saltaire market redevelopment project

SALTAIRE MARKET
REDEVELOPMENT
PROJECT
BOARD OF TRUSTEE MEETING 7 -5-14 AT 9:00 AM
PRESENTATION OBJECTIVES
WHO IS INVOLVED
HOW WE GOT HERE & WHERE WE STAND
SCHEDULE MOVING FORWARD
DESIGN CONSTRAINTS, OBJECTIVES, AND SCHEMATICS
PROPOSED vs EXISTING DEVELOPMENT
PROJECT COST
FINANCING OPTIONS AND POTENTIAL TAX IMPACT
QUESTIONS
DESIGN TEAM
Village Project Management Team
Mayor Cox, Trustee Zaccaro, Administrator Posillico
Trustee Connolly – Concept Committee
Aaron Malinski, Tracey Zabar, Dan Rappaport, Matt Sirovich, Karen Frome
Commercial Needs of Village: 1) 2014 and 2) Long Term
Interior Design Committee
Aaron Malinski, Tracey Zabar
Optimum Layout for New Commercial Market
Architectural Design Committee
Nat Oppenheimer, Bob Mayers, Jeff Murphy, Karen Frome, Nick Petschek, Ken Larson, Jennifer Sage
Oversight of Project Design based on Commercial Parameters of Project
Professional Consultants
Butler Engineering, Land Use Environmental
RENOVATE OR REBUILD?
DECISION FACTORS
Regulatory Compliance
State Building Code
Flood Protection
State/County Health Codes
Building Layout: Does it Adequately Meet Village Needs?
Cost
Cost of Renovation exceeds Cost to Rebuild
SALTAIRE MARKET PRE-CONSTRUCTION CRITICAL PATH FOR SUMMER 2015 OPENING
PRE-JUNE
CONTRACT
Terms of Agreement
Board Authorization
Contract(s) Execution
Environmental Testing
Contract Closing
DESIGN
Commence Schematic Design
Determine Maximum Capacities
Program Uses (Village)
Develop Site Plan/Layouts/Elevations
Quote MEP Firms
Modify Schematic design based on DEC/DOH
Public Presentation of Schematic Design
Board Approval - Schematic Design
Commence Construction Docs (CD)
Board Approval of CD & Commence to Bidding
PERMITTING
SCDOH Intial Application
Update Survey
Exisitng Sanitary Anaylis
Submit Revised Site Plan to DOH
Submit DEC/ACE Joint Application
DEC/DOH Coordination
Verbal Indication DEC/DOH
Final Approval from DOH/DEC - No Board of Review
Final Approval from DOH/DEC - With Board of Review
BIDDING/CONTRACT
Advertise/Create Bid Documents
Bid Documents Available
Bid Opening
Board Approval
Execute Contract
Mobilization
Start of Construction
JUNE
1
2
3
JULY
4
1
2
3
AUGUST
4
1
2
3
SEPT
4
1
2
3
OCTOBER
4
1
2
3
4
REGULATORY CONSIDERATIONS
Environmental – NYS DEC
Freshwater Wetlands
Tidal Wetlands
• Height of Grease Trap and Septic Tank Above Ground Water – Minimum 2 Feet
• Sanitary System Proximity to both Tidal and Fresh Water
• Rain Water Shedding and Collection
Health - SCDOH
Pollution Control
 Abandonment of Existing Septic System
Waste Water
 Sanitary System Design
 Dimensions of Grease Trap and Septic Tanks set by NYS Regulations
 Annual Audit Oversight by Federal EPA
Drinking Water
 Minimum Distance from Pubic Drinking Source – 150 Feet Optimum
Food Operation
 NYS Agriculture and Markets
REGULATORY CONSIDERATIONS (Con’t)
Building Safety and Fire Control
NYS Commercial Building Code
 Fire Separations
o From Property Lines
o Between Interior Spaces
 Sprinkler System
FEMA Flood Control Standards
 Minimum Height Requirements
Department of Justice
ADA Requirements
Ramps and Entrances
Interior Elevators Required for All Interior Second Floor Spaces
PROPOSED SITE PLAN
ELEVATION PERSPECTIVE
ELEVATION PERSPECTIVE
REQUIRED FIRST FLOOR HEIGHT - NEW
NEW CONSTRUCTION (REGARDLESS OF SIZE OF BUILDING)
Mean Sea Level
Above Grade
FEMA Elevation
7 Feet Above Sea Level
7.0 MSL
4 AG
New York State
1 Foot of Freeboard
8.0 MSL
5 AG
9.6 MSL
6.5 AG
DOH & DEC Regs
1.5 Feet Added for Septic Requirements
 All Sanitary Components - Minimum 2 Foot Above Groundwater
 Minimum 5 Feet Height on Grease Trap and Septic Tank Per NYS Regulations audited by Federal EPA
Height Above Broadway (Proposed Height of 5 MSL)
4.6 Feet Above Broadway
COMPARISONS
Existing Market First Floor
4.8 MSL
2.0 AG
Security/Doctor’s Office – First Floor
6.5 MSl
3.5 AG
Village Hall – First Floor
6.0 MSL
3.0 AG
Well House - First Floor
8.5 MSL
5.5 AG
OVERLAY EXISTING VS PROPOSED
EXISTING CONDITIONS
SETBACKS
Building
Deck
West Side (Rear)
0 Feet
0 Feet
North Side
0 Feet
0 Feet
Broadway
South Side
17.5 Feet (Roof Overhang)
28 Feet
0 Feet
25 Feet
LOT COVERAGE
Roofed-Over Area
6,900 S.F.
First Floor Height
Deck Area
3,600 S.F.
Roof Elevation
Total Coverage
10,500 S.F.
2.0 Above Grade (AG)
24.4 AG
PROPOSED VS EXISTING DEVELOPMENT
SETBACKS (Building)
Existing
Proposed Market Only
Proposed Total Project
West Side (Rear)
0 Feet
10 Feet
10 Feet
North Side
0 Feet
16 Feet
16 Feet
Broadway
20 Feet
8 Feet
8 Feet
South Side
25 Feet
40 Feet
10 Feet
Roofed-Over Area
6,900 S.F.
4,040 S.F
5,794 S.F.
Deck/Ramp Area
3,600 S.F.
6,525 S.F.
6,525 S.F.
Total Coverage
10,500 S.F.
10,565 S.F.
12,319 S. F.
GROSS SALES AREA
2,550 S.F.
2,900 S. F.
LOT COVERAGE
MARKET SALES AREA
OPTIMUM MARKET LAYOUT
COST OF CONSTRUCTION
BUILDING PARAMETERS AND COST DRIVERS
ADA Requires Elevators in All Second Floor Spaces that are Built with Public Funds
Fire Code Requires Fire Separations and a System
Sanitary System to Meet State & County Health Requirements – No Fire Island Alternative
Prevailing Wage Applies to All Aspects of Construction
Wicks Law Applies to the Project - Must be Bid out in 4 Separate Contracts
General Contracting
Mechanical
Electrical
Plumbing
COST OF CONSTRUCTION (Cont’d)
BUDGET ESTIMATE RANGE - $400 - $700 per Square Foot (Subject to Final Design)*
Current Estimate - $550 per Square Foot for Entire Project
Inclusive of
Design/Engineering & Regulatory Compliance
Demolition
Site Development
Building Cost
Mechanical and Equipment
*MODULAR CONSTRUCTION COULD REDUCE COST AND SCHEDULE
COST OF CONSTRUCTION (Cont’d)
Market Building – Phase 1
Land Acquisition
$ 850,000
6,390 Square Feet x $600/s.f. =
$3,835,000
TOTAL Phase 1
$4,685,000
Municipal Building – Phase 2
3,000 Square Feet x $425/s.f. =
$1,275,000
Total Project Cost:
$5,960,000
FINANCING OPTIONS
Long Term Bonds
Asset Financing – Land Sale
One Time or Multiple Year Assessment
LONG TERM BONDS
TERM: 20 YEARS
PROJECTED INTEREST RATE: 3.5%
Village Recently Upgraded to AAA by S&P (May Help with Improved Rate)
ANNUAL DEBT SERVICE FOR EACH $1,000,000 OF BOND:
$75,000
 For Market Phase 1 – Annual Debt Service:
$325,000
For Total Project - Annual Debt Service:
$420,000
ANNUAL DEBT SERVICE PROJECTIONS
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$13-14
14-15
15-16
16-17
17-18
18-19
2005 Dock
19-20
2008 Beach
20-21
Market
FEMA
21-22
22-23
23-24
24-25
25-26
PROJECT IMPACT ON AVERAGE TAX
PAYER
Phase 1
Full Project
Market Debt Service
$325,000
$420,000
Projected Concession Fee
$100,000
$100,000
Net Increase to Debt Service
$225,000
$320,000
Total Village Assessment
39,000,000
$39,000,000
Project Cost per $1,000 of Assessment
$5.76
$8.20
Average Home Assessment
$85,000
$85,000
Average Increase Tax Bill Cost per Home
$490
$697
After 2008 Beach Bond Off the Books (2019)
($109)
$98
POTENTIAL DEBT SERVICE MITIGATION
Land Sale
Each $1,000,000 of Land Sale will:
Reduce Village Debt Service by $75,000 Per Annum for 20 Years
Reduce Average Household Tax Impact by $165 Per Annum for 20 Year
Example of a $1M Land Sale
Phase 1
Full Project
Average Increase Tax Bill Cost per Home
$490
$697
After $1M Land Sale
$325
$532
After 2008 Beach Bond Off the Books (2019)
($274)
($67)
NEXT STEPS
Board Approval of Schematic Design – July 5
Produce Construction Documents – August
DEC & DOH Official Approval, Go Out To Bid – August 5
Public Bid Opening – August 30
Award Contract – September 5
Start Construction – October 1