance adopted, July 15, 2014.
34
March zo1 5
UDO
Chapter 3 Zoning Districts
Stv ·ctrd
O .e!opmri Elenl.':nt
SideYard Setback (minimum,from lot line, f adjacent to
25'
resldendal dl5111al
none
Slde Yard Setback (minimum,from rlght-<tf way)
Rear Yard Setback {minimum,from lot Une., if adjateflt to
25'
residential district}
Frontage (m
ln mumJ
non•
BuildingHeight(maidmum)
45'
lot Coverage {maxi mu m)
none
8. Other Olstrict Standards
l. AU accessory bulldfng'S shall be less than the main buiJding In height.
2. Before a Zoning Permit shall be iS$ued or construction commenced on any permitted use in thisdistrict.
or a. permjt is.sued for a new use. Ger.aited Site Plans shall be submitted ITI conf0tmance with this UDO.
3. Sutfldeot are<11 shaU be provfded to edequately screen permitted uses from.adjacent resfdential
dlstJlcu, a> providedIn"11$ UDO.
4. Apartments over flrst floor commtrdal mey be permitted.
3.12.3
cc uaMatrb
LFIC5 Wdt•
l.it1d U'Jt'
cc
RESIDENet OR ACCOMMODATION FUNCTIONS
1000
Two famlly
1120
p
1130
SUP
p
.
"--'f dwelllng
Assisted-living board and care and adult care group homes
Hotef, motel, or touristeoun
1230
1330
GENERAL SALE'S OR SERVICES
2()00
RA!tail salBS or Mee and repair
2100
p
Furnitureor home furnlshll'\p
Hardware
2121
p
p
Curable consumer goods sa es and service
2122
2130
ComputeraACI software
2131
p
camen •nd photosr>phlc supplies
2132
p
Oothlng. jewetry, luggage, shoes, docks, sewing
2133
p
si>ortlng goods, toy and hobbv,and mµslcal lnmumenu
2134
p
cards,seasonal decorations, school and office st1ppUgs,
2135
p
etc.,
Consumer goods, other
Florist
2140
p
2141
p
Art deater suppltes,sale.s .and $ervlce
2142
p
Tobacco or tobacconist establishment
2143
p
SUP
p
Books,magazines-,music,vios, CDs, stationery, greetlns
...
March ZOl 5
Greenhouse - sales of products and related accessory
products
9143
p
Bees
9371
p
Special events
Temporary uses
9910
9920
SUP
SUP
Bicycle sale.s and repair
2113b
p
Cemetery accessory to religiousInstitution
p
Publi<: recreation adlltle•
SOW!lng. bllllmls,pool
Natural and other recre1tlONI
rb
EDUCATION,PUBLIC ADMINISTIIATION, 11EALTH CARE,
•p
5500
p
ANOOTHER JNSlTT\JTIONS
6000
Nur>ery or preschool
6110
6143
61"5
6147
6200
6210
6220
6221
6400
6410
6420
p
p
6430
p
6510
6511
p
Computer tr.tining
Fine andperforminc aru education
Sports and recreation educaUon
Public adminlstriltlon
Legislative and exe<utl•e unctlons
Judlclalfunctlons
Court
Publlcsalety
Fireand rescue
Police
.
Emergency response
Ambulatory or O<J1i>atlent care M1Vices
Olnlc
.
5 llU
S3.'lO
p
p
p
p
p
p
p
p
p
p
6512
p
6561
6562
p
p
Veterans affairs
6563
6564
6565
6566
6567
VocatiO!lal rehabflitatlon
Small religious Institut on
6568
6600
p
p
&710
p
p
Busin""'association or professlonll membenhip
CMc,socia,l or tr.temal 0<g1nl'11cn
6810
6820
6830
AGRICULTURE,FORESTRY, FISHING,ANO HUNTING
9000
Greenhouse - soles of products crown on premises
9142
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Community food ser. ces
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Exterior Elevations & Interior Layouts
Movie Theater
Front Elevation - Existing - EXHIBIT A
Existing Conditions - EXHIBIT B
Option 1 - Fixed Seating - Minimal Cost Option - EXHIBIT C
Option 2 - Open Seating - Enhanced Option - EXHIBIT D
Option 3 - Brew Pub/Restaurant/Theater - EXHIBIT E
Town Center - Community Center/Town Center - Multi Purpose Center
Front Elevation - Community Center/Town Center - EXHIBIT F
Option 1 - Fixed Seating - Community /Town Center - EXHIBIT G
Option 2 - Open Seating - Community / Town Center - EXHIBIT H
Fine Arts Center
Front Elevation - Arts Center - EXHIBIT I
Option 1 - Fixed Seating Arts Center - EXHIBIT J
Option 2 - Open Seating Arts Center - EXHIBIT K
40
March 2015
Site Planning
The west side of the theater, which is a separate parcel, provides about 10 to 12 customer
parking spaces. The parking area is compacted gravel and spaces are not marked. Emergency
access doors and HVAC occupy the theater wall along the parking area. A conceptual site
50
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March 2015
allow for pedestrian access, to help improve drainage and relieve basement flooding and to add
parking spaces to help meet American with Disabilities Act (ADA )standards for accessible
parking for the theater.
53
West Xing SUt,Strasburg, Virginia
Strasburg Theater
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A variety of interior layouts were considered for the theater. The examples shown in this report
are designed to evaluate space and potential. While each example can be viewed and evaluated
individually, any combination of uses may be mixed. The intent is to show potential. Critical to
the success is flexibility of space and a variety of revenue sources.
Three options are shown with either open or fixed seating. Each option shows a suggested
interior layout and front elevation. Possible uses include:
• Movie theater
• Movie theater with brew pub and restaurant
• Town Center or Community Center
• Fine Arts Center
Exterior improvements are suggested for each option to allow for outside activities and bring
attention to the facility that would not otherwise be seen during remodeling.
The least-cost option suggested is to re-open the theater to show movies using a fixed seat
option.
A housing option was evaluated with units proposed in the second floor office area. The
addition of apartments is a change of use from the existing office space. The housing use
consisting of two studio units or a single two-bedroom unit coupled with the minimal-cost option
improvements was cost prohibitive. The need to create
separation between the housing use and assembly use
adds costs. Because of the anticipated costs and
limited space for additional units the housing component
option was eliminated early during the study allowing time
to focus on additional options.
58
March 2015
Occupancy for different parts of the theater are posted. The building is listed as an assembly
use with the following occupancy limitations:
•
Upper Balcony Area - 86
•
Main Theater - 446
•
Lower First Floor Bar Area - 76
58
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58
March 2015
Final Developmental Criteria & Findings
Potential
Housing, Retail/Commercial, Public/Semi-public
58
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Budget Notes
Development Options & Financial Considerations
58
March 2015
58
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If!ARCM ITECTS
Exhibit M
66
March 2015
Potential - Potential uses for the theater are vast. The Town Zoning Code allows for a wide
variety of allowed uses as well as uses allowed with a Special Use Permit. Currently the theater
is approved as an assembly-type use with occupancy capacity ratings for each area. These
capacities are listed in a previous section of this report. Continuing with an assembly-type of
use; considering the design of the building with the open balcony; and, the sloped main
auditorium floor are key components of any decision for potential uses. All of the options
provided generally fall under the assembly-type category with either fixed seating or an open
seating arrangement with tables and allow for flexibility of space. Some options such as the
ones with fixed seating are less flexible than the open seating options.
The minimal cost option allows for a variety of uses that may be associated with either an arts
center or community/town center. It was concluded after studying the various options and
allowed uses that the minimal cost approach for an assembly type use provided the flexibility
needed.
Housing - Housing was considered as a high potential option during the initial phases of study
and by the Town. The second floor facing King Street is now divided into offices that were
generally associated with the theater. This area was identified by the Town as the possible
location of residential apartments.
After looking at the space and designing a residential housing option, two critical elements
emerged. First, the space is small. Only one, two-bedroom apartment or two, studio apartments
could be designed into the space. Secondly, separation of the residential component from the
larger surrounding assembly component would add to the cost of the units.
Studio Apartment Option
66
Unit #1 - 312 Square Feet
March 2015
Unit #2 - 354 Square Feet
Two-bedroom
Apartment Option 1250 Square Feet
Other factors contributing to the consideration of the housing options included the need to
continue with critical minimal-cost option repair improvements to stabilize the building.
Additionally, access without installation of an elevator would limit potential users.
Currently, small two-bedroom apartments bring $400.00 to $1,000.00 per month in the
Strasburg market based on an informal review of listed units for rent. The higher-end units
appear to be primarily in homes with yards and amble parking. Some units are in private homes or
are small private homes while others are in apartment buildings.
Because of the low rental rates for smaller units and because of the higher renovation costs
associated with placing the units within an assembly-type building, the housing option was
removed as a potential feasible option. Additionally, the market demand for the small downtown
space was of concern. Estimates using the minimal-cost option along with the upgrades needed
for the housing option place improvements for one apartment or two studio apartments at or
above a competitive per-unit price for the market.
A housing / residential option is provided showing the location and configuration of the
apartments in the theater.
Retail/Commercial - Commercial/retail space is limited to the small retail shop area with direct
access to King Street. Interior access is provided. The shop space has limited storage. The
space could be used for part of a theater operation or as a retail space not associated with the
theater. This space is recommended to be continued as a retail/commercial space. Depending
66
March 2015
on the selected operation, income from the retail/commercial use of the space would be under
66
March 2015
$1,000.00 per month. Renovation of this space could occur as part of the minimal cost option.
66
March 2015
Public/Semi-public - The minimal cost option accommodates a theater, arts center and
community/town center. Combinations of fixed and open seating are envisioned and identified
in the various options allowing for flexibility of use. The minimal cost option is approximately
$450,000.00. Income derived from the selected option under a public, semi-public or not-forprofit is difficult to define. Rent from space provided to different organizations on a permanent
or one-time basis is one source of income.
Action Steps & Recommendations - The following tasks are recommended as the next
necessary steps toward
1. Determine the level of support from the Town for acquisition, management and operation.
Determine if any community organization has the ability to assist with the management and
operation of the theater under any of the proposed options.
2. Gain control of the facility.
66
March 2015
3. Make repairs or renovations necessary to stop any additional water damage from roof,
marquee and the flooding basement. Repair the marquee. Maintain the building in good
order until funding for renovations can occur.
4. Create or utilize an organization that will focus on finding funds and managing the
development of a program suitable to sustain the selected option.
Budget - An initial budget that includes acquisition, A&E, project management, construction,
finance costs, management, operations and contingencies is shown.
Critical to the
66
March 2015
success of an operation is to include costs associated with the development of the site as well as
66
March 2015
programing and operations. While any variety of financing options may be used, the total
projected budget for the minimal cost option using these factors is estimated at $1,450,000.00
over an estimated eighteen month period. The eighteen month period is used for budgeting
illustrative purposes only. The potential time-frames may be longer depending on a number of
variables associated with organizational, planning, programing and fundraising/grant/financing
efforts.
Estimated Costs - Estimated cost for construction include site work and interior renovation.
Site work includes sidewalk, paving, striping, a new modified curb cut at King Street and
landscaping. Site work is recommended to help solve the water problems associated with the
flooding basement.
Interior costs for the minimal cost option include:
1. Marquee design, approvals and repairs
2. Roof replacement
3. Flooring replacement
4. Interior painting
5. HVAC replacement
6. Electrical replacement
7. A new digital projector with sound system
8. Plumbing upgrade
66
9. A/E, project management and contingencies (fees, insurance, permits, etc.)
March 2015
Option Construction Cost Estimates - Construction cost estimates for the various options
are provided on the following matrix showing each potential option and the mid-range of
estimated costs. Assuming these costs are in addition to the minimal cost option each can be
added using the matrix. An option to include an elevator and a major bathroom cluster upgrade
66
March 2015
in the first floor office area is included in the matrix. These options can be added to any of the
potential use options to estimate construction costs.
66
March 2015
Development & Financial Suggestions - The first steps in determining a clear picture for a
potential use for the theater is to identify key elements of ownership and expenses associated
with the use. Critical at this time for any forecasting or projections is to create a budget. Some
major developmental and financial questions need to be considered. These are:
1. Determine the level of involvement the Town will undertake with either ownership, creating
or supporting an organization to own and manage the facility.Determine if any local
organizations are capable of leading the effort to redevelop, renovate and manage the
theater. At this time, there appears to be no local organization.
2. The minimal-cost option is suggested to keep the property from further deterioration. This
option could be either a public or private sector effort. Based on the theaters toured and
observations of other community theaters, a public or not-for-profit (or combination) may be
best suited for the Strasburg Theater. The level of support for such an effort should be
considered immediately. Having a clear understanding if the property will be under public,
private or not-for-profit ownership and management will help determine grant and finance
options.
3. Determine if the owner will finance the sale of the theater.
4. Determine if the owner will rent with option to purchase
5. Consider assisting any potential new owner / tenant with business planning. The goal is to
have a sustainable operation. Having a comprehensive business plan and budget as part of
any proposed use and operation is critical to success. The Town should make every effort
to provide assistance from local economic development offices as well as State small
business development and economic development sources to any organization considering
using the theater.
6. Consider public-private venture of ownership and management. This form of ownership
and management appears to be working for other “Main Street” theaters.
7. Identify grant and loan funding sources that dovetail with the long term goals of selected
development option for the site. If the theater is not privately owned or privately funded,
grant options are available. Specifically, a possible grant program for the theater is the
Virginia DHCD Industrial Revitalization Funds (IRF) providing up to $600,000.00 per
project. The community - town center or arts center project with an operational theater may
be an excellent candidate for such funding.
8. Commercial loans for private sector development and operation of the theater are subject
to the ability of the borrower both in terms of finance and experience.
67
March 2015
Final Remarks - While the minimal-cost development option for the theater is the most
conservative alternative, success can only come with a sustainable use or profitable use. The list
of potential and mix of potential uses for the theater is considerable, but each use has to be
considered with a sustainability in mind. Having a realistic understanding of the expenses to
design, construct and manage any improvements to the theater will help plan for a successful
outcome. Depending upon the use or option, under either under public or private ownership,
having a clear understanding of the potential market and income will assist with creating a budget
necessary to acquire, plan, finance and develop the theater for the use selected. The options
outlined in this report are both public and private sector oriented. Some of the options could
have a combination of public - private partnerships. Whatever potential use and
ownership/management options are considered, the critical factors of time, expense and income
for any budget or pro-forma statement cannot overcome the impacts of a vacant building that is
in need of repair. Critical to any planning is the immediate issue of continued deterioration of
the building.
The minimal-cost option for the theater accomplishes two things. First and foremost, the
theater, under this option, is repaired enough to stop further deterioration. Secondly, the
theater is put to use as a movie theater with a variety of other potential uses. Having an
operational theater in a relatively short period of time, about two years, should help to bring the
much needed support and attention to the facility as an important community and “Main
Street” component. With community support, additional plans and programs can be
considered.
Repairing and putting the movie theater back into use is recommended as a critical first step for
any buyer.
The critical component for the success of a start up, least-cost operation is to consider the
flexibility of the space for a number of uses both public and private and to have a variety of
revenue sources.
68
March 2015
68
March 2015
Strasburg Home Theater
151-155 West King Street, Strasburg, Virginia
Appendix
Appraisal Report - February 2013
Survey Plat - September 2012
Deed & Plat - October 2013
DEQ Letters - October 1998
Structural Inspection Report - March 2014
Wood Damaging Insect Inspection Report - June 2014
Tax Report - July 2014
Water Usage History - July 2014
Electrical Usage History - July 2014
Typical Loan Requirement Summary Sheet
Potential Grant Sources
Memos & Report Materials
69
March 2015
69
COMPLETE SUMMARY
APPRAISAL REPORT
OF A
COMMERCIAL PROPERTY
LOCATED AT
151 KING STREET
STRASBURG, VIRGINIA 22657
PREPARED FOR
RIVERDALE FUNDING
DATE OF REPORT
FEBRUARY 6, 2013
DATE OF VALUE
FEBRUARY 4, 2013
BY
BARRY L. PUGH
CERTIFIED GENERAL REAL ESTATE APPRAISER
COLONIAL APPRAISAL SERVICE
2340 South Main Street
Harrisonburg, Virginia 22801
540-433-2377
Fax 433-5946
February 6, 2013
Riverdale Funding
4400 Route 9 South, Suite 1000
Freehold, NJ 07728
RE:
Appraisal of 151 King Street, Strasburg, Virginia, 22657.
Dear Sirs:
Pursuant to your request, I have appraised the above referenced property, more fully described in
the body of this report.
I submit herein a report containing the most pertinent of the data assembled, my analysis and
conclusions. This report has been prepared in accordance with and subject to the Uniform Standards of
Professional Appraisal Practice, as promulgated by the Appraisal Standards Board of the Appraisal
Foundation and all other applicable laws, rules, and FIRREA Regulations. I, Barry L. Pugh, hold a
certified general real estate appraisal license issued by the Virginia Real Estate Appraisal Board.
This is a Complete Summary Appraisal Report made according to the binding requirements and
guidelines of the Uniform Standards of Professional Appraisal Practice (USPAP). I have performed all
of the procedures of the Valuation Process required by the USPAP for a Complete Summary Appraisal.
I conclude from this analysis, subject to the contingent and limiting conditions set forth herein,
that the subject property has a market value as defined as of February 4, 2013 of:
SEVEN HUNDRED TWENTY FIVE THOUSAND DOLLARS
($725,000)
Thank you for this opportunity to be of service. If I can be of any further assistance please call.
Respectfully submitted,
BARRY L. PUGH
Certified General Appraiser
State Certification #: 4001 003384
Expiration Date: May 31, 2014
2
TABLE OF CONTENTS
CLIENT AND INDENDED USER AND PURPOSE OF THE APPRAISAL ................................. 4
INDENDED USE AND PURPOSE OF THE APPRAISAL............................................................. 4
PROPERTY RIGHTS APPRAISED ................................................................................................. 5
DEFINITION OF MARKET VALUE .............................................................................................. 5
SCOPE OF THE APPRAISAL ......................................................................................................... 6
UNDERLYING ASSUMPTIONS AND LIMITING
CONDITIONS APPLICABLE TO THIS APPRAISAL.................................................................
AREA DATA ......................................................................................................................................
SUBJECT DATA ................................................................................................................................
ZONING AND OTHER RESTRICTIONS.........................................................................................
FLOOD HAZARD AREA ..................................................................................................................
ENVIRONMENTAL HAZARDS.......................................................................................................
HIGHEST AND BEST USE ...............................................................................................................
DELINEATION OF TITLE ................................................................................................................
TITLE REPORT..................................................................................................................................
SALE, OPTION OR LISTING AGREEMENT ..................................................................................
REAL ESTATE TAX ASSESSMENT DATA ...................................................................................
VALUATION PROCESS ...................................................................................................................
THE SALES COMPARISON APPROACH.......................................................................................
COMPARABLES SALES...............................................................................................................
SUBJECT VALUE COMPARISON...............................................................................................
MARKETABILITY ANALYSIS....................................................................................................
THE INCOME APPROACH ..............................................................................................................
VALUE RECONCILIATION .............................................................................................................
CERTIFICATION OF VALUE ..........................................................................................................
BARRY L.PUGH, Certified General Real Estate Appraiser ..............................................................
ADDENDUM
SUBJECT PHOTOS
AREA MAP
FLOOD MAP
3
CLIENT AND INTENDED USERS OF THE APPRAISAL
The client and intended users of this appraisal are Riverdale Funding.
INTENDED USE AND PURPOSE OF THE APPRAISAL
The purpose of this appraisal is to develop an opinion of market value in terms of cash or on
financing terms equivalent to cash of the subject property in fee simple title unencumbered as of
February 4, 2013, for financial lending purposes.
4
PROPERTY RIGHTS
The property rights being appraised are fee simple. Fee simple is defined as:
The maximum possible estate one can possess in real property. A fee simple estate is the
least limited interest and the most complete and absolute ownership in land; it is of
indefinite duration; freely transferable, and inheritable.
DEFINITION OF MARKET VALUE
The definition of market value, as used in this report, was obtained from the Federal Deposit Insurance
Corporation Law, Regulations, Related Acts Section 323.2 (g) and is defined as:
The most probable price, in terms of money, which a property should bring in a
competitive and open market under all conditions requisite to a fair sale with the buyer
and seller each acting prudently and knowledgeably, and assuming the price is not
affected by undue stimulus. Implicit in this definition are the consummation of a sale as
of a specified date and the passing of title from seller to buyer under conditions whereby:
1.
2.
3.
4.
5.
Buyer and seller are typically motivated.
Both parties are well informed or well advised, and acting in what they consider their
own best interests;
A reasonable time is allowed for exposure in the open market;
Payment is made in terms of cash in U. S. dollars or in terms of financial arrangements
comparable thereto; and
The price represents the normal consideration for the property sold unaffected by special
or creative financing or sales concessions granted by anyone associated with the sale.
5
SCOPE OF THE APPRAISAL
In the preparation of this appraisal, I personally visited the subject property, and did visually
inspect the interior and exterior of the property. I measured the improvements to determine square
footage, and did walk the property. I have contacted the assessor’s office and the Clerk of the Circuit
Court’s office of the subject’s jurisdiction to verify the legal description, current tax assessment, date of
assessment, and checked for any transfers of the property during the previous three-year period.
I am not an engineer and not qualified to assess structural integrity or the adequacy and condition
of its mechanical, electrical, or plumbing components. This appraisal is not a property condition report,
and should not be relied upon to disclose any conditions present in the property, and it does not
guarantee the property to be free of defects.
I have researched public records, the Multiple Listing Service and our sales database to obtain
data and that data is assumed to be reliable and correct. I have interviewed property owners, developers
and brokers to obtain related data. Our office subscribes to the Marshall and Swift Cost Valuation
Service and uses this data along with local builder information to establish estimates used in the cost
approach to value. Local rental management services, realtors and private landlords are checked to
supply timely income approach data.
Information regarding financing, seller’s concessions, etc. is obtained from the contract of
purchase, the lender, or the listing/selling broker’s office, and is assumed to be correct.
Flood hazard maps for local areas are maintained in our office and updated as new information
becomes available. Accumulated area data and files on previous appraisals from this office are used
when possible.
This scope is not limited to the above contributors but does cover the large majority of
information used in the normal course of business by my office. This report is prepared by the appraiser
using computer-assisted computations and has been reviewed for accuracy by the appraiser to the best of
my ability. I reserve the right to correct any mathematical or typographical errors that may have been
overlooked in the review process.
6
I have analyzed the data from these sources to gain an understanding of the economic climate,
environment and market forces, which affect real estate values including that of the subject. I have
applied the collected information to the appropriate valuation approach to develop the opinion of market
value for the subject property.
7
ASSUMPTIONS AND LIMITING CONDITIONS
The term "Appraiser", as referenced herein, refers to the appraiser preparing the report, the appraiser's
employer for purposes of this appraisal, and other employees of the employer and/or appraiser.
1.
LIMIT OF LIABILITY: The liability of the Appraiser is limited to the client and to the fee
collected (if any) with no liability or obligation to any other third party. If this report is placed
in the hands of anyone other than the client, the client shall make such party aware of all
limiting conditions and assumptions of the assignment and related discussions. The Appraiser
assumes no responsibility for any costs incurred to discover or correct deficiencies of any
nature present in the property.
2.
CONFIDENTIALITY: This appraisal is to be used only in its entirety; no part is to be used
without the entire report. All conclusions and opinions concerning the analysis set forth in the
report were prepared by the specific Appraiser(s) whose signature(s) appear(s) on the appraisal
report, unless indicated otherwise in the report. No change in the report shall be made by
anyone other than this Appraiser. The Appraiser shall have no responsibility if any such
unauthorized change is made.
3.
INCLUSIONS: Unless otherwise stated in the report, the valuation in this report is based on
surface rights free and clear of all liens and encumbrances (Fee Simple).
4.
EXCLUSIONS: Unless specifically cited, value does not reflect mineral, gas, oil or similar
rights that may exist in whole or in part unless specifically noted in the report. Furnishings,
equipment, personal property, and business operations, except as indicated in the report, have
been disregarded with only the real estate and fixtures being considered in the value estimate.
5.
LEGAL MATTERS: The Appraiser assumes no responsibility for matters of a legal nature
affecting the property appraised or the title thereto, nor does the Appraiser render any opinion
as to the title, which is assumed to be good and marketable.
6.
LEGAL DESCRIPTION AND EXHIBITS: The legal description of the property as provided
by the client, is assumed to be accurate. Any plats, maps or sketches in the report show
approximate dimensions and are included to assist the reader in visualizing the property. Such
items may not be to scale and are not surveys unless provided by a registered surveyor.
7.
MANAGEMENT OF THE PROPERTY: The property is appraised as though under prudent
and competent ownership and management. Further, the appraisal is based on the premise that
there is full compliance with all applicable federal, state, and local statues and/or
environmental regulations, unless otherwise stated in the report.
8.
HAZARDOUS OR TOXIC MATERIALS: The Appraiser is not qualified to verify or detect
the presence of hazardous substances by visual inspection or otherwise, nor qualified to
determine the effect, if any, of known or unknown substances present. Unless otherwise stated
on this form or an attachment hereto, the final value conclusion is based on the subject
property being free of hazardous waste contaminations, and it is specifically assumed that
present subsequent ownerships will exercise due diligence to ensure that the property does not
become otherwise contaminated.
8
9.
HIDDEN COMPONENTS: The Appraiser assumes that there are no hidden or unapparent
conditions of the property, subsoil, excessive topography, sinkholes, or structures, which
would render it more or less valuable. The Appraiser assumes no responsibility for such
conditions or for engineering, which might be required to discover such factors.
10.
INFORMATION USED: Information, estimates, and options furnished to the Appraiser, and
contained in this report, were obtained from sources considered reliable and believed to be true
and correct. However, no responsibility for the accuracy of such items is assumed by the
Appraiser. It is suggested that the client independently verify the information provided prior
to entering into transaction that would significantly impact the property or would require a
substantial commitment of funds. Unless otherwise noted, no one provided significant
professional assistance to the undersigned.
11.
COURT TESTIMONY: The Appraiser is not required to give testimony or appear in court
because of having made this appraisal with reference to the property in question, unless
arrangements have been made previously therefore.
12.
COMPONENT VALUES: The distribution of the total valuation in this report between land
and improvements applies only under the existing program or utilization. The separate
valuations for land and building must not be used in conjunction with any other appraisal and
are invalid if used.
13.
TIME EFFECT ON VALUES: The market value estimated, the cost estimates, and other
estimates used in arriving at the final estimate of value are as of the effective date of the
appraisal. Because the markets upon which these estimates and conclusions are based are
dynamic in nature, they are subject to change over time. Further, the appraisal report and
value estimates are subject to change if physical, legal, financial and other conditions differ
from conditions on the appraisal date.
14.
CHANGES AND MODIFICATIONS: The Appraiser reserves the right to alter statements,
analysis conclusions or value estimates in the appraisal if facts become known that are
pertinent to the appraisal process that were unknown to the Appraiser at the time of report
preparation.
15.
DISTRIBUTION AND USE OF REPORT: Neither all nor any part of the contents of this
report, or copy thereof shall be distributed without the prior written consent of the Appraiser.
Possession of this report of any copy thereof does not carry with it the right of publication, nor
may it be used for other than its intended use. Neither all nor any part of the appraisal report
shall be conveyed to the general public through advertising, public relations, news, sales or
other media, without the written consent and approval of the Appraiser. The physical report(s)
remain the property of the Appraiser for the use of the client.
16.
FEE: The fee (if any) for this appraisal or study is for the service rendered and not for the
physical report or the time spent preparing the physical report itself. The fee for provision of
this report is for analytical services provided by the Appraiser and has no relation to the final
values report.
17.
ACCEPTANCE OF, AND/OR USE OF, THE APPRAISAL REPORT BY THE CLIENT OR
ANY THIRD PARTY CONSTITUTES ACCEPTANCE OF THE ABOVE CONDITIONS.
OTHER CONDITIONS:
9
Virg1ri
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Shenandoah County
Shenandoah County
There's only one Shenandoah County in lhe Shenandoah Valley, A skilled
wmkforce and our location are among Shenandoah County's key assets to
industry. The northern end of the county provides easy access to northern and
Washington, D.C. f!lllrl<ets. We provide easy access to lhe Virginia Inland Port
and to the Winchester Regional Ail]lort. We invrre you to discover why
companies such as Route 11 P-O!ato Chips and Mercul'f Paper chose
Shenl!ndoah County for lheir home.
Pago 1 1
Location
Shenandoah County
Shenandoah County is located in northwestern Virgin" within the scenic and
historic Shenandoah Valley, The county has a land area of 507 square mi es,
Woodstock, the county seat, is corweniently located off I-st Trade and
commerce have l0t1g been important factors in the development of the county
Washington, O,C, is 95 miles east and Richmond, the state capital, is 153
miles southeast,
12
12
Labor Market Data
l'Dpulidkl1J illThoHands
RacelEltmicily (2011)
Classlllcallon
111/hi!e
SIact
T\W or More
Asian
AmetitEF! lndtmi or Alaska Native
l'acilic Islander
Hispanic (may be alany race)
Median Age (21111)
Profile: Area
40,317
914
617
251
165
19
2,652
labor Area
352,654
18,721
6,768
5,559
1,810
265
31,824
44years
Unemployment Rate (July 2012)
Shenandoah County
labor Area
statewide
Unemployed (2n11)
U%
6,3%
S,0%
Shenandoah Cmmly
labor Area
1.437
13,513
Tola!
14,1150
Underemployed (2nd Quarter 2012)
Shenandoah County
labor Area
Tola!
13
2,381
21,857
24,238
Labor Market Data
Llve and wotk '1Shenan- Coonty:
Total ! >Commuters:
Total Out-Comnme" :
Net Out-Commuters:
In-Commuters: From:
Rockingham Co. VA
11,378
55,5%
3,!121
14.7%
5,005
2!"'1%
3,004
867
2ft7%
18.2%
Warren Ct> VA
Frederick Co. I/A
550
Hardy Co, WV
237
230
17.5%
1.8%
7.6%
Frederick Cil VA
Winchester Ci!yVA
1.232
866
20.2%
14.2%
Rockingham Co. VA
1126
Warren Co. VA
680
Hanisonburg Ci!yllA
637
13.6%
11.2%
10,5%
Page Co. VA
Oil-Commuters To:
530
WO!l;ed from home
740
uoo.r 15mmut.es.
5,401
15-29 minutes
3()..59 mim.ies
5,846
OVer 60 minues
1,744
High School Graduates Not Conijming (2010-2011)
T-Y•ar College Graduates (Spong 2011)
T-YearCollege Enrollees (F!2011)
other College and Universily Graduates (Spong 2011)
Total
3,732
4.2%
32.3%
35.0%
22.3%
10.4%
6ll
822
5,737
5,932
12,551
14
Labor Market Data
lllrginia's CRC assists employers by certifying that •fll<iplert possesses
eore skil> in•Wiied matt\ reading !or infoi!llatio and locating information
The CRC c"'1i!lealion Is based on esl!blished Worl<"lfs ® assessment
ll!sts. Vrginia uses a lhr<!<Hjered approach (bronze. siller, gold) to
credentialing eerteate holders Iha! is based on the recipients level of
development skills. (Numbers are regionat, based on 1NO!tfotce investment
Oir1ime Graduation Rate (Class of 2011)
Percenll!ge of Shenandoah County population age 25+ wlioare
!'ig1 sohoof graduates
Percenlage of Shenandoah County populatioo age 15+t.nohaw
earned a Bachekis Degree or higher
15
89.6%
62.7%
17.5%
Labor Market Data
county
workforce of
Natural Resources aid ring
244
518
ConstrucOOn
Trade
1.795
479
Transportalion and Util[les
Marufactunng
financial
Services
3,268
282
411
S,982
Government
2,256
Information
Other
To1lll
0
13,245
t8%
3.9%
13.6%
3.6%
24.7%
2.2%
3.1%
30.1%
17.0%
0
100.0%
D;a'.]O$E\:l
J\: 0
818usine;;s: Eo;:-t:bi S"Yn211!
Construcilon. Extraclion & Mfllntenan<•
Farming, Flshlng & Foresby
Managerial. Professional B Related
2.229
Produclion, TrMsportilllon ll Material Melling
2,001
Sales & Offire
2,892
901
91
Service
Tola!
s:r 2t:Gne33 E::,: itih ,,}1:rren!
16
2,100
11.114
B.1%
0.8%
20.1%
26.1%
26.0%
18.9%
100%
Labor Market Data
Ellilmltfetl
Comp8f!Y
Product/Seivict;
Empb;ment
Blue Ridge Truss & Supply,Inc.
Roof & floorirusses
Bowman Apple Products, Inc.
Carmuse Lime and Stone Company
Apple products
Minin!)'Slone Quarry
Georges Chicken LLC
Poultry processing
600 - 999
Howell Metal Company
Copperlubing
Automotive trim
300 - 599
tr;C
Kennametal, Inc,
Metal Wlllkingtools
Mosco Builder
Mercury Pa!l"r
Wood products
Personal aper products
100 ' 299
100 - 299
New Market Poullry Products,ln<.
Poolry processing
R. R. Donnelley md Sons Compa
Co:mmerdat printing
100 - 299
600 - 999
100 '299
S00 -599
100 - 299
300 -599
50-99
Petitions filed !or dere!lif!calioo
0
Petitions fled for representation
0
0
0
Petitions lied for raid
Elections -byunion
Elections -by company
0
17
17
Office Clerks. Goreral
labore1> and Freigrl,Stack, and Matenal Movers, Hand
Heavy and Tractor-Trailer Truck Onvers
Stock Clerks am Onler Fillers
Meal Poultry. and Fish Culrera andTrimmera
Maintenance and Repair Workers. Genera!
Elemerlal)' School Teachera, E><ep! Special Education
Bookkeeping, Accounting, and Auditing Clerks
General and Operations Managers
First-Line SupenAsors of Office and Admlnislrative SupportWorkers
Carpenters
Secondo!)' School Teachern, Except Special and Career11'eclmlcal
$12.66
$24,44A01
$26,33257
$18.57
$12.91
$37,655.86
$24,920.10
$38,624.95
$26,860.63
$10.57
$22,08264
$21.991.14
$16.91
$33,ll84.33
$35,162 31
$22.44
$23.03
$46,668.43
$47,907.70
$15.51
$36.09
$20. 11
$16.26
$22.76
$15.74
$41.35
$20.95
$16.61
$32,268.72
$75,06273
$41,816:96
$32,736.08
$116,010.68
$4580.71
$33,821.4\l
$47,338.17
$34,547.07
$095
$9.66
$11.52
$15.81
$18.41
$18,620.52
$20,088.99
$11.17
$13.35
$17.91
$23,966.09
$13.46
$13.96
$23,226.45
$27,761.4()
$37,382.00
$27,908.23
$23.22
$1347
$23.97
$25.33
$52,682.61
$13.94
$48,299.21
$28,016.82
$26.72
$48,856,50
$55,577.Jl9
$11.98
$10.62
$16.20
$23.62
$49,127.71
Ewcation
Teaeher Assistants
Receptionists and lnfonnation Cle!l<s
light Truck or Delivery SeMces Ortvers:
licensed Practical and Licensed Vocational Nurses
Industrial Truck Md Tracttir Operatorn
firnt Line Supervisors of Pr<>duclion and Operalkg\llori<ers
Customer Slll1A•• Representilllves
Sales rwpresert!atives,Wholesale and Manufat!Uling, Except
Teclmical and Scientif<: Produci>
18
$32,877.23
$38,286.61
$29,05150
$28,985.06
is
level
Elementary
Middle
Hi!tt School
Numbor
Enroltnenl
3
2,002
3
3
1,365
2,010
Massanu!ren Govemols School forlnregrated Environmental Science & Technology
Governors School Enrollment
Students ll!king 1or more Advanced Placement (AP) Courses
Students lakhg 1or more AP Exams
19
25
158
107
319
Comprehenshte Center
FisheNille Wol1d\irre Center
VEC Woildon:e Center
Harrisonburg Woildorce Center
VEC Woildoroo Center
!.J>nl Fairfax Community College Workforce Solutions Career and Technical Center
Reemploy Virginia- FishlOfliille
Reemployment Center
Trip!el! Tech
Winchester Workfurce Center VEC
Workfurce Joo Cen!llr
careera!\d Techn!cal center
Comprehensive Center
Sal:l!lllte Center
James Madison Unlversi!y
!.J>nl Failfax Community College- Middlel<l<"'1 Campus
19,122
5,737
Shenandoah University
4,ll52
Easterc Mennooite Universiy
Christendom Coll •
1,521
Lord Faitf"' Community College- Lura -!'age Cou
404
Center
Page j 10
20
Transportation
0.0 miles (M km.)
0.6 miles (tokm,)
38.B mttes (62.4 km.)
68
31iB mfles (62.5 km.)
HO
40.1 miles (64.5 km.)
Note: Measured from border ol localilylregion.
Note: Withina 75·mile drive of !he center olthelocality.
Page j11
21
Transportation
Note: Dliving distance from the eerier ol'the locallyto Portcf Vi!llinia and •11)' other
seaports l<ithin 100 mies
Nole: Onving distance from the eerier of the locally to Port cfWashiflg!on• Dulles
and any olhllf port of entiy .mn 100 mi••
22
Eleclrlc
Dominion Virginia Power
Electric
Tele<:ommunicatloos
Water
Water
Water
water
\Iii.,., Water Treatment
Shenandoah: Telec:ommunicatioos
Town of ErlinllullJ
T0""1of Mount Jacirnon
TO!Mlof Strasburg
Shenandoah County
To""1 of New Markel
Toms Brooli!Maure!Wwn Sewer Au!llorlly
\illasre \ater Treatment
\lilasl>! waterTreatment
Wasl>! \illaterTreatment
Town of ErlinllullJ
Wasre \lilater Treatmenl
Solid Waste Disposal
Town of New Market
Shenandoah County Landfill
23
Town of Mount Jackson
Tov.n
Financial Institutions
institutiorrn
Bank of America, NA
SunTrust Bank
Breneh Banking and Trust Compa!ll
United Bank
$171,291.7
$16$,667,6
$3,634,1
Sonaban NA
$611.5
Farmers & Me1tharrts Billk
$566.Q
First Bank
Virginia Savinjjs Bank, FSB
$53R5
Page j 14
24
Shenandoah County
Govemment
Shenandoah Courtly has a County Adminlslnlfor and a six-member Board of
supervisors.
The county has a oomprehensive plan. a zoning ordinaice, and a subdivision
ordinance.
Woodstock ts Iha county seat. C!har incol])orated towns are Edinburg, Mount
Jackson. New Martiet. strasburg, and Toms Broot
Taxes
Localities in Virginia collect a 1%sales tax. They do no:tax other items taxed
atlhe Slate level.
Counties and cities in Virginia are separate taxing entities. Therefore, a
company pays taxes to either a county orto a city,
If a company is located in a town, i!pays town and county taxes except for
utility taxes v.tlich are paid on!)' to !he town and !he license tax which is paid
on!)' to !he town unleVi awn law pemii!$ the addltional C!lllection or a county
tax.
Manufacturer,; pay real estate, machinery and tools, truck and automobile,
utirrty, and sales mx••
Noomanufacturers pay re.al estate, tangible personal property, lruok and
automl>bile, utility, end sales taxes. They also nnlY pay either a mercilan!s'
capital or a license tax.
lllamdacturefll Tex Profile (Shenandoah) flf;lf.
Nor1-111811ufs.cf11rer's fax Profile (Sl!&nandoail) w;1f.
Page j15
25
Shenandoah County
Community Facilities
Shenandoah Memorial Hospital, lllCli!ed in Woodstock, is a 25 bed critical
access facility offering a medica"surgical unit 24 hour emergency services,
out patient surgery, medical imaging, diabetes management, in patient and out
patient rehabilitation, behavklrial health services, sleep lab and wellness
programs, J>rea residents also utilize regional medical centers in neart;y
Harrisonburg and Winchester, The Hanisonburg facility, Rockingham
Healthcare, has a 330-bed capacity offering full medical, surgical, and
psychialrtc services, The Winchester Medical Center is a 403-bed facility Iha!
also offers full medical,surgical, and psychialrtc services,
Shenandoah County has three nursing homes, Two are located in Woodstock,
!he Consulate heallh Gare of Woodstock and Sl<yline Terrace Nursing Home,
wilh a Iota! capacity of 125 beds. The other facil!ly, Ure Care Center, is in New
Market and has 76 beds,
The county operates a heallh department adjacent to the County Government
Center ill Woodslock which provides standard heallh programs for area
residents,
Twenty-nine ph)ISicians and 15 dentisis practice inthe county,
The county library, located in Edinburg, and the fnre member lillrartes have a
combined collection of 70,000 volumes, hea colleges and universities, such
as James Madison Uliversity in Hamsonburg, also open their excettent library
facilities to lhe public,
26
Virg1ri
Shenandoah County
Com munity Facilities (continued)
One hundred twenty-seven churches representing roost Protestant
denominations and the Catholic faith are located in Shenandoah County
Jewish synagogues can he Found in nearby Harrisonburg and Winchester.
Shopping opportunities abound in Shenandoah County. Each of the six towns
have vibrant central business distncts that are an antique enllmsiasfs delight,
as well as a miX of other retail establishments. The county has three shopping
centers that comPtement the towns' retail trade. llpproximately 200 retail
outlets can befound throughout the Cllunty.
Page j17
27
Shenandoah County
Ufeslyle
Shellllndoah County offers a variety of recreatiolllll and cultural pursuits.
Hll!1ting, llshing, hiking, pi<nicking. and C11mping opporrunities can be found in
the George Washington National Porest area, Bryce Mountain Resort ., located
in the southwestam portion of the county, is a year-round resort with snow and
grass skiing, an 1S·hole gaff course, tennis, horseback riding, tloating, a
41'1-acre lake.lodging and dlning. P<n itt hole golf course is also located in New
Marl<et at !he Shenvalee GoW Resort
The county operates one park Iha! has several ball fields, tennis courts, a
jogging trail, picnic shelters. and a disc go course. Six other parks located in
or near fue towns complement !he counfy pari< with addional ball fields,
playgrounds, swimming pools, tennis courts. and picnic •hatters,
The Shenandoah River llows !hrough Shenandoah County, with!he famous
seven bends one of the mas! photographed scenes in ti'e Shenandoah Valley.
The seven bends are tles!viewed from the Woodstock Tower.
The county Is nch in history and hlstoncal ss. Civil War buffs can retrace
stonewall Jackson's Valley campaign and explore the New Market Battlefield
Park. This park covers 160 acres on the Shenandoah River and h-OUses a
museum that spans fhe: entire war and offers two awardewlnning short films.
The Ellltlle of New Market Reenactment. hllld each Maf. is!he oldest annual
reenactment infue nation
Shenandoah Caverns is an underground wonderland that has m'fslerious
passageways wl!ll amazing rock!onmations and streams !flat are enjo)'lld by
area residents and tourists alike. Arrn>!l<an Celebration on Parade, located on
!he Caverns comple is home ro Presidential lnaugucation and Rose 13!1wl
Parade ffoats.
Page J 18
28
Shenand()ah County
Intersl!lle
Ufeslyle (c()ntinued)
The Shenandoah Valley Music Festival offera arna residents the opportunity to
hear symphonic, big band, jazz. and folK music. This annual event schedules
approximately ten performances with 500 people in attendance at each, It ls
music under the stars during the summer months. Held outdoors in histone
Orkney Spnngs. this event includes pavilion or lawn seating and allows picnic
baskets and wine. Past performera include Mary Ch•>ln Onpenter and The
Tempt.anons.
Shenandoah C<lunty has an active arts community with a numher of gallenes
and performing arts groups, including Master llllo1rn Chorus and the
Lebanon·st. Stephens Choir.
Th• Si11'nandoah County Fair tal:es place in Woodstock, beginning the ias!
weekend in August through the first weekend in September. The fairincludes
pe1formances by lillme of countf)I music's latest stars. It is the oldest fair in the
Shenandoah Vlllley.
The Edinburg Ole' lime Feslival, held in September, is a town fair !hat
cerebrates 1111' area's colonial heritage. Numerous crafts and activities highlight
the IWe &tyle of the eany settlers. The Octoberfest Festival In strasburg is a
similar celebration. This festival is a tribute to the early German settlers who
first farmed!111' fertile lands of the Shenandoah Valley.
Shenandoah C<lun!y is home to four wineries and a variety o! farm ma!kets.
Local products include wine, apples. peaches, and a lll!nety of vegetables.
The towns of S!rasburg, Toms Brook, Woodstock, Edinburg, Mt. Jaci<son. and
New Mark.et offer quaint downtowns with a vartety of restaurants and shops.
Localed along U.S. Route 11, a Virginia Byway, these towns enhance the
quality of life in Shenandoah county !hrough thelr vibrant communities.
s11e11an®1111 Coun!Y
fillMlll!drillh Trml
29
SUBJECT DATA
The site is located on the North side of King Street in the Town of Strasburg. It is
rectangular in shape and encloses a total of 16,554.45 square feet. Topography is nearly level with a
slight grade to the rear of the site along its transverse axis. Area properties consist of a mix of
commercial establishments and some residential uses. The site is improved by a multi level commercial
use structure. It has brick walls and a dome membrane roof. The building contains 12,200 square feet.
The ground level is divided into a foyer, a bar / eatery area, two restrooms, and a theatre area with a
separate bar area. The second level has 3,450 square feet and is divided into a lounge area with open
balcony and bar area, two restrooms, a storage room, two offices, and two additional restrooms in fair
condition. A third level is a storage room with a restroom formally utilized to house the motion picture
equipment for the theatre. The subject has a partial basement utilized for storage. Interior finish consists
of a combination of tile, carpet, wood, and painted concrete flooring with plaster walls and ceilings.
HVAC is provided by gas forced air furnaces with central air conditioning. The structure is reported to
have been constructed around 1892. It has recently undergone extensive remodeling including electrical,
plumbing, HVAC, flooring, and a new kitchen with a fire suppression system. The building is in a good
state of repair.
30
ZONING AND OTHER RESTRICTIONS
The subject is zoned commercial, central business, by the Town of Strasburg, Virginia.
Representative uses permitted under this classification are as follows:
-Municipal office buildings
-Retail stores and shops
-Banks
-bakeries
-Restaurants
-Dry cleaners
-Professional service offices and shops
-Business offices
-Home appliance sales and service
-Hotels, motels and inns
-Libraries
-Funeral homes
-Furniture stores
-Radio and TV broadcasting stations
-Off street parking
-Commercial parking lots
-Adult and child care centers
-Fitness centers
-Apartments over first floor commercial
-Theatre by special use permit.
31
FLOOD HAZARD AREA
To assist the citizens in a potential or actual emergency, The United States Federal Government
has created the Federal Emergency Management Agency (FEMA). Among the many responsibilities of
FEMA, one is to determine the high hazard areas where the probability of periodic flooding is high.
Through the National Flood Insurance Program, FEMA has compiled Flood Insurance rate maps, which
rate areas according to the probability of periodic flooding. Areas where potential flooding occurs within
a 100-year time frame are considered to be in a flood hazard area. Flood Hazard Map #51171C, Panel
75C, dated 7/16/03 indicates that the subject property is not located in a flood hazard area. Refer to the
flood hazard map located in the addendum section of this report.
ENVIRONMENTAL HAZARDS
The value estimated is based on the assumption that the property is not negatively affected by the
existence of hazardous substances or detrimental environmental conditions unless otherwise stated in this
report. The appraiser is not an expert in the identification of hazardous substances or detrimental
environmental conditions. The appraiser's routine inspection of and inquiries about the subject property
did not develop any information that indicated any apparent significant hazardous substances or
detrimental environmental conditions, which would affect the property negatively unless otherwise stated
in this report. It is possible that Phase I or II tests and inspections made by a qualified hazardous
substance and environmental expert would reveal the existence of hazardous substances or detrimental
environmental conditions on or around the property that would negatively affect its value.
32
HIGHEST AND BEST USE
Highest and best use is typically defined as the reasonable and probable use, which, at the time of
the appraisal, is the most profitable and likely use for the property. There are four tests to the highest and
best use; physically possible, legally permissible, financially feasible, and maximally productive.
Physically Possible. The site must possess adequate size, shape, soil, and other physical
conditions to support potential use.
Legally Permissible. The potential use of the property must conform to all private, local, and state
zoning and use restrictions for the site.
Financially Feasible. The potential use must be capable of providing a net return to the property
owner.
Maximally Productive. Of those physically possible, legally permissible, and financially feasible
uses, the highest and best use for a property is that use which provides the greatest net return to the
property owner over a given period.
These criteria should usually be considered sequentially; it makes no difference that a use is
financially feasible if it cannot be physically constructed on the site or if it is not legally permitted.
Each alternative land use has been analyzed according to these four criteria. The land use plan
recommended as a result of this analysis represents the highest best use for the land.
The subject property is currently utilized for a theatre and restaurant.
Analysis of the Subject Property As Improved: In an evaluation of the highest and best use of
land as improved all factors regarding structural improvements, market area trends and site characteristics
are given full weight in the analysis. With this framework in mind, a property owner's most reasonable
approach to the use of the land must be evaluated.
Further analyzing the above data, it is my opinion that the present improvements contribute to the
value of the subject property so that its value is greater than the estimated vacant site value. Therefore,
the highest and best use of the subject property as improved as of the date of value is for general
commercial use, which is the highest and best use as reflected in this appraisal.
33
DELINEATION OF TITLE FOR
THE SUBJECT PROPERTY
The subject property is identified as parcel 25A3-A-176 on the County of Shenandoah Tax Maps.
It was acquired by RTR Holding Corporation from IPS Properties, LLC on August 13, 2012 as recorded
in the Clerk’s Office of Shenandoah County in Deed Book 1570 at Page 720. Prior to this transfer the
subject property was acquired by IPS properties, LLC from Irene Trivoulides, et als on February 22,
2005, as recorded in Deed Book 1191 at Page 987. No other transfers were recorded for the subject
property for three years prior to the effective date of this appraisal.
TITLE REPORT
I have not been furnished a copy of the title report on the subject property, and I cannot warrant
missing data that a title search would typically reveal. During the typical appraisal process, I have found
no apparent restrictions on the development and use of the property, which would have a material impact
on its value.
34
SALE, OPTION OR LISTING AGREEMENT
The owner reports that the subject property is not under contract agreement or option and is not
offered for sale on the open market.
REAL ESTATE TAX ASSESSMENT DATA
The real estate assessor’s office for the County of Shenandoah was consulted to confirm the
present and historical tax structure for the County. The County assesses property on a yearly basis at a
ratio of 100% of assessed value. The current 2013 tax rate is $0.47 per $100 of assessed value for the
County and $0.16 for the Town of Strasburg. The current assessment for the subject is $143,100 for the
site and $490,100 for the improvements for a total assessment of $633,200. This equates to a tax liability
of $3,989 for 2013.
35
VALUATION PROCESS
The valuation process develops a supportable estimate of market value of the property appraised.
It involves collecting market evidence to support an analysis of value trends, the reactions of buyers and
sellers in the marketplace, and a proper interpretation of the facts. Traditionally, three approaches to
value are used; the Cost Approach, the Sales Comparison Approach, and the Income Capitalization
Approach.
All three approaches are based on the principal of substitution which states that no reasonable
person would be willing to pay more for a property than the current cost of buying the site and
constructing a similar building having similar utility. In theory, all three approaches are designed to
provide an estimate of market value as of a specific date, and all three are, in essence, market data
comparative approaches When the data is correctly analyzed and processed, the three approaches will
provide value indications within a narrow range, with diversions resulting only for the lack of
mathematical precision inherent in the appraisal process. One or more of these approaches is used in all
estimations of value, depending on the type of property, the function of the appraisal and the quality and
quantity of data available for analysis. Due to the age of the improvements, the cost approach to value is
felt to be misleading and is not formulated herein.
36
SALES COMPARISON APPROACH
In the sales comparison approach, the appraiser’s objective is to find the probable market value of
the subject property by interpreting data on sales of similar properties. Each comparable sale is compared
with the subject property. Typically physical characteristics, terms of financing, and conditions of sale
are included in the elements of comparison. Adjustments are made to the comparable sales price to arrive
at an indication of what the subject property would sell for if offered in the market. Herein I have
conducted a thorough investigation of the subject’s immediate and general neighborhood to identify
recent sales of property with reasonably similar characteristics and utility.
37
COMPARABLE SALE #1
Property Identification
Tax Map # 45A4-A-80C
Address:
124 Valley Vista Drive
Woodstock, VA
Sale Data
Grantor: BLC Real Estate, LLC
Grantee: Shenandoah County Free Clinic, Inc.
Sale Date: 9/25/09
Property Rights: Fee Simple
Conditions of Sale: Arms Length
Financing: Typical
Verification: Public records.
Recording Reference: Deed book 1466 at page 932.
Sale Price $550,000
Land Data
Land Size: 35,414 square feet.
Zoning: Commercial.
Topography: Nearly level.
Utilities: Water and sewer.
General Physical Data
Building Type: general commercial.
Gross Square Footage: 6,980
Construction Type: Vinyl siding.
Roof Type: Composition shingle.
Foundation: Slab on grade.
Electrical: Adequate.
HVAC: Forced air with central air conditioning.
Sprinklers: None.
Stories: One.
Condition: Good.
Parking: Adequate on site.
Indicators
Sale Price Per Gross Building Area $78.80
38
COMPARABLE SALE #2
Tax Map # 25A3-A-126
Address:
175 King Street
Strasburg, VA
Sale Data
Grantor: The Bernstein Family Foundation
Grantee: Byron A. Brill
Sale Date: 4/25/12
Financing: Typical
Sale Price $300,000
Land Data
Zoning: Commercial.
Building Type: General commercial.
Construction Type: Stucco.
Roof Type: Built-up.
Sprinklers: None.
Stories: Two.
Condition: Fair.
Indicators
39
COMPARABLE SALE #3
Tax Map # 45A2-A-308
Address:
131 Main Street
Woodstock, VA
Sale Data
Grantor: Shenandoah Publishing House, Inc.
Grantee: People Incorporated Of Virginia
Sale Date: 8/17/11
Financing: Typical
Sale Price $360,000
Land Data
Zoning: Commercial.
Building Type: General commercial.
Construction Type: Brick.
Roof Type: Built-up.
Sprinklers: None.
Stories: Two.
Condition: Good.
Indicators
40
SUBJECT SALES COMPARISON
SALE NUMBER:
1
2
3
78.80
0
0
0
$78.80
$39.47
0
0
0
$39.47
$67.38
0
0
0
$67.38
DEGREE OF COMPARABILITY:
Location:
0
Access:
0
Topography:
0
Public Utilities:
0
Utility:
0
Land Size:
0
Zoning:
0
Square Footage:
0
Design/Appeal:
0
Age/Condition:
-20%
0
Other Improvements:
0
0
0
0
0
0
0
0
0
+40%
0
0
0
0
0
0
0
0
0
0
-10%
0
NET ADJUSTMENTS
-20%
+40%
-10%
INDICATED VALUE
$64.00
$55.26
$60.64
SALE PRICE:
INTEREST:
CASH EQUIVALENCY:
MARKET ADJUSTMENT:
ADJUSTED PRICE:
ADOPTED GBA VALUE
$60.00
ESTIMATED MARKET VALUE
VIA MARKET APPROACH
12,200 SQUARE FEET @ $60.00 PER SQUARE FOOT =$732,000
ROUNDED
$730,000
41
SALES COMPARISON APPROACH ANALYSIS
Every effort has been made to use comparables sold within three (3) years of appraisal date. Our
data base includes local MLS data, appraisal files and available public record, and is considered to be as
good or better than any competing appraisal service in our area. Paramount to time is matching the most
similar sales to the subject. This at times necessitates using comparables over three (3) years old. The
comparables used in this appraisal are felt to be the best and most representative current sales found for
comparison in this report.
Comparable sales #1, #2 and #3, as referenced in the subject comparison chart, were adjusted for
typical condition variations. All adjustments are based on market contribution, not cost.
The values
derived from these comparisons all fall within an acceptable differential range and are felt to reflect the
market value of the subject as dictated by the typical investor. Use of other comparables would have
required larger adjustments.
42
MARKETABILITY ANALYSIS
Exposure time, in the case of real property, is the estimated length of time the property would have
been offered on the market prior to the hypothetical consummation of a sale at market value on the
effective date of the appraisal. Exposure time is a retrospective opinion based on analysis of past events
assuming a competitive and open market.
The basis for determining the market exposure is simply by investigating actual sales of properties
similar to the subject that have occurred and verifying the amount of time which was required between the
date of listing and the actual consummation of the disposition. Interviews were conducted of active
professionals knowledgeable of a given property type in a particular marketplace in order to estimate a
reasonable period of time which would be necessary after the date of value. Also, to determine a
reasonable exposure time a property would require in order to trade at what would be defined as a
“reasonable exposure time” the fundamental underlying principle is that the property is correctly priced to
sell.
A thorough analysis of data gathered on present and foreseeable market conditions with particular
emphasis on demographic and economic factors affecting the subject’s neighborhood was compiled. I
have found separate comparable sales, which have been utilized to estimate a reasonable marketing period
for the subject.
Properties of this type are typically marketed through real estate brokerage and management firms.
The marketing is achieved through multiple listing services and newspaper advertisements. In terms of
investor’s desirability, the subject property is a moderate risk property.
Correlating the data presented, the indicated exposure time ranges from six to twenty four months.
This is predicated on the physical condition of the subject property as detailed in the body of this report,
financing being readily available and the listing price being consistent with the market value estimate
herein effective at date of appraisal.
43
THE INCOME APPROACH
The Income Approach is one of the three approaches to value in appraisal where the value of the
property is derived by converting the expected income generated from a property into a present value
estimate using one of many income capitalization methods.
In this approach, a property is viewed through the eyes of a typical investor whose primary
objective is to earn a profit on the investment generated from operations and the ultimate resale of the
property at the end of the holding period. The theoretical basis for this approach comes from the principal
of anticipation and applies because the value of a property is in theory the present value of expected future
cash flow. The principle of substitution is also applicable because rental rates for the subject property
must be in line with those of competitive (Substitute) space. Furthermore, the value estimated by the
income approach assumes that investors will earn a rate of return that is consistent with that available for
alternative investments of comparable risk. Two methods of capitalization, direct and yield, are described
in the following paragraphs. These methods are based on different measures of expected earnings and
include different assumptions concerning the relationship between earnings and value.
Direct Capitalization
Direct Capitalization is a method used to convert an estimate of a single year’s income expectancy
or an annual average of several years into an indication of value in one direct step. This is accomplished
either by dividing the income estimate by an appropriate income rate or by multiplying the income
estimate by an appropriate factor. The income expectancy is frequently the anticipated income for the
following year. The rate or factor selected represents the relationship between income and value observed
in the market and is derived by comparable sales analysis. The property’s income, usually annual Net
Operating Income or pre-tax cash flow, is divided by its sale or equity price to obtain the income rate. A
factor or multiplier can be derived by dividing a property’s Sale Price by its Annual Potential or Effective
Gross Income.
44
Direct Capitalization is market oriented. An appraiser analyses market evidence and values
property by inferring the assumptions of typical investors. Direct Capitalization does not explicitly
differentiate between the return on and return of capital because investor assumptions are not specified. It
is implied that the selected multiplier or rate will satisfy a typical investor and that the prospects for future
monetary benefits, over and above the amount originally invested, are sufficiently attractive.
Direct Capitalization may be applied to a Potential Gross Annual Income, Effective Gross Income,
Net Operating Income or pre-tax cash flow (i.e. equity dividend). The income selected for capitalization
is determined by the purpose of the analysis and the data available.
Yield Capitalization
Yield Capitalization is a method used to convert future benefits to present value by discounting
each future benefit at an appropriate yield rate or by developing an Overall Rate that explicitly reflects the
investment’s income pattern, value change, and yield rate. Like Direct Capitalization, Yield
Capitalization could be market derived. The method is profit or yield oriented, simulating typical investor
assumptions with formulas that calculate the present value of expected benefits assuming specified profit
or yield requirements.
The procedure used to convert periodic income and the Reversion into present value is called
discounting. The required yield rate of return is called the discount rate. The discounting procedure
presumes that the investor will receive a satisfactory return on the investment and complete recovery of
the capital invested. Yield Capitalization is sometimes referred to as Annuity Capitalization but because a
particular level of profit or yield is required, Yield Capitalization is the preferred term.
The term annuity literally means income but it has become to mean a program of regular payments
of specified amounts. Payments may be made more frequently, but the time interval between payments
must be regular. An annuity can be level, increasing or decreasing so long as the amounts are scheduled
or can be forecast. Income that has the characteristics of an annuity is expected at regular intervals in
specified amounts so real estate income or rent may obviously be considered as annuity.
45
Appraisers distinguish between contract and market rent in analyzing annuity income, particularly
if the market rent is considered speculative and could fluctuate. In contemporary usage, Yield
Capitalization is not restricted to contract rent although the appraisers must recognize that market rent
may increase or decrease. The expected earnings of a property may be expressed as a stable income
stream, an income stream that changes according to a prescribed pattern, a regular income stream that
change in no particular pattern, one or more lump sum payments or any combination of these.
A number of analytical techniques and procedures can be used to value an entire property, specific
property benefits or particular interest in property. Present value can be calculated with or without
considering the impact of financing and income taxes as long as the specific rights being appraised are
clearly identified. The techniques and procedures selected are determined by the purpose of the analysis,
the availability of date and common practice in the marketplace.
The term Discounted Cash Flow Analysis (DCF) may be applied to any Yield Capitalization
technique because Yield Capitalization always involves the analysis and discounting of income.
Commonly, Discounted Cash Flow Analysis refers to a set of procedures in which an appraiser specifies
the quantity, variability, timing and duration of periodic income and the quantity and timing of
Reversions, discounting each to its present value at a specified yield rate. A Discounted Cash Flow
Analysis is a practical appraisal tool because modern calculator and computer technology have removed
the drudgery of repeated calculations.
Direct and Yield Capitalization and Discounting
Direct Capitalization is simply and easily understood. The Capitalization Rate or factor is derived
directly from the market and no distinction is made between return on and return of capital. Direct
Capitalization does not explain value in terms of specific investor assumptions.
Yield Capitalization, on the other hand, tends to be complex requiring the use of special tables,
calculators or computer programs. To select a market oriented discount rate, market attitudes and
expectations must be interpreted. In Yield Capitalization specific investment goals for the return on and
of invested capital are considered and simulated with formulas and numerical multipliers or factors that
46
reflect investment expectations. Selecting appropriate discount rates and the need to make numerous
assumptions plus forecasting revenue and expenses complicates the process. The subjective assumptions
make the analysis more prone to interpretation.
The Income Capitalization Approach need not be limited to a single capitalization method. With
adequate information and proper use, Direct and Yield Capitalization methods should produce similar
value indications. Both methods are market derived and should reflect a typical investor’s view of market
value.
The Yield Capitalization method has been considered as a means of deriving a value estimate of
the subject property via Income Capitalization Approach. A value indication through this method is
obtained by estimating plausible annual cash flows during a holding period and a reversionary value for
the subject property and applying a rate reflective of the inherent risk.
Direct Capitalization is not considered to be an appropriate methodology. Future income
expectations, current vacancy and concession problems can be most accurately analyzed on the basis of a
pro-forma Discounted Cash Flow Analysis (Yield Capitalization). The direct capitalization method
considers only one year of performance and has not been applied.
Basis for Financial Analysis
In this analysis, the value of the leased fee interest in the subject property is being estimated. The
subject is a --- (single, multiple)-tenant property, which has been built to the specifications of --- or
purchased as a typical investment property. The lease or leases for the subject property and its terms are
summarized on the following page. A copy of the lease is (leases are) included in the addendum section
of this report.
The primary sources of information used in analyzing the subject’s future income and expenses
include a study of comparable properties in the market place and the developer’s pro-forma. As
previously discussed, yield capitalization is considered the best method of estimating the leased fee value
in the subject property. In the Discounted Cash Flow Analysis developed herein a ten-year holding period
is projected. Microsoft Excel 2000, a spreadsheet software program, has been utilized in this analysis.
47
The use of this program can result is small rounding errors which will result in an insignificant
mathematical error on the spreadsheet.
I would invite your attention to the following Yearly Income and Expense Summary, Income and
Expense Projection and subsequent two capitalization methods.
48
DISCOUNT RATE SELECTION
The discount rate is a quantified investor attitude. It reflects perceived risk which is generally a
function of economic conditions. Elements of this attitude include quantity and certainty of income, level
of forecast operating expenses and the anticipated net income over some future time. Value is reflected in
future income and future income is perceived as risky. It is the appraisers function to interpret these
attitudes and expectations of the market participants. A typical investor will be influenced by the
subject’s location, operating expenses, the balance between supply and demand, the quality and age of the
improvements and general conditions in the subject’s competitive area. An investor will tend to view
future financial rewards for the subject as somewhat secure based on the past performance of the property
relative to the overall market. I conclude from the data presented herein that the subject has a
capitalization rate of 9%
49
Retail Cap Rates:
1) East market Street
Harrisonburg, Va.
Sale date 4/24/07
Selling price $940,000
NOI $82,720
Cap rate 8.8%
2) East Market Street
Harrisonburg, Va.
Sale date 6/1/07
NOI $73,924
Cap rate 9.8%
Harrisonburg, Va.
Sale date 6/1/07
NOI $73,924
Cap rate 9.8%
4) Lee Street
Broadway, Va.
Sale date 5/6/08
NOI $29,378
Cap rate 7.3%
50
Professional Office Cap Rates
1) Neff Avenue
Harrisonburg, Va.
Sale date 3/15/11
NOI $81,000
Cap rate 14%
2) Evelyn Byrd Avenue
Harrisonburg, Va.
Sale date 611/23/10
NOI $48,882
Cap rate 9.0%
Harrisonburg, Va.
Sale date 10/15/07
NOI $55,559
Cap rate 8.6%
4) Neff Avenue
Harrisonburg, Va.
Sale date 3/15/11
NOI $81,000
Cap rate 14.04%
51
Warehouse Cap rates
1) North Valley Pike
Harrisonburg, Va.
Sale date 1/31/06
NOI $24,711
Cap rate 9.8%
2) North Fifth Street
Harrisonburg, Va.
Sale date 3/8/06
NOI $20,730
Cap rate 10.1%
3) Welsh Run Road
Green County
Sale date 1/31/06
NOI $24,711
Cap rate 9.8%
52
ANALYSIS OF MARKET RENT
During the process of analyzing the rental value of the subject property, foremost attention was
given to factors which could have an impact on per unit rates such as location desirability, physical
characteristics of the structure, and apparent vacancy. Investors, as well as, local property managers were
contacted in an attempt to locate the best rent comparables possible.
The data collected indicates that the typical lease for local --- space calls for a base rental rate with
the landlord paying insurance, real estate taxes, replacement reserves, and repairs. The comparable
rentals indicate the effective market rates for the space range from $6.12 to $7.48 per square foot. The
data indicates the majority of the escalation clauses contained in the leases are based on the consumer
price index, which has a net uniform series of 2.6% per annum.
After examining the subject’s location and condition, I have chosen $7.00 per square foot to be
representative of its current market rental rate.
Your attention is invited to the following data relative to rental rates.
53
YEARLY INCOME AND EXPENSE SUMMARY
INCOME:
12,200 square feet @ $7.00 per square foot
Less vacancy (4%)
Effective gross income
EXPENSES:
Hazard insurance
Real estate taxes
Replacement reserves
Repairs and maintenance
Total expenses
$
$
$85,400
($3,416)
$81,984
7,600
3,989
4,200
5,400
21,189
EFFECTIVE GROSS INCOME
$81,984
LESS EXPENSES
($21,189)
NET OPERATING INCOME
$60,795
54
INCOME AND EXPENSE PROJECTION ASSUMPTIONS
A thorough investigation of expenses and projected increases due to future economic influences
have resulted in the following several estimations for the term of the projection. Therefore, I have
assumed that there will be a:
1)
10 year holding period;
2)
Rents will increase 2.6% per year;
3)
Hazard Insurance will increase 2.6% per year;
4)
Vacancy and rent loss will remain level at 4% of potential gross income per year;
5)
Maintenance and Upkeep will increase 2.6% per year;
6)
Property Taxes will remain level at $--- for years 1-3, increase to $--- years 4-6, and
increase to $--- years 7-9, and increase to $--- years 10 and 11; and
7)
Replacement reserves increasing 2.6% per year.
55
INCOME AND EXPENSE PROJECTION
YEAR 1
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
YEAR 10
YEAR 11
Gross Potential Income
Less Vacancy-4%
85,400
3,416
87,620
3,505
89,899
3,596
92,236
3,689
94,634
3,785
97,095
3,884
99,619
3,985
102,209
4,088
104,866
4,195
107,593
4,304
110,390
4,416
Adjusted Gross Income
81,984
84,116
86,303
88,546
90,849
93,211
95,634
98,121
100,672
103,289
105,975
Hazard Insurance
7,600
7,798
8,000
8,208
8,422
8,641
8,865
9,096
9,332
9,575
9,824
Real Estate Taxes
3,989
3,989
3,989
4,228
4,228
4,228
4,482
4,482
4,482
4,751
4,751
Replacement Reserves
4,200
4,309
4,421
4,536
4,654
4,775
4,899
5,027
5,157
5,291
5,429
Repairs & Maintenance
5,400
5,540
5,684
5,832
5,984
6,139
6,299
6,463
6,631
6,803
6,980
Total Expenses
21,189
21,636
22,095
22,805
23,288
23,784
24,546
25,067
25,603
26,421
26,984
Net Operating Income
60,795
62,479
64,208
65,741
67,561
69,427
71,088
73,053
75,069
76,869
78,991
INCOME:
EXPENSES:
MORTGAGE EQUITY METHOD
Following are two (2) traditional income evaluation methods, the Mortgage/Equity
Method (Band of Investment) and The Discounted Cash Flow Method.
The Mortgage/Equity Method assumes an overall cap rate can be calculated by taking a
weighted average of the mortgage constant (RM) and the equity dividend rate (RE). These two
rates are weighted by the proportion of mortgage funds (M) and the proportion of equity (E) to
be invested in the property. Furthermore, the sum of M&E must be 1 or 100% or (E=1-M). The
band of investment equation is written as follows:
RO=(M X RM)+(E X RE).
MORTGAGE EQUITY METHOD ASSUMPTIONS
1.
That the several discounted cash flows in the income projection may be converted
to a level annuity.
2.
That a mortgage in the ratio of 75% of indicated market value is available for the
subject property.
3.
That the aforesaid mortgage will bare interest at the rate of 10% per annum on the
unpaid balance, and that it will have a 25 year standard amortization schedule,
payable monthly with a 10 year call.
4.
That the amount of the mortgage paid off in the 10 years prior to disinvestment is
15.2.6%
5.
That the yield to the 25% equity interest will be 10%.
6.
That the sinking fund factor for 10% at 10 years is 6.2745%.
7.
That the subject property will have a 10% increase in value over the term of the
projection due to the escalation of rental income.
8.
That the net uniform series of the first five (5) years NOI in the income projection
is $64,156.76.
Mortgage Position
.75 x .109044 =
0.081783
Equity Position
.25 x .10 =
0.025000
Weighted Capitalization Rate
0.106783
LESS:
Equity Build Up:
.154392 X .75 X .062745
=
Property Appreciation:
.10 X .062745 =
Overall Capitalization Rate
$64,156.76
0.007265
(.006275)
(.013540)
0.093243
/.093243 =
$688,059.85
ROUNDED
$688,000
Estimated Value of Subject
via Mortgage Equity Method -
$688,000
58
DISCOUNTED CASH FLOW ANALYSIS
Essentially, Discounted Cash Flow Analysis is the discounting of periodic net operating
income flow based on the perceived element of risk attendant to their quantity and quality. This
method of analysis was used for many years in heavy industry, and the accounting profession, as
a method of justifying capital expenditure and was known as Cost-Benefit Analysis prior to its
migration to the realm of real estate economies. It is one of the most versatile and flexible
analytical tools available to the real estate appraiser and, in my opinion, the most accurate in its
estimate of value.
Detailed discussions, relative to an appropriate discount rate, with local developers and
investors evidence a discensus, opinions range from 8% to 10% with the more passive investors
opting for the lower end of the range. In the interest of conservatism and because of the general
character of the area, I have selected a 9% discount rate.
The reversion is based on the eleventh year's estimated net operating income discounted
at 9%. From the resultant product a deduction of 5% has been made to cover the sales
commission and closing costs. The residual capital value (the reversion) was discounted in the
usual manner.
Therefore, it is our opinion that the projected estimated cash flows (net operating income
for the several years) may be discounted at the rate of 9% and that the reversion based on the
capitalization of the 11th years net operating income ($78,991) may be discounted at a rate of
9% less 5% to compensate for sales commissions and closing costs.
Your attention is invited to the discounted cash flow analysis exhibited in this section of
the report which estimates the present worth of the projected income and reversion to be
$723,216, Rounded to $723,000.
59
Given the preceding considerations, the estimated cash flows may be projected in the
following manner:
YEAR
1
2
3
4
5
6
7
8
9
10
REVERSION
CASH
FLOW
60,795
62,479
64,208
65,741
67,561
69,427
71,088
73,053
75,069
76,869
$750,411
DISCOUNT
RATE
0.917431
0.84168
0.772183
0.708425
0.649931
0.596267
0.547034
0.501866
0.460428
0.422411
0.387533
Total
DCF
55,775
52,588
49,580
46,573
43,910
41,397
38,888
36,663
34,564
32,470
290,809
723,216
ROUNDED
$723,000
As a result of the considerations involved in this analysis, I am of the opinion that, given
the variables suggested in the "Income Projection", the subject has an estimated value, indicated
by its application, of $723,000.
SUMMARY: The two approaches demonstrated herein are traditional methods of
income capitalization and are deemed the most appropriate for this type of property. There is a
variation in the discounting process between the two (i.e. Mortgage/Equity and Discounted Cash
Flow) Methods of processing the estimated net operating income. This is due to the fact that the
DCF Analysis allows for a greater range of assumptions. After careful consideration of all the
inherent elements of both methods of income capitalization, I am prone to accept the capitalized
value of the income stream suggested by the DCF analysis or $723,000.
60
VALUE RECONCILIATION
Reconciliation is the culminating of ideas or indications to arrive at a final value. The
different indications of value derived in this appraisal report follow:
Subject value indicated by Sales Comparison Approach
$730,000
Subject value indicated by Income Approach
$723,000
Each approach is a comparative analysis of the data in the marketplace, which is
significant and applicable to the use of the respective approach. The accuracy and reliability of
each approach is dependant the quality and quantity of the market data available, the type of
property being appraised and the definition of market value.
The sales comparison analysis represents the purchasing attitude of the average buyer and
seller in the marketplace. This approach is limited by the availability of comparable sales with
similar utility, age and quality of construction. The sales herein recited represent varying
degrees of similarity to the subject. Subjective estimates would have been required for the price
per square foot method. Limited weight was given to this approach.
The income approach is considered to the best indicator in investor owned property. A
considerable portion of this report is given to this approach as it best exemplifies the
methodology, which is applied by investors when considering the purchase of an investment
property. The yield capitalization approach was given the most weight as it reflects rent
fluctuations and lease terms.
The approaches indicated above were utilized to make the final value estimate. I have
carefully re-examined each step in each method, and I believe the conclusions accurately reflect
the attitude of typical purchaser. It is my belief that this re-examination has confirmed original
conclusions.
61
CERTIFICATION OF VALUE
I certify that, to the best of my knowledge and belief:










The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and is my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of this report,
and no personal interest with respect to the parties involved.
I have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
My compensation for completing this assignment is not contingent upon the development
or reporting of a predetermined value or direction in value that favors the cause of the
client, the amount of value opinion, the attainment of a stipulated result, or the occurrence
of a subsequent event directly related to the intended use of this appraisal.
My analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the Uniform Standards of Professional Appraisal Practice.
I made a personal inspection of the property that is the subject of this report. I did view the
interior of the building.
No one provided significant professional assistance to the persons signing this report,
including data collection and interpretation.
Based on my analysis of the data, subject to the limiting conditions and definitions set
forth herein, allowing reasonable exposure time, it is my opinion that the market value of
the fee simple estate of the subject property as of February 4, 2013, on an “as is” basis, is:
($725,000)
BARRY L. PUGH
State Certification #: 4001
003384
62
Expiration Date: May 31,
2014
63
QUALIFICATIONS
BARRY L. PUGH
CERTIFIED GENERAL APPRAISER
State Certification #: 4001 003384
Expiration Date: May 31, 2014
Experience:
-Active diversification as a real estate appraiser, consultant, and agent since 1987, serving the central
Shenandoah Valley.
-Staff appraiser with Colonial Appraisal Services since 1993, specializing in commercial appraisal
assignments.
Professional education background:
-Appraisal Practice-Rules & Regulations
-Residential appraisal practices
-Advanced real estate appraisal
-Commercial income property valuation {1,2,3}
-Condemnation Appraising,
-Real estate principles and laws
-Advanced appraisal math and statistics
-Industrial drafting and blueprint reading
-Hazardous materials awareness and recognition
-Plumbing nomenclature and applications
Professional memberships:
-National Association Of Realtors
-Virginia Association Of Realtors
-Harrisonburg-Rockingham Association Of Realtors
Virginia state licenses acquired:
-Certified General Real Estate Appraiser {4001 003384}
-Class "A" General Building Contractor {2701 021953A}
-Real Estate Sales Agent {114218}
Qualified as an expert witness in:
-Augusta County
-Page County
-Rockingham County
-Shenandoah County
Partial list of clientele:
-BB&T
-J. C. Penney Corporation
-City Of Harrisonburg
-James Madison University
-Cloverleaf Shopping Center
-Mennonite Foundation
-Commonwealth Of Virginia
-Page Valley Bank
-County Of Rockingham
-Pioneer Bank
-County of Page
-Planters Bank of Harrisonburg
-County of Shenandoah
-Union Bank
-Coors Brewing Company
-Rockingham National Bank
-U. S. Department of Environmental Quality
-Small Business Administration
-New Bridge Bank
-Sunny Side Retirement Community
-Farm Credit of the Virginia’s ACA
-Sysco Corporation
-Farmers and Merchants Bank
-Various attorneys and accounting firms
-First Bank & Trust
-Virginia Department of Transportation
-First Citizens Bank
-Wal-Mart Stores
64
ADDENDUM SECTION
65
SUBJECT PHOTOGRAPHS
Subject
Front elevation
Subject
Side elevation
Subject
Street scene
66
SUBJECT PHOTOGRAPHS
Comparable sale #1
Comparable sale #2
Comparable sale #3
67
151K.I> G ST W. STR.ASBl'"RG. YA 226:0
E:'.'\TR...\.TE LOBBY
FRO:'.'\T EXTERIOR - LEFT SIDE E"TR
LOBBY SLURS - LEFT
OFFICE TICh.ET ROOI
LOBBY-
PRIYA.TE OFFICE LEFT SIDE
LOBBY ST:\IR - RJGHT
151
G ST W. STR....\ BrRG. YA 22657
THE..\TER SE..\Tf.\G- LEFT SIDE
CO>CESSSIO>
LOBBY BA.THROO I !HAS )-1,\:W SEP
RE..\R ST.A.GE
THEA.TER SEA.Tf.\G -RIGHT SIDE
CO>CESSSIO>
STAGE
STAGE P...\.:'.\l:L
151 K.I:\ G ST W. STR.ASBrRG. \"..\. 21657
:\IEZZA.:\Dr. : _-\RE.-\
:\IEZZA:\I:\E B.-\R
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SECO)."D FLOOR REA.R STEPS
SECOXD FLOOR HE. T Pl IP R.\. I
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2"\"D FLOOR ELEC
2).1) FLOOR H..o\LL
2"\"D FLOOR STEPS TO EXT
151 K.L\ G ST W. STRASBl"RG. YA 22657
2>T
. I FLOOR HALL
2>T
. I FLOOR STEPS
.2>T
. I FLOOR B..\TH- 2>T
. I FLOOR OFFICE
2:\TI FLOOR OFFICE
2:\TI FLOOR OFFICE
II
2D FLOOR OFFICE
3RD FLOOR PROJECTIO ROO I
72
FLOOD MAP
73
CONC.
SIDEWALK
s sa 44'30"
MARK ON METAL
DRAIN COVER
0·:l'J--sEE DETAIL
/
T.M. 25AJ-A-178C
0.002 ACRES
--
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86 SQ. FT.
9,501 SO. FT.
T.M. 25A3-A-176
0.218 ACRES
D.B. 1570 PG. 720
D.B. 1570 PG. 720
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BRICK
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1.
2.
NO TillE REPORT FURNISHED; THEREFORE EASEMENTS OR ENCUMBRANCES AFFECTING THE PROPERTY REPRESENTED BY THIS SURVEY
MAY EXIST THAT ARE NOT SHOWN ON THIS PLAT.
THE LOCATIONS OF UNDERGROUND UTILITIES OR OTHER SUBSURFACE IMPROVEMENTS, IF ANY, WERE NOT ASCERTAINED; THEREFORE,
ARE NOT SHOWN.
3. ACCORDI NG TO FEMA FLOOD INSURANCE RATE MAP NO. 51171C0180C, DATED 16 JULY 2003, THE LAND SHO'M'J ON THIS
PLAT IS WITHIN AN AREA DESIGNATED AS ZONE X (UNSHADED) WHICH IS AN AREA DETERMINED TO BE OUTSIDE THE
0.2 ANNUAL CHANCE FLOODPLAIN.
SURVEYOR'S CERTIFICATE
I HEREBY CERTIFY THAT THE INFORMATION SHO'M'J ON THIS PLAT IS BASED ON AN ACTUAL FIELD SURVEY COMPLETED
UNDER MY SUPERVISION ON 5 SEPTEMBER 2012 AND THAT TO THE BEST OF MY KNOWl.EDGE AND BELIEF THERE ARE NO
ENCROACHMENTS OR VISIBLE EASEMENTS UNLESS SHO'M'J.
BUILDING LOCATION
SURVEY
OF THE LAND OF
RTR HOLDING CORPORATION
#155 WEST KING STREET
TOWN OF STRASBURG
DAVIS MAGISTERIAL DISTRICT
SHENANDOAH COUNTY, VIRGINIA
DATE: 09/06/12
a.
SCALE: 1" = 30'
Jon Gilmore
Lie. No. 003040
SHEET 1 OF 1
Marsh & Legge Land Surveyors, P.L.C.
560 NORTH LOUDOUN STREET "' WINCHESTER, VIRGI NIA 22601
PHONE (540) 667-0468 ,.. FAX (540) 667-0469 ,.. EMAIL officeGmarshandlegge .com
DRA'M'J BY: HBK/JTG
109286-BLS
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000338
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18 3 4 PAGE 0325
IBIS SUBSTITUTE TRUSTEES' DEED ia made as of this 9th day of October, 2013, by
and among: (a) WILLIAM H. CASTERLINE. JR. and JEREMY B.ROOT, eithe:!' of whom
may act (collectivcly,ib.e uS11bstitute Tmstm"), .as the substitute trustees, indexed a:s a
and grantees; (b) R.TR HOLDING CORPORATION, a Virginia corporation ("Borrower"), as
the original gmntor, indexed as a
(c) JEFFREY M. STEDFAST and ALFRED M.
R4,NDQLPB.J:R. {collectively, the "Origjnal Trilli"). as the original trustees, index:e<i as
end (d)
}
pine Rose, LLC.a Delaware limited liability company, (''Gnmtee), es the
Q
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pUICbeser whose address is 1422.S Ventura Boulevani, Suite 100, Sherman Oaks, CA 91423,
indexed as agamtee.
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RECITALS:
A.
By a deed of trust, security agreement, assignment of leases and rents.filtture
- 0--
<i:l
filing C'Deed. of Trust") made as of April 22, 2013, the Borrower conveyed to the Origiruil
<9 "--"""
Trustees certain real property. improvements and :fixtures (collectlvely, and more particlllarly
descnlied on E!.l!ibit A. the "fropertx") intrust to secure, among other things, the payment of a
deed of trust note ("Note") dated April 22, 2013, and payable to Woodbridge Mortgage
Investment Fund 1, LLC, a Delaware limited lia.bllity company ("Original Leoder1, in the
orlginel principal amount of Three Hundred ,Fifty Tho\lSand and 00/100 Dollars ($350,000.00).
The Deed of Trust is recorded inthe CJerk'.s Office of tbe Circuit Court of Shenandoah owity,
Virginia ("Clerk's Office"), inDeed Book 1602at Page 310.
B.
The Note is made payable to ib.e Original Lender.
By an allonge to nore
("Allonge") dated as of September 1,2013. the Original Lender sold and assigned the Not£ w the
Prcpmed by and rctwn w;
Pai.I IC.. Campsea, &q.(VSB# 18133}
Kaufuwt& C..W!es,. a.profcssio11£1l cmporarion
Consideration: $350,0QO_OO
ssessment: $738,800.00
vTax Map No.: 025A3-A-176;025A3-A-178B;
025A3-A-178C
Title Irurorsnce: No
P0& 0.ei Bllll3037 .
Nodo!Jc, Virginill23Sl4
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07/11/2014
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5404594758
SKYLINETITLES
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Grantee, who is the Current owner and hokier the Note. A certificate of transfer is recorded in
1he Clerk's Office in Deed Book 1625, at l'age.462, D81Iling the Grantee as the beneficiary om the
Deed otTrust.
C.
Pursuant to the terms of the Deed of Trust and a substitution of trustees made as
of August 23, 2013 and recorded inDeed Book 1621, at Page 44, the Substitute Trustees. vrorc
appointed inthe place and stead of the Original. Trnst.ec:s under the Deed of Trust.
D.
The Note is in default and is due and payablo in full. As a result, the Substitute
Trustees were directed by the Gran.tee, the current owner of the Note and the beneficiary of the
Deed of Trust. to exercise the powers granted to the Substitute Trustees t.mder the Deed of Trost
to sell the Property at public auction.
E.
The Substitute Trustees, after first giving, or causing to be given, written notice of
the proposed sale and after first advertising the time and place of the sale according to the temts
of the Deed of Trust and applicable law, offered the Property for sale at public auction at
10:00 a.m.. on October 9, 2013, at 112 South M.ain Street, Woodstock, Virginia, at which sale the
Grantee was the successful bidder with a high bid in the amount of Three Hundred fifty
Thousand and 00/l 00 Dollars ($350,000.00) ("Purchase P").
F.
tem1S of the
The Grantee has paid the Purchase Price andhas complied inall respects wifu the
sale.
AGREEMENT:
In consideration of the Purchase Price paid by the Gr.mtee to the Substitute T.the
receipt of which is acknowledged by the Substitute Trustees and pursuant to the powm vested in
2
!;
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5404594758
SKYLINETITLES
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PAGE
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18 3 4PAat0 32';
the Substitute Trustees by the temJS of the Deed of Trust, the Substitute TIUStees grant and
convey with Specisl Warranty to th.e Gnmtee the Property moAe particularly descn"bedl on
EXIDBIT A
This conveyance is made expressly subject to: (a.) such covenants, conditions, easements,
restrictions end reservations, if any, superior to the lien of the Deed of Trust, duly of record and
constituting constructive notice; (h) any and all statutory li.en(s) for labor or materials, which are
superior to the lien of the Deed of Trust; and (c) the rights, ifany. of penon inpossession of the
Propeity. The Pro_perty is being conveyed "AS 1S0 without xeprescntation o.r warranty of any
sort or natllre concerning the condition of the Property.
WITNESS the following signature and seal:
,
,L k:
.(SEAL)
Sole Acting Substitute Trustee
COMMONWEALTH OF VIRGINIA
AT LARGE, to-wit:
this
The foregoing insmunent was aclmowledged bd'ore me jn the City of Fairfax,
y of December, 2013, by Jeremy B. Root, sole acting substitute trustee.
pen;mm11y1mown10 me"' o"""""'""'1
is
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tm:y
My commission expiresHlf/#/6
Notary mgWmtion number:
/;'i5J? /
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'
BOOK 16 3 4PAGf 0328
EXHIBIT A
Leel Description
All that certain lot or parcel of lend with all improvements thereon, tQgether with
all appurtenances and hereditaments belonging or in anywise appertaining, lying
and ing situate on the south side of King Street inthe Town of Strasburg, Davis
Magisterial District. Shenandoah County, Virginia., and being more particularly
descnl>ed on that certain plat of SUIYey prepared by James B. Walsh, Jr.• L.S_,
dated June 25, 1.991, and desc:n"bed thereon as Tract 1containing 9,501.04 square
01less, Tract 2 containing 6,968.92 square feet. more or less; and
Tract 3 containing 84.49 square feet, .more m: less- Said plat of survey is recorded
in the Clerk's Office of the Citcuit Court of Shenandoah County, Virginia, in
feet, more
Deed Book 631, Page 700.
ItflTMM j14mlOJJ8
RECORDED IN Tlf; CL£RK'5 OFFICE Of
SHENAh'OONf eot.mY (W
JAMJARY 221 2014 AT.03 461?1'!
$739.00 GAANTOR TAl-WAS.E!AID AS
REGU RED SY
STAT£:
53. 1-802 : OF 1li'. Vlb tOOE
Sl69. SO LOCAL:
. $369.5'(J
DENISE B.ESTEP, CLERK
RECOROEC BY: l>EB
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COMMONWEALTH of VIRGINIA
DEPARTMENT OF ENVIRONMENTAL QUALITY
Valley Regional Office
James S. Gilmore, lil
Governor
John Paul Woodley, Jr.
Secretary of Natural Resources
Street address: 441 1 Early Road, Harrisonburg, Virginia 22801
Mailing address: P.O. Box 1129. Harrisonburg, VA 22801-1129
Telephone (540) 574-7800 f ax (540) 574-7878
http://www.deq.state.va.us ·
October 22, 1998
Dennis H. Treacy
birector
R. Bradley Chewning, P.E.
Valley Regional Director
Mr. Sattar Azim
10301 Holly Hill Place
Potomac, MD 20854
Mr. Robert M. Sykes
Triad Engineering, Inc.
P.O. Box 2397
Winchester, VA 22604
Re:
Petroleum Release At Strasburg Theater; Case Closure
DEQ Tracking Number: PC 97-5039
Dear Mr. Azim and Mr. Sykes:
Based on our review of this file, this case is considered to be closed, and no further
investigation or corrective action is required at this time. Should significant environmental or
health or safety problems develop in the future, additional testing and/or corrective action may be
required in accordance with applicable State and Federal regulations.
The monitoring wells installed in conjunction with this investigation should be properly
abandoned to prevent future degradation of the groundwater on the site. Please properly
abandon the wells and provide a brief report of the abandonment procedures to this office.
A Fact Sheet for Monitoring Well Abandonment is enclosed for your reference. Since the
monitoring wells were installed to meet'regulatory requirements administered by DEQ, no
permits or fees are required by the local health department.
Well abandonment is a reimbursable activity if the proper preapproval protocol is
followed. In order for the work to be eligible for reimbursement, an Activity Authorization Forrn
(AAF) must be submitted to, and approved by, our office prior to well abandonment. Although
you have up to two years from the date of this letter to file for reimbursement, we recommend
that you properly abandon these wells by
dff9.
S YMBO\.
SUR NAM E
OA T E
. ....
•
MEMORANDUM
•
VA. DEPARTMENT OF ENVIRONMENTAL QUALITY
VALLEY REGIONAL OFFICE
SUBJECT:
DECISION TO CLOSE CASE
PC 97-5039 Strasburg Theater
TO:
FROM:
DATE:
VRO File
.'\ .!
David R Forrer
October 21, 1998
Date case opened:
I 0/4/96
Case initiated by:
ground.
Call from neighbor of theater complaining of heating oil discharging to
Hurricane Fran (Sept '96) caused the flooding of the theater's basement, which, in turn, caused a
heating oil AST in the basement to topple over - spilling an unknown amount of oil. The
basement's sump pump discharged the water and oil to the yard behind the theater. The oil
apparently leached back down through the soil and into the basement with more water, where it
was discharged again...and again ...and again. It was a fairly good 'remedial system'except that
some free product accumulated on the surface around the discharge pipe.
The owner of the theater, Mr. Azim, paid his deductible amount ($500) to Triad Engineering and
assigned all reimbursement over them. After that, Triad took care of all our characterization,
remediation, and reimbursement requests.
The characterization indicated that groundwater in three mon. wells had not been impacted.
Residual phase contamination also wasn't too severe. However, we decided to remove 11 cubic
yards of contaminated soil to lower risks via dermal contact and ingestion by children and pets
(the site abuts a residential area) and via vapors to the basement.
The level of risk now that the impacted soil has been removed is insignificant. I, therefore,
recommend closing this case.
•
COMMONWEALTH of VIRGINIA
DEPARTMENT OF ENVIRONMENTAL QUALITY
Valley Regional Office
James S. Gilmoie, III
Street address: 441 1 Early Road, Harrisonburg, Virginia 22801
Governor
John Paul Woodley, Jr.
Secretary of Natural Resources
Mailing address: P.O. Box 1 129, Harrisonburg, VA 22801-11 29
Telephone (540) 574-7800 Fax (540) 574-7878
http://www. dt:q .state.va. us
October 22, 1998
Dennis H. Treacy
Director
R. Bradley Chewning, P.E.
Valley Regional Director
Mr. Sattar Azim
10301 Holly Hill Place
Potomac, MD 20854
Mr. Robert M. Sykes
Triad Engineering, Inc.
P.O. Box 2397
Winchester, VA 22604
Re:
Petroleum Release At Strasburg Theater; Case Closure
DEQ Tracking Number: PC 97-5039
Dear Mr. Azim and Mr. Sykes:
Based on our review of this file, this case is considered to be closed, and no further
investigation or corrective action is required at this time. Should significant environmental or·
health or safety problems develop in the future, additional testing and/or corrective action may be
required in accordance with applicable State and Federal regulations.
The monitoring wells installed in conjunction with this investigation should be properly
abandoned to prevent future degradation of the groundwater on the site. Please properly
abandon the wells and provide a brief report of the abandonment procedures to this office.
A Fact Sheet for Monitoring Well Abandonment is enclosed for your reference. Since the
monitoring wells were installed to meet regulatory requirements administered by DEQ, no
permits or fees are required by the local health department.
Well abandonment is a reimbursable activity if the proper preapproval protocol is
followed. In order for the work to be eligible for reimbursement, an Activity Authorization Forrn
(AAF) must be submitted to, and approved by, our office prior to well abandonment. Although
you have up to two years from the date of this letter to file for reimbursement, we recommend
that you properly abandon these wells by January 22, 1999.
•
•
,
Mr. Sattar Azim and Mr. Robert Sykes
October 22, 1998
Page 2
Thank you for your cooperation. Ifyou have any questions, or if we can be of further
assistance, please contact David Forrer at (540) 574-7837.
Sincerely,
Richard W. Anderson
Compliance, Enforcement, and Monitoring Manager
Enclos
cc: VFile
BEST EXTERMINATING SERVICES
P. 0. BOX 475
FRONT ROYAL, VA 22630
540-635-8930
[email protected]
JUNE 2, 2014
DATE:
19833
NUMBER:
RIVERDALE FUNDING
151 & 155 W KING STREET
STRASBURG, VA 22657
·
,
DATE
REPORT/TREATMENT/TEST/INSPECTION/OTHER
i---1
AMOUNTS
I
-----
06/02/14
WDI INSPECTION # 19833
.. =l"-·oo_- · .
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-· 1 $
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-....
1$
I
1$-
- - - -- ------ -
$
! - ----
. .. - ----t--TOTALDUE TO BEST EXTERM!N Af!NG SERVICES. I N E
THANK YOU FOR YOUR BUSINESS
GARY
_l$1s.o_o
- ·
Wood Destroying Insect Inspection Report
Notice: Please read important consumer infonnation on page 2.
Section I. General Information
Company's Business Lie. No.
Inspection Company, Address & Phone
91000082
BEST EXTERMINATING SERVICES, INC.
P. 0. BOX 475
FRONT ROYAL, VA 22630
540 635-8930
Inspector's Name, Signature & Certification
CHRIS MARKLEY 58648-C
(' h
I 06/02/2014
Date of Inspection
/ (/ f33
Address of Property Inspected
151 & 155 W KING STREET
STRASBURG, VA 22657
istration, or Lie.#
· ,---yy(_ ,,
.
/ J".
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Structure(s) Inspected
THEATER
Section II.Inspection Findings This report is indicative of the condition of
above identified st11Jcblre(s) onthe date of inspection and isnot to beconstrued as a
guarantee or warranty against latent, concealed, orfuture infestations or defects. Based ona careful visual inspection of the readily accessible areas of the sbuclw'e(s)
i1i5peded.
D
A. Novisible evidence of wood destroying insects was observed.
Ill B.Visible evidence of wood destroying insects was observed as follows:
D
1. Live Insects (description and location):
!lJ 2. Dead insects, insect parts, frass, shelter tubes, exit holes, or staining (description and location):
SCRAPED OFF TERMITE SHELTER
TUBES ON FOUNDATION WALL & FLOOR JOIST
\ZI
3. Visibledamage from wood destroying insects was noted as follows (description and location):
TERMITE DAMAGE TO FLOOR
JOIST
NOT£· Thisisnot astructural damaqereoorl. Hbox Baboveis checked, it should be understood that some degree of damage, includinghidden damage, may be
present. If any questions arise regarding damage indicated by this report, it is recommended that the buyer or any interested parties contact a qualified structural
professional to determinethe extent of damage andthe need for repairs.
Yes llJ No0
lt appears that the structure(s) or a portion thereof may have been previously treated. Visible evidence of possible previous treatment:
DRILL MARKS IN BRICK MORTAR
The inspecting company can give noassurances with regard to work done by other companies. The company that performed the treatment should be contacted for information
ontreatment andanywarrantyorselVice agreement which may be in place.
Section Ill.Recommendations
121
Notreatment recommended: (Explain if Box B in Section II is checked)
INACTIVE
D Recommend treatment for the control of:
SectionIV.Obstructions
andInaccessibleAreas
1heinspector may write out obstructions
or use the followingoptional key:
The following areas of the structure(s) inspected were obstructed or inaccessible:
13. Only visual access
1. FEX8dceiling
14. Clutteredcondition
2. Suspended celi ing
3. Fixed wall covering 15. Standing water
16. Dense vegetation
4. Floor covering
17. Exterior siding
5. lrrulatioo
6. Cabinets or shelving 18. Window wencovers
19.Woodpile
7. Stored items
D Basement
D Crawlspace
llJ Main Level 1-3-4-6-8-9
0 Attic
121
D Garage 17
9.-=
Extenor
8.F
0 Porch
0 Addition
D Other
20.Snow
21. Unsafeconditions
10. No access or entry 22. Rigid foam board
23. Synthetic
11. Limited access
stucco
24.
Duct
wor!<, plumbing,
12.f\boo::essrereati
and/or winng
Section V.Additional Comments andAttachments (these are an integral partof the report)
Attachments
Signature of Seller(s)or Owner(s) if refinancing. Seller acknowledges that
Signatureof Buyer. The undersigned hereby acknowledges receipt of a
all information regarding W.D.I. infestation, damage, repair, and treatment
history has been disclosed tothe buyer.
copy of both page 1and page 2 of this report and understands the information
reported.
x
...--
x
Metropolitan Regional Information Systems, Inc.
Tax ID: 0020098
County: SHENANDOAH
Page 1 of 1
11-Jul-2014
1:17 pm
Full Tax Record
Property Address: 155 W KING ST, STRASBURG VA 22657 2221
Legal Subdiv/Neighborhood:
Incorporated City: DAVIS STRASBURG
Owner Name:
Addtnl:
MAILING ADDRESS: 7154 COMRIE CT, WARRENTON, VA 20187 3978
LEGAL DESCRIPTION: RT 11 TRACT 1 STRASBURG THEATRE
Condo/Coop Project:
Phone #:
Absent Owner: Yes
Company Owner: RTR HOLDING CORPORATION
Care of Name:
Mag/Dist #: 14
Election District:
Section:
Map Suffix: A3
Historic ID:
Lot:
Legal Unit #:
Subdiv Ph:
Suffix:
Agri Dist:
Block/Square:1
Grid:
Addi Parcel Flag/#:
Parcel: 1
Plat Folio:
Exempt Class:
Tax Class: 4
City Tax: $1,013
Refuse:
Homestd/Exempt Status:
Mult. Class:D
TOTAL TAX BILL: $4,432
State/County Tax: $3,419
Spec Tax Assmt:
Front Foot Fee:
ASSESSMENT
Year Assessed
2010
2004
1998
DEED
Transfer Date
23-Feb-2005
01-Feb-2005
$299,000
STRUCTURE DESCRIPTION
Section 1
Construction:
Story Type:
Description:
Dimensions:
Area:
Other Rooms:
other Amenities: AIR COND
Appliances:
Gas:
Electric: Yes
Improvement
$490,100
$485, 100
$114,300
Section 2
Section 3
Roofing: Tar & Gravel
Style:
Units: 0
Living Area: 10,750
Porch Type:
Pool Type:
Roof Type: GABLE
Fireplace Type:
Bsmt Type: None
Bsmt Tot Sq Ft: 0
Bsmt Fin Sq Ft: 0
Bsmt Unfin Sq Ft:
Heat: Hot Water
Water: Public
Tax Levy Yr: 2013
Tax Rate: 0.54
Grantee
IPS PROPERTIES LLC
TRIVOULIDES, !RENE
Census Trct/Blck: I
Acreage: 0.22
Property Card:
Road Description: PUBLIC
Road Frontage:
Topography: ROLLING/SLOPING
Sidewalk:
Pavement:
Zoning Code: 0000
Square Feet: 9,540
Plat Liber/Folio: I
Quality Grade:
Xfer Devel.Right:
Site Influence:
Sq Ft:
Sq Ft:
Sq Ft:
176
Land Use
$0
$0
$0
Deed Folio: 987
Granter
TRIVOULIDES, !RENE
SUNLIGHT PROPERTIES LLC
$0
PROPERTY DESCRIPTION
Year Built: 1892
Irregular Lot:
Land Use Code: Commercial
Property Class:4
Zoning Desc:
Prop Use: COMMERCIAL/INDUSTRIAL
Building Use: COMMERCIAL
Lot Description:
Foundation: Concrete
Ext Wall: Brick/Stone
Stories: 1.00
Total Building Area:
Patio/Deck Type:
Balcony Type:
Attic Type:
Rooms: 2
Bedrooms:
Full Baths:
Half Baths: 2
Baths: 1.00
Land
$143,100
$143,100
$47,700
Total Tax Value
$633,200
$628,200
$162,000
Deed Liber: 1191
Price
Tax Map: 025A3 A
Map: 25
Sub-Parcel:
Plat Liber:
Section 4
Section 5
# of Dormers:
Year Remodeled:
Model/Unit Type:
Base Sq Ft: 0
Sq Ft:
Sq Ft:
Fireplaces: 0
Garage Type:
Garage Const.:
Garage Sq Ft:
Garage Spaces: O
Air Conditioning:
Interior Floor: TILE,WOOD
Outbuildings:
Sewer: Public
Underground:
Fuel: Other
Walls: Plaster Walls
ril=
Update
DateIn:c.
30-May-2014
Copyright (c) 2014 Metropolitan RegionalInformation
Systems,
Courtesy of: Philip Vaught
Home: (540) 671-0460
Office: (540) 635-8000
Cell: (540) 671-0460
Email: [email protected]
Company: Weichert, REALTORS
Office: 1540) 635-8000
Fax: 1540) 635-1631
Information is believed to be accurate, but should not be relied upon without verification.
Accuracy of square footage, lot size and other Information is not guaranteed.
&iii0 '
07/1-1/2.014
_
11:43
5404553252
TOWN OF STRASBURG
PAGE
1-JTSTOR'V LISTING FOR 08/15/2012 - 07/1112014 Oe.te: 07/1112014 Time: I I :'1°0:12
TOWN OP STRASBURG
3007300.00 96
02/03
Page 1 of 2
WebLogics30
RTR. HOLDING CORP.
flB·DEBIT BAL
Cycle: FB
St.art Date: B/1512012
J Sl W KING ST
TRANSACTION DATE
IN OAL
B
llEAD!NG
08/S/2.012
READING
06/:;?9/2.012
(16/3 ,/201.2
Bil.I. NG
Bii UNG
Qe/3)./2012
PJ\Y1'!ENT
09/19/7.-012
l'IGADING
0/2.1/20!
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00/2S/2017.
BILLING
09/7.Q/2012
PAYMENT
10/P/2012.
REAC!NG
10/22/2012
!'!!LUNG
10/1}2012
BILLING
10/:'ll/2012
PAYMENT
U/1912012
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H/20/2012
f.\TLL1111G
11/30/2.012
BIWNG
U,/;.'\0/2012
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01/31./2013
02/13/2013
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02/26/;\013
03/06/2013
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CM
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SC
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03/20/2013
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04/30/2013
04/0/2.013
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05/ /2013
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05/31/20l:l
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06/?.'-12013
06/i9/2013
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07/05/<013
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07/lB/2013
07/1/2.013
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07/31/2013
08/7.1,/2013
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06/19/:;iou
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O/M/2013
l,O/lS/2013
l'IEAD!NG
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BILI NG
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fl.EADING
10/1<!/013
l0/31/A013
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11/18/2013
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H/29/2013
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12./1/l/2013
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01/17/2014
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02/20/2014
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FlEADING
02/20/20M
03/<0/201"
fl.f.AD!NGI
03/20/2014
MTa/CK
l)F.SCRf PTION
AMOUNT
REPf!RENCE USAGE
BALANCF.
4005
170BMTR300730000
2 MTl'l.300730000
MTR300730000
Rat: CM
MTOonoaoo
Rsto:
093
CHl:O< JN MAii.
?l0MTR300730000 RIY\DING
MIRJOQ7SOOOO !ite; CM
r·muoonoooo
Ror.n: SC
79004
CHECK JN MAT
17•6 MTR3007;1000C Ri;;ADlNG
MiR300730000 Ratri: CM3
l'ITR:l007::<oooo Rllt:Sc:.3
000097500
CC!ECK N MAIL
171,5 MTl'll00730000 Jl.F.AD!NG
MTgoonooao
Rat: CM3
MTR300730QOQ Rate: 5C:3
00009?5010
CHECK TN MAIL
?l MTIU00130000 RD!NG
SC3
so
CM
SC3
SW SC3
SV!I SC3
WA CM3
so
SW
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W/I CM3
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l4SG29SB98
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l4BG29SS90
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10.61l
78.43
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14.07
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11.17
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7/11/2014
07/11/2014 11:43
5404553252
TOV.JN OF STRASBURG
PAGE
03/03
Page 2 of 2
WebLogics30
TRANSACTXON DATE
READ!NS
M/l;/:001'1
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04/22/201'1
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14HS6295899
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READING
R.IYIDJNG
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169
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lll:ADJNGS
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SW
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T_ypical Loan Re9uirement Summar_y Sheet
Potential Grant Sources
l
\
CHECKLIST FOR COMMERCIAL PURPOSE R/E LOAN
Application
o Business Loan Request
o Financial Statement on Borrower(s)
o Government Monitoring Sheet (ifresidential)
o CIP Disclosure
o Copies of Signers' ID (if not already on file)
Closing
o Note
o Right to Receive Copy of an Appraisal
o Mortgage
o Deed (if purchase)
o HUD-1 or HUD-l A (if residential)
o Agreement to Provide Insurance
o Notice of Free Choice of Insurance Agent
Misc.
o
o
o
o
o
o
o
o
Recorded in HMDA log (if residential)
Flood Determination
Termite Inspection (officer's discretion , if purchase)
Appraisal
Insurance Binder
Title Opinion
Approval (as required)
Credit Report (<1 yr. Old)
Reg B- COMMERCIAL LOAN INFO SHEET
Application Date:
Amount Requested:
Loan Officer Initials:
Date Application is Complete: -- -- -- -- ------lication is complete as of the application date, eoter the same date for each.)
Revenues <= $IMM
Grosss Revenues > $IMM
JSS
Borrower/Entity
Co-Borrower(s)
Guarantor(s)
---------------------·
Collateral Description:
(Ifrenewal-stateoriginal purpose)
Approval Date:
Incomplete Application Letter
Sent Date: note l.
Withdrawal Date:
(An application may only be considered withdrawn if the application has been approved as requested)
Denial Date:
(Must send denial letter within 30 days of adverse action .)
nenial Letter Sent Date:
HMDA?
Yes
(Attach a copy of the denial lettci- to this form and send to Loan Operations)
No
(If yes,prepare HMDA form, attach copies of this sheet and the denial letter and forward to Nclwyn Kelly.)
Loan Officer Signature:
Applicant' s Signature(s) Intending to Apply for Requested Credit:
(Effective 4- I 5-2004)
Instructions: This form is to be filled out for all commercial loan requests (i.e. applications). Please fill out all applicable information unless coded for future use. All
commercial loan requests that result in a denial will require a denial letter. The denial letter may be language of the lender's choice. Your notice may contain any
introduction you would like but must list the reasons for the denial and the following Notice at the bottom of the letter. Once the process is complete, this sheet and
a copy of any notification letters are to be sent to Loan Operations for 24-month retention. Notes are indicated below.
Notice: The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin,
sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public
-..istance program;or because the applicant has in good faith exercised any right und er the Consumer Credit Protection Act. The federal agency that administers
apliance with this law concerning this creditor is The Federal Reserve Bank, 1000 Peachtree Street, NE, Atlanta, GA 303094470.
I
Note 1- Incomplete Application Letter- The letter must specify what information is being required and the date by which it must be received . If not received by this date, no
further action or denial notifications to the applicant are required. (Forward to Loan Operations as outlined above.)
(
ANALYSIS OF MARKET RENT
During the process of analyzing the rental value of the subject property, foremost attention was
given to factors which could have an impact on per unit rates such as location desirability, physical
characteristics of the structure, and apparent vacancy. Investors, as well as, local property managers were
contacted in an attempt to locate the best rent comparables possible.
The data collected indicates that the typical lease for local --- space calls for a base rental rate with
the landlord paying insurance, real estate taxes, replacement reserves, and repairs. The comparable
rentals indicate the effective market rates for the space range from $6.12 to $7.48 per square foot. The
data indicates the majority of the escalation clauses contained in the leases are based on the consumer
price index, which has a net uniform series of 2.6% per annum.
After examining the subject's location and condition, I have chosen $7.00 per square foot to be
representative of its current market rental rate.
Your attention is invited to the following data relative to rental rates.
53
YEARLY INCOME AND EXPENSE SUMMARY
INCOME:
12,200 square feet @ $7.00 per square foot
Less vacancy (4%)
Effective gross income
EXPENSES:
llazard insurance
Real estate taxes
Replacement reserves
Repairs and maintenance
Total expenses
$
$
$85,400
($3,416)
$81,984
7,600
3,989
4,200
5 400
21,189
EFFECTIVE GROSS INCOME
$81,984
LESS EXPENSES
($21,189)
NET OPERATING INCOME
$60 795
54
INCOME AND EXPENSE PROJECTION ASSUMPTIONS
_.\ thorough investigation of expenses and projected increases due to future economic influences
have resulted in the following several estimations for the term of the projection. Therefore, I have
assumed that there will be a:
1)
10 year holding period;
2)
Rents will increase 2.6% per year;
3)
Hazard Insurance will increase 2.6% per year;
4)
Vacancy and rent loss will remain level at 4% of potential gross income per year;
5)
Maintenance and Upkeep will increase 2.6% per year;
6)
Property Tax.es will remain level at $--- for years 1-3, increase to $--- years 4-6, and
increase to $--- years 7-9, and increase to $--- years 10 and 11; and
7)
Replacement reserves increasing 2.6% per year.
55
INCOME AND EXPENSE PROJECTION
YEAR 1
YEAR 2
YEAR 3
YEAR 4
YEAR S
YEAR 6
YEAR 7
YEAR S
YEAR 9
YEAR 10
YEAR 11
Gross Potential Income
Less Vacancy-4%
85,400
3,416
87,620
3,505
89,899
3,596
92,236
3,689
94,634
3,785
97,095
3,884
99,619
3,985
102,209
4,088
104,866
4,195
107,593
4,304
110,390
4,416
Adjusted Gross Income
81,984
84,116
86,303
88,546
90,849
93,211
95,634
98,121
100,672
103,289
105,975
Hazard Insurance
7,600
7,798
8,000
8,208
8,422
8,641
8,865
9,096
9,332
9,575
9,824
Real Estate Taxes
3,989
3,989
3,989
4,228
4,228
4,228
4,482
4,482
4,482
4,751
4,751
Replacement Reserves
4,200
4,309
4,421
4,536
4,654
4,775
4,899
5,027
5,157
5,291
5,429
Repairs & Maintenance
5,400
5,540
5,684
5,832
5,984
6,139
6,299
6,463
6,63 l
6,803
6,980
Total Expenses
2 1,189
21,636
22,095
22,805
23,288
23,784
24 ,546
25,067
25,603
26,421
26,984
Net Operating Income
60,795
62,479
64,208
65,741
67,561
69,427
71 ,088
73,053
75,069
76,869
78,991
INCOME:
EXPENSES:
'10RTGAGE EQUITY METHOD
Following are two (2) traditional income evaluation methods, the Mortgage/Equity
Method (Band of Investment) and The Discounted Cash Flow Method.
The Mortgage/Equity Method assumes an overall cap rate can be calculated by taking a
weighted average of the mortgage constant (RM) and the equity dividend rate (RE). These two
rates are weighted by the proportion of mortgage funds (M) and the proportion of equity (E) to
be invested in the property. Furthermore, the sum of M&E must be 1 or 100% or (E=l -M). The
band of investment equation is written as follows:
RO=(M X RM)+(E X RE).
MORTGAGE EQUITY METHOD ASSUMPTIONS
1.
That the several discounted cash flows in the income projection may be converted
to a level annuity.
2.
That a mortgage in the ratio of 75% of indicated market value is available for the
subject property.
3.
That the aforesaid mortgage will bare interest at the rate of 10% per annum on the
unpaid balance, and that it will have a 25 year standard amortization schedule,
payable monthly with a 10 year call.
4.
That the amount of the mortgage paid off in the 10 years prior to disinvestment is
15.2.6%
5.
That the yield to the 25% equity interest will be 10%.
6.
That the sinking fund factor for I 0% at 10 years is 6.2745%.
7.
That the subject property will have a I0% increase in value over the term of the
projection due to the escalation of rental income.
8.
That the net uniform series of the first five (5) years NOI in the income projection
is $64,156.76.
Mortgage Position
.75 x .109044 =
0.081783
Equity Position
.25 x .10 =
0.025000
Weighted Capitalization Rate
0.106783
LESS:
. !54392
x .75 x .062745
Equity Build Up:
0.007265
Property Appreciation :
.IO X .062745 =
Overall Capitalization Rate
$64.156.76
(.006275)
(.013540)
0.093243
/.093243 =
$688.059.85
$688.000
OUNDED
;:,1imated Value of Subject
\.la Mortgage Equity Method -
$688,000
58
DISCOUNTED CASH FLOW ANALYSIS
Essentially, Discounted Cash Flow Analysis is the discounting of periodic net operating
income flow based on the perceived element of risk attendant to their quantity and quality. This
method of analysis was used for many years in heavy industry, and the accounting profession. as
a method ofjust ifying capital expenditure and was known as Cost-Benefit Analysis prior to its
migration to the realm of real estate economies. It is one of the most versatile and flexible
analytical tools available to the real estate appraiser and, in my opinion, the most accurate in its
estimate of value.
Detailed discussions, relative to an appropriate discount rate, with local developers and
investors evidence a discensus, opinions range from 8% to 10% with the more passive investors
opting for the lower end of the range. In the interest of conservatism and because of the general
character of the area. I have selected a 9% discount rate.
The reversion is based on the eleventh year's estimated net operating income discounted
at 9%. From the resultant product a deduction of 5% has been made to cover the sales
commission and closing costs. The residual capital value (the reversion) was discounted in the
usual manner.
Therefore, it is our opinion that the projected estimated cash flows (net operating income
for the several years) may be discounted at the rate of 9% and that the reversion based on the
capitalization of the 11th years net operating income ($78,991) may be discounted at a rate of
9% less 5% to compensate for sales commissions and closing costs.
Your attention is invited to the discounted cash flow analysis exhibited in this section of
the report which estimates the present worth of the projected income and reversion to be
$723,216, Rounded to $723,000.
59
Given the preceding considerations, the estimated cash flows may be projected in the
following manner:
YEAR
I
2
3
4
5
6
7
8
9
10
REVERSfON
CASH
FLOW
DISCOUNT
RATE
60,795
62,479
64,208
65,741
67,561
69,427
71,088
73,053
75,069
76,869
$750,411
0.917431
0.84168
0.772183
0.708425
0.649931
0.596267
0.547034
0.501866
0.460428
0.422411
0.387533
DCF
55,775
52,588
49,580
46,573
43,910
41,397
38,888
36,663
34,564
32,470
290,809
723,216
Total
$723,000
ROUNDED
As a result of the considerations involved in this analysis, I am of the opinion that, given
the variables suggested in the "Income Projection", the subject has an estimated value, indicated
by its application, of $723,000.
SUMMARY: The two approaches demonstrated herein are traditional methods of
income capitalization and are deemed the most appropriate for this type of property. There is a
variation in the discounting process between the mo (i.e. Mortgage/Equity and Discounted Cash
Flow) Methods of processing the estimated net operating income. This is due to the fact that the
DCF Analysis allows for a greater range of assumptions. After careful consideration of all the
inherent elements of both methods of income capitalization, I am prone to accept the capitalized
value of the income stream suggested by the DCF analysis or $723,000.
60
VALUE RECONCILIATION
Reconciliation is the culminating of ideas or indications to arrive at a final value. The
jifferent indications of value derived in this appraisal report follow:
Subject value indicated by Sales Comparison Approach
$730,000
Subject value indicated by Income Approach
$723.000
Each approach is a comparative analysis of the data in the marketplace, which is
significant and applicable to the use of the respective approach. The accuracy and reliability of
each approach is dependant the quality and quantity of the market data available, the type of
property being appraised and the definition of market value.
The sales comparison analysis represents the purchasing attitude of the average buyer and
seller in the marketplace . This approach is limited by the availability of comparable sales with
similar utility , age and quality of construction. The sales herein recited represent varying
degrees of similarity to the subject. Subjective estimates would have been required for the price
per square foot method. Limited weight was given to this approach.
The income approach is considered to the best indicator in investor owned property. A
considerable portion of this report is given to this approach as it best exemplifies the
methodology, which is applied by investors when considering the purchase of an investment
property. The yield capitalization approach was given the most weight as it reflects rent
fluctuations and lease terms.
The approaches indicated above were utilized to make the final value estimate. I have
carefully re-examined each step in each method, and I believe the conclusions accurately reflect
the attitude of typical purchaser. It is my belief that this re-examination has confirmed original
conclusions.
61
CERTIFICATION OF VALUE
I certify that, to the best of my knowledge and belief:
•
•
•
•
•
•
•
•
•
•
The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and is my personal, impartial , and unbiased
professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of this report,
and no personal interest with respect to the parties involved.
I have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
My compensation for completing this assignment is not contingent upon the development
or reporting of a predetermined value or direction in value that favors the cause of the
client, the amount of value opinion, the attainment of a stipulated result, or the occurrence
of a subsequent event directly related to the intended use of this appraisal.
My analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the Uniform Standards of Professional Appraisal Practice .
I made a personal inspection of the property that is the subject of this report. I did view the
interior of the building.
No one provided significant professional assistance to the persons signing this report,
including data collection and interpretation.
Based on my analysis of the data, subject to the limiting conditions and definitions set
forth herein, allowing reasonable exposure time, it is my opinion that the market value of
the fee simple estate of the subject property as of February 4, 2013, on an "as is" basis, is:
($725,000)
/
BARRY L. PUGH
State Certification #: 4001
003384
62
Key Takeaways from Consumer Interest Surveys
• A Farmers Market and Performance Space are the most highly desired uses
for a potential public space.
•
Winchester is only located 20 minutes away and due to its targe population
base can provide a larger variety of goods and services than Strasburg can.
•
Strasburg's market leakage typically goes to shopping centers outs ide of the
neighboring towns, such as Front Royal's Exit 6. The market leakage is not
likely downtown to downtown , except in the case of the City of Winchester .
• Strasburg could recover some Farm/Garden Supplies and Building Materials
market leakage by extending hours, but would unlikely draw customers from
neighboring areas due to the presence of similar stores in those communities.
• A small portion of Strasburg's Sit Down Dining market does leak to nearby
Front Royal and Woodstock. Hopefully Strasburg's restaurants are equally
capturing some of the market from Front Royal and Woodstock.
15
C 0 M M U N IT Y p L A N N IN G p A R T N E R S , IN C •
Community Development
--....
__
-
• Planning • Economic Development !J! ." •
•
•
•
•
Ronald McDonald House Charities of Charlottesville Grant
Program
Deadline: Wed, 04/15/2015
Funding to organizations that enhance the health and well-being of
children and their families. Grant application and guidelines here.
Challenge America Grant
Deadline: Thu, 04/16/2015
Funding to organizations that provide opportunities to experience the
arts to underserved populations.
Doris Duke Building Demand for the Arts
Deadline: Fri, 04/24/ 2015
Funding for organizations that support artists in joint efforts to develop
audience demand for jazz, theatre, and/or dance.
George J. & Effie L. Seay Foundation
Deadline: Fri, 05/01/2015
Funding to nonprofits focused on promoting specific services or
trainings in Virginia.
•
Surdna Foundation
Funding to support organizations that focus on sustainable
environments, strong local economies, and thriving cultures .
•
Preservation and Access Education and Training
Deadline: Tue, 05/05/2015
Funding to organizations that preserve and establish access to cultural
heritage collections .
• Aetna Foundation Golocal Cultivating Healthy
Communities Grant
Funding to organizations that create and expand community gardens,
urban farms, and farmers markets.
RWJF Sports Award
•
Funding to organizations that have an innovative and collaborative
approach to making their community a healthier place to live.
Entertainment Software Assocation Foundation
•
Funding to projects that serve youth ages 7-18 and that provide
programs that utilize technology and/or computer and video games to
educate youth.
•
Dominion K-12 Educational Partnership
Funding to public and private elementary and secondary schools with
programs that enhance STEM skills by studying energy and the
environment .
•
Deadline: Sun, O
Funding for hangi
their community.
tions that showcase art in
•
•
•
Innovation in Caregiving Award
Funding to individuals who have invented a technique that solves a
caregiving challenge, or found a new application of an existing device
or technique that decreases the burden on caregivers.
Mazda Foundation
Funding for organizations with programs that promote education and
literacy, environmental conservation, cross-cultural understanding,
social welfare, or scientific research.
U.S. Fish & Wildlife Service Standard Grant
•
Funding to partnerships that involve long-term protection, restoration,
and/or enhancement of wetlands.
The Dennis Foundation Grants
•
The Dennis Foundation seeks to fund organizations that operate in the
areas of education, health, human services, and religion. The
Foundation distributes 30 grants per year that have an average size of
$500 to $5,000.
The Oak Hill Fund
•
Funding to organizations that support education in sustainability or
have programs that support sustainable and affordable housing
initiatives or the environment.
Open deadline grants (alphabetically)
Ford Foundation: Sustainable Development Grant
•
Deadline: Open
Funding to support the development of natural resource policies and
programs that give poor communities more control over these
resources and a stronger voice in decision making on land use and
development. It focuses its efforts on poor rural communities,
indigenous peoples, ethnic minorities and women, in particular.
•
A Little Hope Grants
Deadline: Open
Funding to organizations that provide bereavement support services
and grief counseling to children and teens who have experienced the
death of a parent, sibling or loved one.
•
Allstate Foundation
Deadline: Open
Allstate funds nonprofit organizations in three focus areas, which are
broken down into specific program goals. These focus areas include:
safe and vital communities, economic empowerment, and tolerance,
inclusion, and diversity . Grant requests must be for single year
requests.
American Honda Foundation
•
Deadline: Open
Funding to support science, technology, engineering, and mathematics
education. Environmental projects, job training, and literacy programs
also will be considered.
•
American Legacy Foundation
Deadline: Open
The American Legacy Foundation has given out over $150 million in
grants to reduce tobacco use among youth. National and grassroots
programs are supported. Community-based efforts and new and better
tobacco control programs are encouraged, including Small nnovative
Grants and Research Demonstration Projects.
•
Andrew W. Mellon Foundation
Deadline: Open
Funding to support Higher Education and Scholarship; Scholarly
Communications and
Information Technology; Art History,
Conservation, and Museums; Performing Arts; and Conservation and
the Environment.
•
Animal Welfare Trust Grants
Deadline : Open
Seeks to assist organizations whose work can help alleviate animal
suffering and/or raise public consciousness toward giving animals the
respect they need and deserve.
•
Barnes and Noble Corporate Contributions Program
Deadline : Open
Supports local and regional nonprofit organizations that focus on
literacy, the arts, or education (K-12). Applicants must be located in
the commun ities where company stores are located and should serve
the greater good of the local community or region. A plan for
promoting the program with Barnes & Noble should be included in the
proposal, and the organization must be willing to work with the local
store or stores on in-store programming. Barnes and Noble also
provides limited support to national nonprofit organizations that focus
on the company's grantmaking priorities. n addition, eligible
applicants may apply for support through a literary-based sponsorship
program. Does not award grants.
•
Blue Moon Fund
Deadline: Open
Funding to support organizations with projects involving protecting
landscapes and livelihoods threatened by climate change.
•
Cadence, Inc. Community Giving Program
Deadline : Open
Funding for organizations supporting community, education, or local
capital campaign efforts .
Chatlos Foundation
Deadline : Open
Funding to support bible colleges and seminaries, religious causes,
liberal arts colleges, medical concerns, and social concerns .
•
•
Cigna Foundation
Deadline: Open
Funding to support organizations sha ring its commitment to enhancing
the health of individuals and families and the well-being of their
communities.
•
Coca-Cola Refreshes Communities around the World
Deadline: Open
Through the Water Stewardship focus, The Coca-Cola Foundation
supports access to clean water and sanitation, watershed protection,
and other programs, including education and awareness programs that
promote water conservation. The Healthy and Active Lifestyles focus
supports access to exercise, physical activity, and nutritional education
programs. Community Recycling is designed to increase litter
abatement efforts, advance recovery and reuse, increase community
recycling, and support research and innovation. The Education
component supports scholarships, as well as drop-out prevention,
access to education, and other initiatives. nterested applicants are
invited to apply for support at any time.
•
Community Action Grant
Deadline : Open
The RBC Blue Water Project hopes to foster a culture of water
stewardship so that people have clean, fresh water today and
tomorrow by supporting programs that increase watershed awareness
in local communities or engage the community in watershed
stewardship.
•
CSX Foundation
Deadline: Open
Funding to support community focus areas including safety,
environment, wellness and community.
•
Development Grants
Deadline: Open
Veteranscorp.org provides funding for programs that provide
opportunities and resources to veterans interested in business or
entrepreneuri al endeavors.
•
Dorthea Haus Ross Foundation
Deadline: Open
Funding for organizations offering direct aid to children in need,
including ill, orphaned, disabled, injured, abused, or malnourished
children, as well as those with limited access to education.
•
Energy Foundation
Deadline: Open
The Energy Foundation is focused on advancing energy efficiency and
renewable energy policy. Efforts to reduce carbon emissions from the
utility industry; policies to increase the energy efficiency of U.S. homes
and businesses; policies that reduce vehicle pollution and oil
consumption; U.S. state and regional policies to reduce globalwarming pollution; and sustainable energy programs in China. The
Foundation is unable to support local projects, unless they have been
designed for further replication or have broad regional or national
implications.
• Farmers' Market and Local Food Promotion Program
Deadline: Open
Funding to support domestic consumption of and access to locally and
regionally produced agricultural products, and to develop new market
opportunities for farm and ranch operations serving local markets, by
developing, improving, expanding, and providing outreach, training,
and technical assistance to, OR assisting in the development,
improvement, and expansion of: Domestic farmers markets, roadside
stands, community-supported agriculture programs, agri-tourism
activities and other direct producer-to-consumer market opportun ities.
•
FedEx Corporate Citizenship
Deadline: Open
Funding in the areas of emergency and disaster relief, child pedestrian
safety, and environmental sustainab ility.
•
Fidelity Foundation
Deadline: Open
Funding to nonprofits that operate in the following areas: Arts and
culture, community development and social services, health, and
education.
•
FINRA Investor Education Foundation
Deadline: Open
Funding for programs that will provide underserved Americans with
the knowledge, skills, and tools necessary for financ ial success
throughout life.
•
Fluor Foundation
Deadline : Open
Funding to support organizations that provide food, shelter and
prevention programs and emergency services.
• Food Lion Charitable Foundation Education and Hunger
Grants
Deadline: Open
Th is foundat ion provides support for nonprofit organizations dedicated
to improving the communities served by Food Lion stores . The
Foundation supports programs that directly support the academic
education of children in primary and secondary education as well as
programs that provide meals or food to the hungry.
•
Ford Foundation Film Initiative
Deadline : Open
Grants to organizations and filmmakers working to create
documentaries with a socia l conscience but lacking the resources to
realize their vision or connect with audiences.
•
General Service Foundation
Deadline: Open
Funding to support efforts that protect, promote, and create good jobs
with living wages for workers, including low-wage workers.
•
Glasner Progress Foundation
Deadline: Open
Grantmaking in four main areas: Measuring Progress; Animal
Advocacy;Independent Media programs; and Global HIV/AIDS.
Google Grants Program
•
Deadline: Open
Nonprofit groups can apply to receive at least three months of free
advertising on Google's website to promote their mission.
•
Grants.gov
Deadline: Open
Allows organizations to electronically find and apply for more than
$400 BILLION in federal grants. It is the single access point for over
1,000 grant programs.
•
Hanley Family Foundation
Deadline: Open
Funding to programs that advance the prevention, diagnos is, and
treatment of alcoholism, chemical dependency, and addictive behavior.
Harry Chapin Foundation Grants
•
Deadline: Open
Grants are focused in three areas: community education programs,
arts- in-education programs, and agriculture and environmental
programs.
HCA Foundation Grants
•
Deadline: Open
Funding to organizations that are engaged in community outreach and
educational programs that uniquely serve children and adults in the
community.
•
Hearst Foundation Culture Grants
Deadline: Open
Funding to support cultural institutions that offer meaningful programs
in the arts and sciences.In particular, the Foundation will prioritize
projects which enable engagement by young people and create a
lasting impression. Funding consideration will also be given to select
programs nurturing and developing artistic talent.
•
Henry E. Niles Foundation
Deadline: Open
Funding for humanitarian efforts, including faith-based endeavors, that
strengthen education, fight economic hardships through self-help
opportunities, and enhance public health and sanitation.
•
Inez Duff Bishop Charitable Trust Grants
Deadline: Open
Funding to support organizations that assist the visually impaired, and
underprivileged individuals in need of hospital and medical care. The
Trust distributes 28 grants per year that have an average value of
$1,000 to $3,000, mainly in the Charlottesv ille and Albemarle areas.
•
ING Foundation
Deadline: Open
Funding to non-profit organizations addressing a variety of commun ity
needs and resources w ith a primary focus on children's education,
financial education and physical education .
•
J&E Berkley Foundation
Deadline: Open
Funding for programs that better the community through education,
conservation and the promotion of a civil society.
•
Jessie Smith Noyes Foundation
Deadline: Open
Genera l support funding for grassroots organizations promoting
environmenta l just ice, susta inable agriculture and food systems, and
reproductive rights.
John Merck Fund
•
Deadline: Open
Funding to support four program areas: developmental disabilities,
clean energy, environmental health and regional food systems.
•
Josiah Macy Jr. Foundation Grants
Deadline : Open
Funding to support organizatio ns that operate in the areas of
education and health
•
Knight Foundation
Deadline: Open
Funding for organizations that promote journalism, advance media
innovation, engage communities, and foster the arts.
•
Louis Calder Foundation
Deadline : Open
Funding targeting the scholastic development of children and youth by
improving elementary and secondary education through support of
charter and parochial schools.
•
Lowes Charitable and Educational Foundation
Deadline: Open
One time grants of $5,000 - $25,000 for community improvement and
public education projects.
• Luck Stone Foundation Youth Development and Education
Grant
Deadline: Open
Funding to support middle school years through higher education in
the areas of academic performance, leadership development, and
citizenship
•
M&T Bank Charitable Giving
Deadline: Open
Funding to local organizations with a charitable purpose.
•
Marietta McNeill Morgan & Samuel Tate Morgan, Jr. Trust
Deadline: Open
Funding to support and promote quality educational and human
services programming.
•
Mary Reynolds Babcock Foundation
Deadline: Open
Funding for organizations helping people and places move out of
poverty and achieve greater social and economic justice.
•
Math Mentoring Programs
Deadline: Open
Advancing Student Achievement, an initiative of the Actuari al
Foundation, provides grants to K-12 schools and groups throughout
the United States and Canada for programs that involve actuaries in
the teaching of mathematics. The focus is on mentoring programs that
bring together actuaries and educators in private and public schools,
with an emphasis on grades 4-8 . The Foundation can provide a local
network of actuaries ready to participate, as well as suggestions on
how to integrate math concepts from the workplace into the
classroom. Groups applying for grants will be given wide latitude in
designing programs that enhance learning and create a "love of math"
in each student. Applications may be submitted throughout the year.
•
Mitsubishi Electric America Foundation
Deadline: Open
Funding to help young Americans with disabilities maximize their
potential and participation in society.
•
Mockingbird Foundation, Inc
Deadline: Open
Funding to organizations that promote music education for children.
•
Modest Needs Grant
Deadline: Open
Grants to small nonprofits to help cover program related expenses and
demonstrably strengthen that organization's ability to serve its clients
and community.
•
National Alliance for Accessible Golf
Deadline: Open
Financial assistance and resources to help make the game of golf
more accessible to people with disabilities. The Alliance is particula rly
interested in applications that demonstrate focus on inclusion of people
with disabilities in programs that involve those without disabilities with
the ultimate goal of enhancing their inclusion into the fabric of their
community.
•
National Anti-Vivisection Society: Sanctuary Fund
Deadline : Open
The National Anti-Vivisection Society off ers the Sanctuary Fund to
provide emergency assistance to animals throughout the U.S. in dire
situations which call for immediate intervention. The Fund gives
secondary consideration to supporting the relocation of animals that
have been used in research facilities, roadside zoos, and/or the
entertainment industry, as well as exotic pets and animals rescued
from slaughterhouses; wildlife rehabilitation; and innovative
approaches to alleviate or prevent animal suffering.
•
National Geographic Conservation Trust
Deadline: Open
Supports conservation activities around the world that contribute
significantly to the preservation and sustainable use of the Earth's
biological cultural and historical resources.
•
Neighborhood Excellence Initiative
Deadline: Open
Bank of America is accepting applications in community development
and neighborhood revitalization. The initiative awards grants of up to
$200,000 for leadership training and general operating support for
nonprofit organizations.
•
Norcross Wildlife Foundation
Deadline: Open
The Norcross Wildlife Foundation provides support to local grassroots
organizations throughout the United States that work to protect wild
land. Priority is given to organizations that have difficulty raising the
modest funds they need to do their critical work in the trenches of
environmental conservation. Grants averaging $5,000 are primarily
provided for program-related office and field equipment, and public
education and outreach materials. The Foundation also provides nointerest loans to local organizations to help them acquire land they
have prioritized for conservation.
•
Office Depot Foundation
Deadline: Open
Funding to projects that promote giving children tools for success,
building capacity to serve communities, and disaster preparedness and
rebuilding.
•
One by One
Deadline: Open
Makes in-kind donations of imprinted goods to deserving
organizations.
•
Open Society Institute
Deadline: Open
This nstitute has several different grant programs for nonprofits and
other groups working on research or programs which are designed to
promote social justice, political freedom. Specific focuses of individual
grants range from media policy and academic freedom to reducing
reliance on incarceration.
•
PayIt Forward Foundation Mini-Grant Program
Deadline: Open
The Pay It Forward Foundation was established to inspire students to
realize that they can change the world, and to provide them with
opportunities to do so. Pay It Forward Mini-Grants are designed to
fund one-time service-oriented projects that are identified by youth as
activities they would like to perform to benefit their school,
neighborhood, or greater community, and that include learning goals
for the youth participants. Projects must contain a "pay it forward"
focus - that is, they must be based on the concept of one person
doing a favor for others, who in turn do favors for others, with the
results growing exponentially. Schools, churches, and community
youth groups (with an adult sponsor) in the U.S. and Canada may
apply for funding. The application deadlines are September 15 and
February 15 of each year; however, requests may be submitted at any
time. Visit the Foundation's website to download the Mini-Grant
guidelines .
• PepsiCo Grants
Deadline: Open
Large grants for programs related to education, health and wellness,
diversity and inclusion, and thought leadership.
•
PETCO Foundation Grants
Deadline: Open
The mission of this granter is to raise the quality of life for pets and
people who love and need them. Grants are provided to local nonprofit
organizations in communities with PETCO stores throughout the United
States. The Foundation dedicates its resources to serving the Four Rs:
Reduce (spay/neuter programs), Rescue (adoption programs),
Rehabilitate (behavior training programs), Rejoice (humane education
programs). Applying organizations receive priority when they enlist
their local PETCO store in recommending their programs.
PNC Foundation
•
Deadline : Open
Supporting a variety of nonprofit organizations with a special emphasis
on those that work to achieve sustainability and touch a diverse
population, in particular, those that support early childhood education
and/or economic development.
Points of Light Foundation's Daily Points of Light Awards
•
Deadline: Open
Any individual, organization, group, family, business, or labor union
actively engaged in voluntary service benefiting the community or
nation can be nominated.
• Presbyterian Committee on the Self-Development of
People
Deadline: Open
The Presbyterian Committee on the Self-Development of People
(SOOP) focuses its efforts on the empowerment of economically poor
and disadvantaged people seeking to change the structures that
perpetuate their condition. Supported projects must be presented,
owned, and controlled by the groups of people who will directly benefit
from them and must address long-term corrections of the conditions
that keep people bound by poverty and oppression.
•
Princess Grace Awards
Deadline: Open
Provides funding to recognize the talent of individual artists in theater,
dance and film. Awards are given in the form of scholarships,
apprenticeships, and fellowships. Deadlines vary by category
•
Public Welfare Foundation Grants
Deadline: Open
Funding to support efforts ensuring fundamental rights and
opportunities for people in need. Focus on three program areas:
Criminal Justice, Juvenile Justice, and Workers' Rights.
•
Rapid Response Grants
Deadline: Open
Connect US makes grants to support non-governmental organizations
active in policy issues, especially related to US global engagement.
These grants are to serve as a potential source of funding for timesensitive projects to effect policy change with focuses on climate
change, energy policy, nuclear proliferation, human rights and
international trade and development.
Reiman Family Foundation
•
Deadline: Open
Grants for organizations supporting three types of endeavors education, health care and children's initiatives
•
RGK Foundation
Deadline: Open
Funding available in the broad areas of education, community, and
health and medicine.
•
Robins Foundation Grants
Deadline: Open
Funding for capacity building and social innovation.
•
Rosie's For All Kids Foundation
Deadline: Open
Priority is given to experienced, community-based programs serving
children in low-income, major urban areas. The primary focus of the
Foundation's grant making is on tuition subsidies, small renovations,
equipment upgrades, playground construction, and staff development
opportunities for early education and care programs.
Safeway Foundation
Deadline: Open
•
Funding to support nonprofit organizations that have programs that
align with its four priority areas: hunger relief, education, health and
human services, assisting people with disabilities.
•
Shubert Foundation
Deadline: Open
Funding to support advancing live performing arts in the United States,
with a particular emphasis on theater and a secondary focus on dance.
•
Social Justice Grant Fund
Deadline: Open
The Sisters of St. Francis of Philadelphia provide financial support to
help those who are poor, oppressed, and marginalized in society and
to promote social justice at local, national, and international levels.
Recipients should be engaged in fostering systemic change, promoting
self-help and empowering community, or responding to unmet needs
of those whoa re poor and/or marginalized. Has two giving cycles per
year.
Social Welfare
•
Deadline: Open
Funding to support organizations that promote social welfare programs
for those in need through the Mazda Foundation.
•
TD Charitable Foundation
Deadline: Open
Funding to organizations that focus on affordable housing,
education/financial literacy, and the environment.
• The American Humane Association's Second Chance
Program
Deadline: Open
Partners works with animal welfare organizations to provide care for
animals.
•
•
The Amgen Foundation Quality Care Grants
Deadline: Open
Grants to advance science education and to improve quality of care for
patients, promoting patient empowerment and addressing issues of
health care disparities and health inequalities.
The Arthur Vining Davis Foundations
Deadline: Open
Funds a range of programs including those in education,
theology/reli gion, health care, and public television.
The Beirne Carter Foundation
•
Deadline: Open
Grant funding for Virginia organizations focusing on health, education,
local history, ecology, nature and youth.
•
The Cameron Foundation
Deadline: Open
Grants for programs involved in health, human services, community
and economic development, and education. Limited funding also
available to those dealing with civic affairs, cultural enrichment, and
conservation & historic preservation.
•
The Carnegie Corporation of New York
Deadline: Open
Supports a range of efforts related to education, peace & security,
international development, strengthening democracy, and more. Take
a quiz to find out if your project fits the guidelines for grants .
•
The Cedar Tree Foundation
Deadline : Open
Funding to support Sustainable Agriculture, Environmental Education,
and Environmental Health.
•
The Charles Stewart Mott Foundation
Deadline: Open
The Foundation has three primary program areas available to
organizations in this area : Civil Society; Environment; and Pathways
Out of Poverty. Through its programs, the Foundation seeks to
support efforts promoting a just, equitable, and sustainable society.
The Daniel K. Thorne Foundation
•
Deadline: Open
Grants for organizations dedicated to protecting and sustaining the
diversity of the natural and built environment.
•
The Dominion Foundation
Deadline: Open
Funding for organizations promoting education, environmental
stewardship, community vitality, and human needs.
•
The Glaser Progress Foundation
Deadline: Open
Has identified several program areas for which they provide funding to
nonprofits organizations. These include measuring progress, animal
advocacy, independent media, and global HIV/AIDS.
•
The Howard Hughes Medical Institute
Deadline: Open
Funds programs in science education and research, from pre-K
through PhD.
• The Kresge Foundation - Harvesting Leading Practices
Grant
Deadline: Open
Funding for organizations that are focused on embedding arts and
culture in efforts to foster the wellbeing of low-income residents.
•
The Kroger Co. Foundation
Deadline: Open
Grants to feed the hungry, support breast cancer initiatives, provide
disaster relief and assist local grassroots organizations.
•
The Lawrence Foundation
Deadline: Open
Funding in support of environmental endeavors, human services,
and/or disaster relief.
•
The Lynde and Harry Bradley Foundation
Deadline : Open
Has many and varied program interests, including improving
education, promoting economic growth and prosperity, and defending
and advancing freedom.
•
The Martha Stewart Living Omnimedia Foundation
Deadline : Open
$1,000 - $5,000 grants to programs that afford women and families
access to the knowledge and resources they need to build better lives.
•
The Mayer Foundation Economic Relief Grants
Deadline: Open
Relief grants for individuals distressed or suffering as a result of
poverty, low income, or lack of financial resources. Available to
individuals or to organizations serving them.
•
The Microsoft Corporation
Deadline: Open
Offers in-kind support to organizations working to create communitybased technology and learning centers in order to bridge the digital
divide and eliminate technology illiteracy.
•
The Norman Foundation
Deadline: Open
Funding for efforts that strengthen the ability of communities to
determine their own econom ic, environmental, and soc ial well-be ing,
and that help people control those forces that affect their lives.
•
•
The Prana Fund
Deadline: Open
The Prana Fund will fund any public charity or government agency
working in Charlottesville and/or Albemarle County .
The Surdna Foundation
Deadline: Open
Funding to support just and sustainable communities through
grantmaking in the areas of : sustainable environments; strong local
economies; thriving cultures; and foundation initiatives.
•
The Virginia Literacy Foundation
Deadline: Open
Grants for community-based and faith-based volunteer organizations
that provide literacy and numeracy services to adults who read at a
fifth-grade level or below .
•
Toyota Foundation
Deadline: Open
Funding to organizations that focus on the three main areas of
education, the environment, and vehicle safety.
•
U.S. Soccer Foundation
Deadline: Open
Funding for projects designed to keep children in underserved
communities active, healthy, and safe.
•
Unitarian Universalist Fund for a Just Society
Deadline: Open
Funding to organizations who create change leading to a more just
society.
•
UnitedHealthcare Children's Fund
Deadline: Open
Funding to help children who need critical health care treatment,
services, or equipment not fully covered by their parents' health
benefit plans.
•
Universal Leaf Foundation
Deadline: Open
Financial support for programs and groups addressing key areas of
community concern including: child welfare, education, health and
well-being, food security, environmental protection, historic
preservation and support for the arts.
•
•
Verizon Foundation Grants
Deadline: Open
Funding for organizations working in healthcare, education and/or
sustainability. Additional information on Event Sponsorshi p/Grants.
VHCF Health Safety Net Grants
Deadline: Open
Funding for projects that increase access to primary care for uninsured
Virginians and those who live in areas with limited access to
healthcare .
•
Virginia Foundation for the Humanities
Deadline: Open
Funding for organizations developing public humanities programs for
audiences in Virginia.
•
Voices for Healthy Kids
Deadline: Open
Funding to support lobbying activities related to a strategic issue
advocacy campaign focused on fighting childhood obesity at the state,
local and tribal level.
•
W.L.S. Spencer Foundation
Deadline: Open
The Foundation focuses its grantmaking on activities anywhere in the
world that foster new and innovative ideas in education. Education
grants support programs that are innovative and that motivate
children to stay in school, do well academically, and continue their
education beyond high school.
•
Walgreen's Corporate Contribution Program
Deadline: Open
Funding for programs and organizations that have a specific focus on
improving access to health and wellness in their community; pharmacy
education programs and mentoring initiatives; civic and community
outreach; or emergency and disaster relief. Health is the Company's
major focus area and the largest share of its annual contributions
program is allocated to programs that address the health needs of
their clients.
•
Wells Fargo
Deadline: Open
Funding to support programs and organizations whose chief purpose is
to benefit low- and moderate-income individuals and families.
•
Wells Fargo & Co
Deadline: Open
Funding for community-based nonprofit organizations across the
country in support of conservation, energy efficiency, infrastructure,
and educational outreach efforts.
•
•
Wish You Well Literacy Grants
Deadline: Open
Funding for organizations fostering and promoting the development
and expansion of new and existing literacy and educational programs.
Women Helping Others Foundation
Deadline: Open
Funding for grass-roots charities serving the overlooked needs of
women and children, particularly in the areas of health and social
service needs.
Memos & Report Materials
PERFORMING ARTS CENTER
Bill Hausrath, chair of the Wayne Theatre Alliance, announced on Monday, March 16, that the renovated
Wayne Theatre will be named The Paul and Virginia Ross Center for the Performing Arts at the
Wayne Theatre. He said that WTA's Board of Directors wanted to honor the exceptional support the
Wayne Project received from Virginia (Jinny) Ross and her son David .
"At the eleventh hour of pulling the final funding together, it was Jinny Ross who made it possible for
the Alliance to meet the requirements imposed by the tax credit investors. Without her support and that
of her son David, the reopening of the Wayne Theatre could never have happened ,"said Hausrath. "We
think it is most appropriate to mark that incredible contribution to Waynesboro and its future by naming
the center for Jinny and her husband Paul who have given of their time and resources to the community ."
Virginia (Jinny) Ross was born in Fort Wayne, Indiana, in 1918. She graduated from Indiana University
and married a young General Electric engineer, Paul Ross in 1941 and moved with him to the company 's
headquarter in Schenectady, New York, where their son David was born . Paul Ross continued with GE
and was, for a period of time, the manager of Waynesboro 's GE facility . He eventually became a Vice
President for GE and moved to Cleveland , Ohio. While being a mother and wife, Jinny was involved in
many civic groups and developed a passion for antiques and art. When Paul retired from GE, they
moved back to Waynesboro where he managed Virginia Panel beginning in 1971. He died in 2001.
When not playing bridge or rock collecting or golfing or dancing, Jinny collected antiques, some of
which she sold at a Waynesboro shop in which she was a partner. Jinny is known for her fashion scene.
She is always coordinated and never appears in public without a hat. She was also known for driving her
Carmen Ghia or her Cadillac sedan about town. She only gave driving up in her 90s when she was
hospitalized and could not get to the DMV to renew her license.
Jinny has been an outstanding supporter of her adopted town. She is a generous supporter of the
Shenandoah Valley Art Center, the Waynesboro Heritage Museum, the Waynesboro YMCA, the Wayne
Theatre Alliance and many other community organizations and projects .
The naming of the reopened facility as the Ross Center for the Performing Arts recognizes that the
renovations of the 1926 vaudeville theatre will be more than an auditorium. "The Alliance's three-year
operation of WTA's Gateway (now the site of the P. Buckley Moss Museum) demonstrated the need for
venues for small performances and lectures as well as an auditorium for larger productions ," said Dr.
Clair Myers, Executive Director of the Wayne Theatre Alliance . "When the negotiations for the tax
credits caused the Alliance to pause in the reconstruction, it took a new look at the renovation plans for
the Wayne and made some crucial changes. The new plan includes not only the 385 seat aud itorium, but
a small 50 to 75 seat performance space (The Custin Cabaret), a lecture room and an upscale meeting
room . The renovated building will indeed be a performing arts center."
The Alliance will begin programming in the Ross Center in early 2016. A full range of events, programs
and performances will be scheduled in the three public spaces in the Center. The Alliance continues to
raise funds for equipment and furnishings for the Ross Center.
Wayne Theatre Floor Plan
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Culpeper State Theatre: The Curtain Rises Again
By Erica Stewart IFrom Main Stroer Story of the Week IMay 14.2013 I
After sitting vacant for almost a decade, the 1938 Art Deco Stat • TheaIre in Culpeper, Virginia,a 2012 Great American Main Street
Award winner.Is back In business.Foryears, the theatre sat abandoned ,coming perilously close to demolltlon before being
urchased by Culpeper natives Greg and Liz Vales. At the lime,there was a ho
le in the ceiling near the stage and the building was
riously dilapidated. But thanks to a committed group of community members,led by the State Theatre Foundation, a $9.3 nl ion
historie rehabiltalion has raised the curtain on the fonner vaudevine and movie house, revealing a gorgeous 560-seat live theatre.
The rehabiltation has restored key historie elements,includinglhe beloved neon
marquee,while also Installing a $1 million state-of-the-art sound system,expanding the
stage, and creating a 50-Seat black box theater for smaler shows.The project also
retained a segregated staircase that was once for black patrons.
The State Theatre is listed in the National and State Registers of Historic Places.
"Some of the theatre's most stunning features are the reproduction of the oliglnal
carpeting and the beautiful y reproducedwall sconces that grace the auditoriumwalls,"
said Ed Bednarczyk,executive director of The State Theatre Foundation, the theatre's
nonprofrt developer. 'The oliginal proscenium arch embraces the stage as it did 75
years ago." he added.
Wtth a year-round calendar of events, the theatre wil bring new economic
development and excitement to downtown Culpeper. Its entertainment and
educational prograrming-lncluding national touring artists and local and regional
thealre, dance, music and fdm-will serve as a majortourism draw.Theatre patrons wiU
help fuel thelocal economy through the hotel stays, restaurant spending and support
oflocal businesses. keeping historie Culpeper bustling wen after dark several nights a
week.The project has already helped spur further development in downtown Culpeper,
with a $3 mlltion project by a private developer now underway to create a banquet hal
The 1938 Art Deco State Theatre in
Culpeper. Va., came perilously dose to
demolltion wh
le It sat empty for almost a
decade..
Credit: L. w.Precipe
to C01T1>lemenl the theatre's programming.
To finance the project.the State Theatre Foundation used approximately $1.6 mllion In federal h. torie tax credits.a program that
since Itsinception has contributed more than $106 blion to rehabiltate 38,700 vacant and underuliized historic spaces and create
1milionjobs. The foundation also used $1.6 milion in Virginia state historic tax credits.
The S
late Theatre Foundation, the nonprof developer of the theatre, utilized approximately $1.6 millionIn federal historic tax credits
and $1.6 mfflion In Virginia state historic tax credits to finance the project. Since its inception,the federal historic tax credit-now
threatened by t ax reform debates on Capitol Hill-has contributed more than $106 billion to rehabilitate 38,700 vacant and
underutilized historic spaces wh e creating 2.3 million jobs.
"This project sirTl>ly wouldn1have been possible without the federal historic tax credit,"
said Bednarczyk."The equity provided by this program made it possiblf! for us to
complete the financing. Without it.there's a very strong possibilitylhe theater would stil
be vacanl,and a drag on Culpepe(s ongoing revitalizalion."
John Leith-Tetrault,
president of the
Nahonal Trust
CoMm.Jnitylnves'fl'Pnt
Corporation, the
National Trust's forprofrt subsidiary and a
tax credit Investor in
the project,added,
"The State Theatre
State Theatre after $9.3 milion
rehabiltation using both federal and state
historic tax credits.
has an the ingredients
of the type of project
that the historic tax
credit wasdesigned to
_redi_t _E_d_B
c
_e_d_n_a_
rczyk-
support: an iconic historic buiding, great corrvrunity benefit. and a
top-notch rehabilitation that would be difficult
not Impossible to
finance using only convent onal sources. We are already seeing the
Country singer Lyle Lovett and HIS Acoustic Group headlined
the theatre's first Annual Gala lo celebrate its new life.
important comroonity revitalizationimpact of this project. The federal
Credit The State Theatre Foundation
historic tax credit is an essential catalyst for keeping our historic
downtowns vital and dynarric.•
The theatre kicked off its week.Jong grand opening celebrationwith a sold-out perfonnance by Virginia native Bruce Hornsby on May 4
and culminaled with a Grand Opening Gala featuring Lyle Lovett and His Acoustic Group on May 11.And thanks to convn.mity
support and historic tax credits,It wil be celebrating for years to come,too.
Erica Stewart is Public Affairs Manager. National Trust for Historic PreseNatlon.
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(http://www.virginia.gov/)
For Immediate Release: March 9,2015
Contacts:Office of the Governor: Brian Coy, (804) 225-4260,[email protected] IVirginia Department of
Housing and Community Development Contact:Amanda Pearson Phone: (804) 840-0129 Email:
[email protected]
Governor McAuliffe Annou nces More Than
$2 Million In Industrial Revitalization Funds
-Funding will provide revitalization of derelict structures-
Governor Terry McAuliffe today announced $2.3 million inIndustrial Revitalization Fund (IRF) awards
for the cities of Petersburg,Roanoke and Waynesboro ,as well as the town of Ashland.The IRF program
provides gap financing for construction projects aligned with local and regional economic development
trategies, primarily in distressed communities.
"In order to build a new Virginia economy, the Commonwealth needs strong and vital infrastructure,"
said Governor McAuliffe."By revitalizingthese dilapidated structures, we are generating new economic
development opportunities for these communities and bringing these once-empty structures back to
life."
Projects were reviewed and evaluated competitively,with an emphasis on those with a high level of
blight,identification of impediments to economic development efforts, alignment with regional or local
strategies, availability of matching resources, the level of community distress where the propertyis
located and an identified and feasible end use.
The maximum award is $600,000 per project. Nine applications totaling more than $5.5 million in
fundingwere received. The funds are intended to leverage local and private resources to achieve
market-driven redevelopment of these derelict structures, creatingcatalysts for long-term employment
opportunities and on-going physical and economic revitalization.
"By leveraging public and private resources, we are able to create support for the project and provide
the necessary fundingto complete the revitalization effort," said Secretary of Commerce and Trade
Maurice Jones."The $2.3 million from the IRF program will spur nearly $11million intotal development
or the four projects."
The following projects were awarded fundingthrough the 2015 Industrial Revitalization Fund program:
Locality
Project Name
Award Offer
City of Petersburg Petersburg Ice and Coal Building
City of Roanoke
Gill Memorial Technology Accelerator
$ 600,000
$ 600,000
City of Waynesboro Virginia Metalcrafters Redevelopment
$ 600,000
Town of Ashland
$ 500,000
Ashland Theatre Redevelopment
###
2015 Industrial Revitalization Fund
Program Design
VIRGINIA DEPARTMENT OF HOUSING
AND COMMUNITY DEVELOPMENT
Partners for Better Communities
Department of Housing and Community Development
600 East Main Street, Suite 300
Richmond, Virginia 23219
(804) 371-7030
INTRODUCTION
The General Assembly has allocated $2 million for Fiscal Year 20 15 (FY '15) to be used for the strategic
redevelopment of vacant and deteriorated industrial properties across the Commonwealth. For the
purposes of this program, the term "industrial" will be considered to mean any large-scale, non-residential
structure. Remnants of past economic vibrancy and loca l economies in transition, these structures are no
longer suited for their former purpose, and in their current deteriorated condition, stand as significant
deterrents for future economic opportunity in the surrounding area and region.
Financial barriers typically block the timely redevelopment of these structures and often they require more
than local resources to attract private sector investment in order to make a deal cash flow.This is especially
true in distressed areas. Therefore, the $2 million allocat ion is meant to leverage local and private
resources to achieve market-driven redevelopment of these structures, creating a catalyst for long-term
employment opportunities and on-going physical and economic revitalization. Eligible properties and
structures must be vacant and deter iorated and may be redeveloped for any market-driven purpose including
mixed-use, regardless of the original use.
Availability of Funds
The $2 million ava ilable in FY '15 is a one-time allocation to replenish the Virginia Derelict Structures Fund
(DSF) established under 36-152 of the Code of Virginia. The Virginia Department of Housing & Community
Development administe rs these funds under the Industria l Revitalization Fund (IRF) Program.
Award Amounts
The maximum IRF award is to $600,000 per project. A project may apply for less; however, IRF awards may
not be used as a substitute for other funds the applicant has already committed to a project. IRF awards
require at least a 1:1match.
ELIGIBILITY
Eligible Applicants
Only local governments (cities, counties, or towns) and regional or local economic or industrial development
authorities may submit applications for funding.A unit of local government may apply directly for funding to
use on publically ow ned property OR on behalf of a private developer for privately owned property.
•
A local government may apply for an IRF GRANT under the following conditions:
If the property is publically owned;
If the privately owned property has an option agreement/contract in place for purchase at time
of the application;or
The private property is owned by a non-profit entity.
Upon resale of property to private, for-profit entity, DHCD will require repayment of prorated grant
amount . Localities may designate a redevelopment authority or another similar organization as an agent for
•
2015 Industrial Revitalization Fund {IRF) Program Design
1
project implementation and administration.
• A local government MUST apply for an IRF LOAN on behalf of a private, for-profit entity for use
on privately owned property under the followingconditions:
Financing to complete the entire project as specified in the IRF application has been secured as
evidenced by formal letters of interest,term sheets, or commitment letters;
Projects must be ready to close on the IRF loan within three to six months of DHCD's project
award notification. IRF loans may close simultaneously with the first trust lender for primary
fina ncing or after, however, IRF loans will not close before all other sources of primary
financing are closed or commitment letters with a closing date have been issued. Failure to
close within six months w ill result in the IRF funds being reprogrammed to another project. The
applicant will be given the opportunity to apply again once the project is more prepared for IRF
loan closing. DHCD has the discretion to award extension beyond six months but only under
certain circumstances for delays that are not under the developer's control; and
All IRF loans will be underwritten by Virginia Community Capital (VCC). The following standard
terms and conditions will apply to fill projects unless VCC and DHCD determine that a regionally
significant project requires more favorable terms.
•
•
•
Interest Rate: 2.5%
Amortization: 10 Yea rs
Commitment Fee: 1% {50% due within 14 days of execution of /RF agreement and
remainder due at /RF closing.)
Match
To demonstrate project viability and the applicant's commitment, appl icants are required to provide a 100
perct.:nt (1:1) local match from private or public sources. The match must either be cash or documented
costs that are directly associated with the work being done on the property where IRF funds are expended.
Local match may also include federal (CDBG or other), local, and private funds spent on activities directly
related to the targeted project on or after July 1,2013.
A locality may use as local match an additional five (5) percent out-of-pocket administrative costs. The use of
the additional five percent of administrative costs as local match must be outlined in the application.
Example: An applicant that is seeking a $300,000 / RF grant must provide a match of at least $300,000.
Local match greater than 100 percent will increase the application's score.
Eligible Use of Funds
The IRF program is flexibly designed so that funds can be used for a wide variety of revitalizat ion and
redevelopment activities such as acquisition,rehabilitation,or repair (including securing and sta bilizing for
subsequent reuse) of specific structures, as well as demolition,removal,and other physical activities.
In the case of acquisition, DHCD will limit its financial participation to the property's fair market value and the
associated legal costs of acquisition. IRF funds may also be used for the legal costs associated with demolition.
However, funds may not be used solely for acquisition or demolition unless it can be demonstrated that the
locality has committed other redeve lopment funds to the property, and there is a market-based
11if °"•e - .. .
m 111co
2015 Industrial Revitalization Fund (IRF) Program Design
2
redevelopment plan in place that outlines possible reuse options, ta rget markets/niches, and a property
marketing strategy including the entity for responsible for implementation. In addition, action must be taken
by the locality to improve the property's readiness for redevelopment . Generally, demolition should be used
only in circumstances where the size or location of a building precludes any significant redevelopment
potential or in cases where there is an imminent safety threat.
Site remediat ion is not an eligible activity for IRF. Virginia's Department of Environmental Quality offers
several programs to assist with remediat ion and environmental assessment including the Voluntary
Remediation & Brownfields Programs. Visit http://www.deq.virginia .gov/ for more information.
Eligible Properties
The program is targeted toward (functionally) vacant and deteriorated properties whose poor condition
creates a notion of physical and economic blight in the surrounding area. Projects may consist of multiple
properties provided they are adjacent and/or adjoining and are related in either their negative impact (e.g.,
three adjacent severely deteriorated downtown buildings that create a negative impact on the remainder of
the block) or end use (e.g., rehabilitation of an abandoned warehouse into a shell building with purchase of
adjacent property for parking.)
Eligible properties and structures may be redeveloped for any market-driven purpose including mixed-use,
regardless of the original use.
Former Use:
Eligible
•
•
•
•
•
•
•
•
•
Manufacturing
Warehous ing
Mining
Transportation
Power production
Department stores
Theaters
Hotels
Shopping centers
•
•
Ineligible
Solely residential
Scattered site projects
FU ND ACCESS
In the case of GRANTS to units of local government, a contract between DHCD and the applicant outlining end
products, conditions, fund disbursement and termination must be executed before any funds are disbursed.
Funds may only be used for expenses incurred after the signing of the contract. IRF grant funds are available
on a reimbursement basis only. Funds may be drawn down to reimburse costs the applicant has incurred
and paid for.
In the case of LOANS to private entities, IRF funding will be released to the private developer pro-rata with
other funders or once other sources are expended. This will be determined in discussion with developers
3
upon DHCD's award notification.
Funding Priorities
The ultimate intent of the IRF program is to fund ready-to-go projects that will act as a catalyst to spark
additional private investment and job creation in distressed areas that have been targeted for economic
development and community revitalization as part of a larger economic restructuring strategy. Based on
that intent, DHCD has established the following funding priorities:
1. Clear relationship to a local or regional economic development strategy
Applicants must identify the economic development strategy that the proposed project will support. This
strategy should be an element of an existing redevelopment , blight removal, or econom ic development
plan. Applicants must explain what is current ly being done in the area and how the IRF funds will
supplement and expand this ongoing economic development and restructuring process. In other words,
how does this IRF project enhance the economic restructuring and development activities of the
community and region?
2.
High degree of blight and deterioration to be addressed
Appl icants must describe the extent of the deterioration and identify the negative impact the property is
having in the community. DHCD is seeking to invest in properties that will address their negative impact
on the community's ability to attract private investment and job creation to areas beyond the specific
location of the property. Applicants must demonstrate that addressing the property is a local priority, and
projects that seek to repurpose the property will be given more consideration over projects that focus on
demolition/site clearance.
3.
Project readiness with a clear end use
DHCD will give greatest priority to projects that will lead to the efficient and immediate
redevelopment/re-use of blighted properties. Therefore, successful applicants will be able identify a
tangible end-use to be completed in a reasonable amount of time. In the case of private developers,
projects that can demonstrate "readiness to proceed" will be given the greatest consideration . Readiness
to proceed is demonstrated by having finalized plans and primary financing in place (formal letters of
interest, term sheets or letters of commitment) for an identified end-use/user . Projects that can show
the ability to close on the IRF loan within six months of an IRF award notification will be the most
competitive for funding. Projects on publically-owned property or property owned by a non-profit will
also receive more favorable considerat ion with evidence of the availability of funding to complete the
project.
4.
End use will have a clear and significant economic impact
Appl icants must describe how the project will have a clear positive economic impact on the area.
Applicants must demonstrate how the completion of the IRF project will be a cata lyst to larger
econom ic revitalization efforts in the loca lity and region.
S.
Higher degree of applicant economic distress
Extra consideration will be given to projects located in commun ities that are experiencing higher
degrees of distress. This will be based on three measures below, using data from the U.S. Census
-
4
Bureau and the Virginia Employment Commission. Scoring will be weighted based on the number of
distress measures the locality is experiencing.
a. Poverty rate of at least 150 percent of the state average (17.7%);
b. Median household income of 70 percent of the state average ($43,247); and
c. Unemployment rate of at least 150 percent of the state average (8.25%)
See "Appendix A" of the 2015 IRF Application Instruction Manual for pre-ca lculated scores for a ll cities
and counties. The Instruction Manual is available online at www.dhcd .com/irf
Other Considerations
DHCD encourages localities to apply for projects that will have a strong significance to the broader community
and region, in areas of ongoing or identified redevelopment/revitalizati on. Appl icants will receive up to 5
bonus points for projects that meet the following characteristics:
•
•
•
•
•
Part of a significant regional focus. This includes projects located in an area covered by a revenue
sharing agreement or projects cited in a formal regional economic development plan.
Eligibility for local real property tax abatements (§58.1-3221) or other local incentives to encourage
investment.
Location in an Enterprise Zone and ability to qualify for the state and local incentives . IRF loans may
be included in the Enterprise Zone RPIG calculation; however, IRF grants must be backed out.
Location in a designated Virginia Main Street commun ity, a local,state or federal historic district, a
redevelopment or blight removal district, a Technology Zone;or other similar district.
Location in a current CDBG project area.
Prioritization
A locality may only submit one application per funding round; therefore localities must identify and authorize the
project that will have the most meaningful impact on local community revitalization and economic development
efforts. As such, a resolution from the local governing body authoriz ing the request for funding is an application
requirement . If the locality is applying on behalf of a non-profit or private for-profit, the resolution should indicate
the specific match amount and identify the entity that will be responsible for coming up with the match funds.
For more information, on this program or submission, please contact:
Louellen Brumgard
Associate Director
(804) 371-7069
Louellen.Brumgard@dhcd .virginia.gov
Alexis Thompson
Corrununity Developmen t Program Manager
(804) 371-7040
[email protected]. virginia.gov
1111 YllGIH.'A
:OHco 2015 Industrial Revitalization Fund (IRF) Program Design
5
C OMM U N I TY E C ON OMI C D E V EL O P M EN T
FUN D FA C T S H EE T
Community Development Block Grant (CDBG) funding was established by the Housing and
Community Development Act of 1974. In accordance with Section 104(b)(3) of the Act, the use
of CDBG funding must "give maximum feasible priority to activities which will benefit low- and
moderate-income families or aid in the prevention or elimination of slums and blight"and "may
also include activities which are designed to meet other community development needs having a
particular urgency because existing conditions pose a serious and immediate threat to the
community". These provisions constitute the three CDBG national objectives. See the 2015
CDBG Program Design for additional information on the CDBG Nationals Objectives.
The Community Economic Development Fund (CED) is designed to support economic
development activities, particularly those creating employment opportunities for low- and
moderate-income persons, in CDBG-eligible localities. In 2015,$4,550,000 is available under
the Open Submission Funding category to support three programs including the CED Fund. Up
to $700,000 will be available per project.
Proposals will be received on an open basis from January 1, 2015 through September 30,
2015. Please note this is a two step process, by which the applicant will submit a Prospectus
first and then, if the Prospectus is approved, the applicant will be asked to submit a full
proposal. Please contact DHCD prior to any submission.
Assistance is limited to projects involving employment creation by private, for-profit basic
industries. Assistance may include off-site improvements such as water lines, sewer lines, roads,
and drainage. On-site assistance may be eligible in some projects, but these projects are subject
to underwriting and the CDBG assistance will be made available as a loan to the locality. This
loan must be repaid.
PLEASE NOTE:
FOR ALL CED'SAN IRREVOCABLE LETTER OF CREDIT, BOND, OR OTHER
GUARANTEED FORM OF SECURITY WILL BE REQUIRED IN THE AMOUNT OF
THE CED GRANT. THIS SECURITY MUST REMAIN IN PLACE UNTIL ALL
PROGRAM REQUIREMENTS ARE SATISFACTORILY MET.
Projects assisting a basic industry should be submitted through this project type. Projects that
will benefit a commercial enterprise, sheltered-workshop , or other non-basic industry must be
submitted as a Competitive Economic Development project.
L O CA L INN O V A TI ON FA C T SHEET
The Local Innovation Program is a component of the Open Submission Fund under the Virginia
Community Development Block Grant Program. The Community Development Innovation
Fund provides resources for the implementation of new, innovative, and/or timely community
development projects.
The Local Innovation Program targets funding for innovative, small-scale pilot projects, such as
Individual Development Account programs, loan programs to support economic restructuring
activities, construction trades training programs, entrepreneurship development, heritage tourism,
telecommunications , projects, or other efforts which provide unique, unmatched benefits to
eligible Virginia communities. The basic thresholds are that a project must target CDBG-eligible
activities, meet a CDBG National Objective, and be designed in accordance with the CDBG
Citizen Participation Plan.
Up to $200,000 is available per project and up to $300,000 may be available for a regional
project. Applicants must first submit a Letter oflnterest in accordance with the format contained
herein as the initial step towards securing Local Innovation Program funding. Letters of Interest
will be reviewed by DHCD and DHCD will respond with additional guidance and an invitation
to submit a full proposal. Localities must time public hearings, resolutions, and other required
items to be completed prior to submitting a Local Innovation Program proposal. All Local
Innovation Program proposals must be received by September 30, 2015.
The Local Innovation Program Request for Proposals and all other documentation related to
proposal development under the Virginia Community Developmen t Block Grant Program must
be used in conjunction with the 2015 CDBG Program Design. Please refer to the CDBG
Program Designfor information regarding CDBG National Objectives and Virginia's Goals and
Objectives.
Local Innovation Pro ject Examples
Entrepreneurship Development
CDBG assistance will be targeted for those projects which cover gaps in one or more of the
following five elements :
Access to Capital and Financial Assistance Examples:
• Loan funding (such as offered in microenterprise assistance program s), equity funding, or
working capital for business start-up or expansion; or,
• Development of peer lending pools, individual development accounts (particularly those
targeting business creation), or other innovative business financing mechanisms.
Technical and Managerial Assistance
Examples
• Physical or operational assistance to a small business incubator which provides a broad
array of entrepreneurial assistance services;
• Establishment of business mentoring program s;
• Market feasibility and business planning assistance; or,
• Other forms of business management assistance.
Technology Transfer Example
•
Product development assistance resulting in the creation of new businesses and/or jobs .
Entrepreneurial Education and Training
Examples:
• Training and workforce development in declining or fledgling industries or businesses ;
or,
• Other entrepreneurial education and training efforts resulting in the creation of new
businesses and/or jobs .
Entrepreneurial Networks Examples:
• Development of entrepreneurial assistance efforts targeting business creation or
expansion in specific business sectors with tangible involvement of affected
entrepreneurs;
• Developmen t of peer-to-peer relationships among entrepreneurs in similar or compatible
businesses or other business to business linkages; or,
• CDBG assistance will be targeted to those entrepreneurship development efforts which
have a comprehensive focus. Applicant s must:
• Show consideration of all facets of assistance to entrepreneurs;
• Demonstrate that CDBG resources will be applied to those assistance efforts which
currently do not exist or which are inadequate towards meeting the demand for such
assistance
CDBG assistance will not be provided to establish duplicate efforts to serve entrepreneurs or to
create economies of scale among existing efforts which will not result in drastic increases in
entrepreneur service levels. Applicants must provide evidence that other options for funding
specific entrepreneurship development efforts either do not exist or have been exhausted by the
applicant prior to requestin g CDBG assistance.
All Entrepreneurship projects must demonstrate that they will meet a National Objective and
produce a documentable outcome in terms of specific numbers of business created, specific
numbers of jobs created, and specific numbers persons employed .
Telecommunications Projects
Up to $200,000 per project is available for telecommunications efforts which may include
implementation (e.g., installation of a fiber network) or system development and support (e.g.,
community business training and education) . All projects must demonstrate that they meet a
National Objective and demonstrate a direct relationship between intended project efforts and
measurable, tangible improvements to the health of the community being served . Please note
that CDBG funds can only be used for open-access networks that allow for competition among
different service providers.
• All projects funded must first submit a community telecommunications plan for approval
to DHCD. This plan must:
o Assess current broadband availability and usage
o Address demand aggregation and future use
o Address the relationship to regional planning and telecommunications networks
o Address community development applications and CDBG National Objective
• Only implementation projects which target "last mile" installation of broadband
applications will be considered for funding, i.e., no long-haul backbone systems will be
installed with CDBG funds.
Applications for telecommunications projects may combine planning and system development I
technical support or planning and implementation .
Local Innovation Program projects will be evaluated on eligibility (meeting National Objective)
and threshold criteria of the program. Projects must clearly address the following factors:
•
•
•
•
•
Performance targets and project outcomes
Nature of the innovation
Need for CDBG investment
Capacity to carry out the project
Sustainability I replicability of the project
Applicants for telecommunications implementation projects under the Local Innovation Fund
must provide match with local funds in an amount equal to 50% of the CDBG request up to a
maximum of $100,000.
Regional Local Innovation Projects
Local Innovation projects that will have a regional impact and involve clear participation from
two or more applicant localities are eligible for up to $300,000 in CDBG assistance. These
projects must meet all other qualifications of the Local Innovation Program , and must have at
least a 25% cash match from at least one of the applicant localities.
Localities considering applying for Local Innovation Funds should contact DHCD for further
project development guidance.
SUBMISSION
Please note that applications are now accepted electronically through the Agency's Centralized
Application and Management System (CAMS). To access CAMS, visit the website at
www.dhcd .virginia.gov and click on the CAMS icon in the upper-right hand corner. You may
then create a locality profile, add staff members, and access the CDBG Planning Grant program
using the APPLY button .
Potential applicants are encouraged to contact DHCD prior to submission of a Letter oflnterest
to discuss the innovation being targeted. Contact information is as follows:
Tamarah Holmes, Ph.D
Associate Director
[email protected]
(804) 371-7056
Matthew Weaver
Senior Policy Analyst
[email protected] .gov
(804) 371-7067
Denise Ambrose
Associate Director
Denise.Am [email protected]
(804) 371-7029
Virginia Department of Housing and Community Development
600 East Main Street, Suite 300
Richmond, Virginia 23219
(804) 371-7061
Fax (804) 371-7093
711TDD
http://www. dhcd.virginia.gov
f'vt1arch 2015
Town of .Strasburg, Virginia
De\·elopmentz1I Tlrne.-trZ1me c hz1rt
Months
Activity
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Fund Organization
Create Organization
Planning - Programing
Loans, Grants, Fund Raising
Acquisition
A&E
Construction
Open for Business
Management - Operations
Programing
Fundraising
Marketing
Year One
Year Two
Year Three
The Delvelo R me ta l Time-tra m e Chat estim ates time tor th ree im po rta nt p h ases ot d evelopm ent
associa ted with th orga nization, constru ction and .sr.eratio n ot th e min im a l cost option tor th e theater.
Two overla p f u ndi ng activities are an ticipa ted. 1 ·he tirst fu nd ing activit is tor pl a n n ing a nd
constru ction. J he econd f u nd ing a!=tivit is tor ma nageme nt a nd operations.
(,
Town ot Strasburg, Virginia
March 2015
Minimal Cost Option /\c9uisition) Construction E,_y Operational
PROJE:CT BREAKDOWN - E:STJMATE:D COSTS
Description
Budget
·-----------
$450,000.00
Ac9uision
A&E: / Pr ect Management
50,000.00
Construction
$445,000.00
Interest -18 Months
170,000.00
Management & 18 Months of Operations
$200,000.00
$1)5,000.00
Contingencies
Total
1,450,000.00
5UDGE:T
• Ac9uision
A&E: / Prect Management
Construction
• Interest -18 Months
e Management & 18 Months ot Operations
Contingencies
Town ot Strasb u rg, Virgin ia
Mi n imal Cost Option - Construction E_sti mates
f eb-1 5
Site Costs
Solve water problem $
New sidewalk $
Paving and striping $
New curb cut $
Landscaping $
$
40,000
5,100
24,150
1,200
600
71,050 Estimated Subtotal Site
Building Costs for Theatre Renovation
$ 12,000
New marquee
Replace roof
$ 29,900
New flooring
$ 41,975
Painting (interior)
$ 21,000
New HVAC
$ 51,060
New electrical
$ 35,200
New digital projector $, 76,000
Plumbing
$ 103,000
$ 370,135 Estimated Subtotal Building
$ 441,185 Estimated Project Total
f or th e pu rpose ot estim ati ng d evel opm ent costs
th e estim ate 0$44 1 , 1 8 5 .000h as is rou nd ed to $450,000.
.A
Strasburg Theater
West King Street,Strasburg,Virginia
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MOVIE THEATER CONCEPT
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February 18,2015
Exhibit
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Development Options & E:stimated Cost Matrix
CSTIMATcD
COSTS
-
i TOTAL
ADDcD
...
.
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l MINIMAL COST
· OPTION
s ..... .
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POTcNTIAL DcVcLOPMcNT OPTIONS
················ ..····························.....:.............................................t···········..................... ························f···································!
Minimal Cost Option
$+50,000.00
.................····-··-- -·.... ........-- .....................'":......................-······-- ....·-··.....}............................................................·····t············..........······-·......
...................... ............................ ·-······· ···.. ····· ···-··....
Minimal Cost enhanced Option
............... ; .. )50 ,ooo
................................
Brew Pub - Theater Option
-··············· ·..···•·"···· ·.....- ....... ·······················=
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$825,000.00 j ............... $i,275,ooo.oo ...............................!
. . . . . . . . . . . . . . . . . . . . . . . . . . . . ·.. . . . . . . . . . . . . . . . . . . T . . . . . . . . . . . . . . . . . . .. . . . . . . .:····. . . . . . . . . . . . . .
i
.............................................. ........................
Town - Communit_l:J Center Option
.....······················
·············5,000.00
···········-···················································
$1,12
Fixed Seating
. ........................................ ............ ...
Table Seating
75,000.00
...
. . .. .. ············ · .... .. . .. . . . . . . ?. · _?.?.: ..l... . .. . . . . .
....................... ...........................:.............. . .
Art Center Option
I
Elevator
'. . - .:.?.?. .:. . . . . . . . . . .. .. '
..··········f............................. .................. ............... ......... ····.:
i
.·- ···· . . ......i................... ..
$75,000.00
F
ixed Seating
Table Seating
......... ................ . ..1
·- ···· ... .
$525,000.00 '
. ... - ··············· · ··'···-;225:;;000 1
$60,000.00
675.0000 '
i
:·······
J
$510,000.00
·•·•·•••··•···•••··•·· -·-···--··- ···· ··· ·······:················-···-··· ·· ··· i.••••••• .•.•...•.•.•..•......................................1 ··································· 1
......................... ............................... $75,000.00
i
$525,000.00 .: .................. ...........,
Major Bathroom Upgrade
·::·:·:··:::::.::::·:::::::·::.:::::::::::::::::··::::.::.·:·:.-.--····.. . :::::::..:::::--.::.·:·:·:..:.::::···········.. ····..··················:::::··..::::::::::::::::::::·
elevator & Mor Bathroom Upgrade
······ · ····· .... .............. ........ ..$1J5,0()() -1- _
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NOTE::Add minimal-cost option to desired option for total estimated cost.
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Strasburg Theater
West King Street, Strasburg,Virginia
II\ LI NEAG E
February 18, 201s
Exhibit A
[!_
ARC H !TECTS
Strasburg Theater
_ r
..
GRAPHIC SCALE
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EXISTING CONDITIONS
( IN FEET )
February 18,2015
Exhibit B
LINEAG E
[!_ ARCH ITECTS
Strasburg Theater
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( IN FEET )
•io
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MINIMAL COST OPTION
February 18, 2015
Exhibit C
V\. LINEAGE
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Strasburg Theater
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ENHANCED OPTION
February 18, 2015
Exhibit D
L I NE AG E
[!_ ARCHIT ECTS
Strasburg Theater
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T BREW PUB/THEATER CONCEPT
( IN FEET )
February 18, 2015
Exhibit E
V\. LINEAGE
[!ARCHITECTS
Strasburg Theater
LI NEAG E
February 18, 201s
Exhibit F
[!! AR.CH ITECTS
Strasburg Theater
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February 18,2015
Exhibit G
LINEAG E
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here - Strasburg

Transcription

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