THE WILD CARROTtowergrovecdc.org/wp...CARROT-Proposal-3901-Shaw.pdf · CDA Project Manager 1520 Market Street, Suite ... *Development consulting by UIC ... The Wild Carrot will provide

PROPOSALfor the revelopment of

THE HISTORIC SHAW THEATER for

THE WILD CARROTevent space

presented by

on behalf ofTHE NEWELL POST, LLC

U I C

1607 tower grove avenue • saint louis, missouri 63110 • t 314.771.7300 • f 314.771.7303

November 10, 2015 The Community Development Agency and Land Reutilization Authority of the City of St. Louis c/o Matthew Sisul CDA Project Manager 1520 Market Street, Suite 2000 Saint Louis, Missouri 63102 e-mail: [email protected] Re: RFP Response 3901-05 Shaw Boulevard St. Louis, Missouri 63110

Including 3866-68 and 3900-04 DeTonty Dear Matthew: On Behalf of our clients Laura Bunch and Dr. Larry Newell of The Newell Post LLC, we are pleased to present this response to your Request for Proposals for the historic Shaw Theater building at the intersections of Shaw Boulevard and 39th Street. The historic rehabilitation described in this proposal calls for the building to be redeveloped into a 6000 square foot event space with a two bedroom apartment above and a 1200 square foot retail suited accessed from 39th Street. The event space will be operated by co-developers Laura and Casey Bunch, who will also reside above in the apartment. We are excited to play a role in this important project that will bring this former theater building back to life in a use and appearance close to its original function. The following points and exhibits response are in the order requested in the RFP. Please contact me if you have any question or need additional documents. Sincerely,

Brent Crittenden CEO | U I C

Responses:

1) Redevelopment Team a. Developer:

The Newell Post, LLC Laura Bunch (50%) and Dr. Larry Newell (50%) 1932 Senate St., Apt A St Louis MO 63118 *Development consulting by UIC

b. General Contractor: Urban Improvement Construction, LLC DBA: UIC Constructors


1607 Tower Grove Ave, St Louis MO 63110 314-771-7300 www.uicstl.com

c. Architect (Inclusive of Historic Tax Credit Consulting) Central Design Office, LLC DBA: UIC Architecture and Urbanism 1607 Tower Grove Ave, St Louis MO 63110 314-771-7300 www.uicstl.com

d. Construction Lender: TBD

2) Project Description: The applicant intends to redevelop the property for a residence and event space, as further described below:

a. Sitework: The applicant would like to acquire both the property at 3901 Shaw and the two City owned lots located at DeTonty and 39th. The patio area located immediately to the south of the building and at the corner of Shaw and 39th, will be repaved in concrete and a new low simulated wrought iron fence and shrub row will be added at the border to the sidewalk. This landscaped patio will serve as a gathering a pre-event space, or occasional outdoor event space. The vacant lots on DeTonty will be left primarily as green space, with new concrete parking areas located on the alley. The property at 3900 DeTonty will be re-landscaped to serve as an outdoor event space and the property at 3866 DeTonty will be used as a garden to support the functions of the event space.

b. Building Exterior: The project renovation will follow the Secretary of the Interior’s Standards for Historic Rehabilitation, striving to refurbish the building to match historic photos of the exterior. The south elevation will have the original masonry openings restored and new painted wood double hung windows installed on the second floor. The ground floor will include new storefront openings, and replicas of the previous ticket window, display panels, and awning. The east elevation will include new full height glazed storefront openings, based on an assumption of the past fenestration and contingent on consultation with the National Parks Service. The roof will be replaced with a new TPO membrane and new guttering. The brickwork will be repointed and repainted.

c. Building Interior, General: The building interior will be a gut level renovation, generally seeking to remove various partitions, framing, and finishes that have been added following the period of significance for the historic district. All mechanical, electrical, and plumbing services and systems will be completely replaced and the building will be fully sprinkled.

i. Event Space: The main portion of the ground floor will host an event space, as described in more detail in Exhibit A. The vision for the space is to reveal as much of the historic fabric as possible, juxtaposed with new elements, leading to an eclectic look and feel. New elements include office, bride and groom spaces, bathrooms, event support, and a bar area.

ii. Retail Suite: A 1200 sf retail suite will be created at the north end of the building, accessed from 39th Street. This will be constructed as a white-box space and marketed to a neighborhood retail or office tenant.

iii. Apartment: The 2nd floor apartment will be gutted and rebuilt into a 2 bedroom apartment. d. Users: The building owner will operate the event space, The Wild Carrot, and reside in the

apartment above. A tenant for the Retail Suite has not been determined. 3) New Job Impact: The event space will have 2 full time staff members and provide various part time positions

for direct staff of the event staff and for outside caterers, parking staff, and others. 4) Preliminary Drawings: Please see Exhibit A, which contains preliminary plans and building elevations. 5) Schedule:


a. September-October 2015: Project Planning, Financing, and RFP Preparation b. November-December 2015: Proposal Submission and Negotiation c. January-March 2016: Tax Credit Application and Review, Construction Documents, Bidding and

Negotiation, Closing on Funding d. April-October 2016: Construction Work (6 Months) e. November 2016: Opening for 2016 Holiday Season

6) Financial Statements: The Newell Post, LLC is currently discussing the project with several lenders. Financial statement may be sent in a secure format as requested.

7) List of Similar Projects Completed by UIC: UIC is a ten year old integrated practice with a strong track record of completing medium to large scale historic redevelopments that make significant contributions to their neighborhoods and the City. The following are a sample of relevant redevelopment project by UIC over the past 3 years.

a. City Garden Montessori Charter School, 1618 Tower Grove i. Develop, Design, Build Services ii. 31,000 square feet iii. $2,700,000 iv. Completed August 2012

b. Olio and Elaia i. Develop, Design, Build Service ii. 7000 square feet iii. $600,000 iv. Completed November 2012

c. Tower Grove Mews Complex, 1605-21 Tower Grove i. Develop, Design, Build Service ii. 21,000 square feet iii. $1,930,000 iv. Complete March 2014

d. The Luminary Center for the Arts, 2700 Cherokee i. Develop, Design, Build Service ii. 18,000 square feet iii. Development, Architecture and Project Management Services provided pro-bono iv. Completed October 2014

e. Lunar Tool Building/GadellNet Headquarters, 1532 Vandeventer Avenue i. Develop, Design, Build Service ii. 11,800 square feet iii. $1,433,000 iv. Complete January 2015

f. Jefferson Commons, 1600 Jefferson Avenue i. Design-Build Services ii. 40,000 square feet iii. $3,200,000 iv. Completed June 2013

8) Marketing Plans: As noted above, the property will be an owner operated event space, which will seek bookings starting in November of 2016. The proprietors will begin marketing the property for event users in the late summer of 2016. More details about marketing are described in Exhibit C.


9) Financial Structure: The property will be owned by the special purpose entity The Newell Post, LLC, which is owned by Father and Daughter team Laura Bunch and Dr. Larry Newell, on a 50/50 basis. The operating entity The Wild Carrot will be the tenant for the event space, and a business plan for this enterprise is attached as Exhibit B.

10) Development and Construction Budget: See Exhibit C 11) Pro Forma Operating Budget: See Exhibit D 12) Offer for the Property: The Newell Post, LLC offers $10,000 for the property at 3901 Shaw Avenue, with

terms of conveyance to be agreed to with the CDA.

U I CTHE WILD CARROT THE NEWELL POST, LLC

EXHIBIT A - DRAWINGS

site plan


ground floor plan


39th

stre

et el

evat

ion

shaw

aven

ue el

evat

ion

north

elev

atio

n


EXHIBIT B - BUSINESS PLAN FOR THE WILD CARROT

1

BUSINESS PLAN

THE WILD CARROT Laura + Casey Bunch St. Louis Missouri 314.300.8387 [email protected] wildcarrotstl.com

2

TABLE OF CONTENTS

I Table of Contents 2 II Executive Summary 3 III General Company Description 4 IV Products & Services 5 V Marketing Plan 7 VI Operational Plan 8 VII Management & Organization 10 VIII Ownership, Startup Expenses, & Capitalization 11 IX Financial Plan 12

3

II – EXECUTIVE SUMMARY

The Wild Carrot fills a niche in the St. Louis area for event venues. We are an event space that focuses on creativity, imagination and flexibility in a non-traditional space. Our clients will experience a unique approach to wedding ceremonies and receptions through the aesthetic, decor and management style that is not already available. In addition, the community will benefit from space availability for a variety of social and corporate functions. Laura and Casey Bunch are on-site, hands on event managers with significant event experience, who focus on the entire event production from planning to tear down. The Wild Carrot will have a substantial impact on the future of wedding trends in the St. Louis area.

4

III – GENERAL COMPANY DESCRIPTION

The Wild Carrot will be an event space housing wedding ceremonies, receptions, corporate events and other social gatherings for the creative St. Louis public. MISSION STATEMENT Our mission is to change the norm in event venues in St. Louis through our decor, aesthetic and overall image. We will always evolve and change to meet or even start wedding trends for our clients. GOALS + OBJECTIVES The majority of event venues in the St. Louis area are lacking in creative design and overall execution of events. Our goal is to gradually improve and evolve the wedding industry in St. Louis to match the current national trends. The decor and layout of the Wild Carrot is inspiring and whimsical, allowing each client to understand the eclectic style it has to offer. We will strive to provide alternative choices in ceremony and reception styles that will appeal to a broad spectrum of clients. STRENGTHS + CORE COMPETENCIES We have owned and operated Burlap LLC, a wedding video production company, for three and a half years. This has allowed us to be aware of trends in weddings and events since our clients are scattered all over the US. In addition, we have 3 years of Event Planning experience managing a similar styled space in Kansas City. We also have experience in Catering for large weddings and corporate events where we managed the operational side of the business as well as provided staff support during the events. In addition, we are a hands-on operation. We personally plan, support and manage each and every event on site from beginning to end. LONG TERM Weddings and events will always be our main focus, but we plan to evolve and meet the needs of the community and corporate clients over time. We will always be open to changes and creative ideas that might utilize our space for any number of needs. We pride ourselves on our ability to keep “in the know” with wedding and event trends.

5

IV – PRODUCTS & SERVICES

The Wild Carrot will provide a unique venue space for a variety of social and corporate events. Our main service will be to provide an eclectic managed space for clients to utilize for wedding ceremonies and receptions. In addition, we will support a variety of event clients including: corporations, non-for profit organizations, professional associations, retail businesses and other creative needs. TYPE OF EVENTS

- Wedding Ceremonies - Wedding Receptions - Holiday Parties - Bat/Bar Mitzvah - Birthday Parties - Bridal Showers - Anniversary Parties - Engagement Parties - Charity Events - Corporate Meetings - Company Picnics - Sales Meetings - Consumer Shows - Business Conferences - Conventions - Bridal Shows - Festivals - Art Shows - Fundraisers - Political Events - Reunions - Team Building Events - Galas - Open Houses - New Product Launches - Fashion Shows - Tradeshows - Athletic/Fitness Programs - Religious Events

COMPETITIVE ADVANTAGE We provide indoor and outdoor ceremony options that are unique to the St. Louis market. We allow flexibility and creativity with floor plans, decor and planning. We are always on-site and manage every event beginning to end. We are always sensitive to customer’s needs, both planned

6

and unanticipated. We are passionate about providing a new alternative in wedding and event planning for the St. Louis metropolitan area. PRICING STRUCTURE Our pricing structure is competitive with the similar available venue spaces in the area. We provide space for wedding ceremonies and receptions Friday-Sunday, mornings, afternoons or evenings. Pricing will vary depending on the day, time, and duration of event. The following is a general guideline of our pricing structure.

Friday evening Ceremony $700 Friday evening Reception $2500 Saturday Ceremony $1000 Saturday Reception $3000 Sunday Ceremony $500 Sunday Reception $1500 Monday-Thursday Rental $1500

Rental for a ceremony includes 1 hour of set up time and 1 hour of event time. Rental for a reception includes 4 hours of set up time and 4 hour event time. Additional hours of rental time are allowed to be purchased at $250/hour. Rental for ceremony and reception events include 5 hours of set up time and 5 hours of event time. This pricing includes an event manager on site from set up to tear down, tables and chairs to seat up to 250 people, 2 hour consultation with the event manager prior to the event date, a preferred list of vendors for clients to utilize, bride and groom “getting ready” room, in house sound system and projector/screen, and lounge furniture. Our rental and event structure does not include an in-house caterer or bar service. We provide a list of preferred catering companies that the client may choose from. These caterers meet our requirements for quality of presentation as well as product, staffing, cleanup, insurance and reliability. Use of a caterer not on our preferred list incurs a $250 kitchen fee as well as a required walk through and copy on file of the caterer’s insurance and business license.

7

V – MARKETING PLAN

Our marketing plan will utilize a variety of media and methods that primarily pertain to the wedding industry. Our target market is 23-40, living in or around the St. Louis metropolitan area and interested in a more flexible, unique and progressive style. Our clients value creativity and are interested in current trends in the wedding and event industry. COMPETITION + NICHE Although there is a high volume of event venue spaces in St. Louis, we pride ourselves in creating a unique environment not currently available. The Wild Carrot experience will be unlike any option elsewhere in the city. Our rental pricing is competitive with the event venues currently available. MEDIA

The Knot Online and Print Local Wedding Magazines St Louis Bridal Shows Prior to Opening Promotional Video Produced by Burlap and Running on the Website Facebook/Twitter and Instagram Pages Open House Flyers Sent to Local Caterers, Florists and Event Planners Host a Mock Wedding with Photos and Video for Posting

PROMOTIONAL BUDGET Our promotional budget is outlined in our financial plan. BUSINESS LOCATION Our business location is consistent with our creative image and overall aesthetic. We are located in an active neighborhood in the city limits, accessible and familiar to all, providing what our clients want and expect.

8

VI – OPERATIONAL PLAN

DAY TO DAY OPERATIONS Our daily operation varies depending on the events involved. During the week, we give tours of the space to perspective clients, host events and meetings with booked clients and potential vendors. We give scheduled tours to potential clients Tuesday nights from 4-8, and Wednesday and Thursdays from 9am-close. Special tours outside of these time frames can be arranged as well. Fridays-Sundays we are on site from the set up to tear down for scheduled events. LEGAL The Wild Carrot will maintain and have available all documentation regarding licensure, liability and permits required for a Place of Assembly. EMPLOYEES We are staffed primarily by Laura and Casey Bunch, owners and on-site operators. As the business expands, both full time and part time employees will be required. We envision 1-2 full time event manager assistants for weekend events as well as a part time maintenance person during the week. When adding liquor to our event packaging, we will staff bartenders and bar-backs. INVENTORY Our inventory will include:

- 250 folding chairs - round and rectangle tables to seat up to 250 - bar height tables - bar stools - lounge furniture - 200 votive candles and holders

Future plans may include decor rentals and bar materials. PAYMENT POLICIES A deposit is required to secure the event date on our calendar. This deposit amount is $1000 of the total amount due. The remaining balance is due 14 days prior to the event date. If an event is cancelled more than 9 months prior to the booked date, a $250 processing fee will be held and the remaining $750 from the deposit will be refunded. If an event is cancelled within 9 months of the booked date, the deposit is completely non-refundable. If a client fails to pay remaining balance within 14 days of scheduled event, the event will be cancelled and the $1000 deposit will be forfeited.

9

Any non-wedding event will require total payment of the rental fee at the time the event is scheduled. If the event is cancelled more than 4 weeks prior to the event, the payment is refundable, less the $250 processing fee. If the event is cancelled within 4 weeks, 50% is non-refundable. There is no charge for a canceled event if rescheduled immediately for a date within 60 days of the original scheduled date. Only 1 rescheduled date is allowed.

10

VII – MANAGEMENT & ORGANIZATION

Laura Bunch will manage the day to day operations for the Wild Carrot. She will be the on-site event manager for all events and handle all event related correspondences and related issues. Her role will also entail all financial operations including payroll, accounts receivable, accounts payable and general book keeping. Casey Bunch will be the Wild Carrot Assistant Manager and handle special purpose events and activities. He will be the immediate backup when the event manager is not available. PROFESSIONAL + ADVISORY SUPPORT Attorney, accountant, banker and insurance agents are yet to be determined.

11

VIII – OWNERSHIP, STARTUP EXPENSES, & CAPITALIZATION

OWNERSHIP Laura Bunch will be the sole owner of the Wild Carrot. Funding will involve an 80% mortgage for the cost of building including buildout with 20% down payment. STARTUP EXPENSES…Estimated $28,500

- Tables o 60” round (31) $3000 o 8 ft rectangle (20) $2000

- 250 Folding Chairs $5000 - Lounge Furniture $3000 - Bar Height tables $1000 - Bar height stools $1500 - Votive Holders $150 - Votive candles $100 - Marketing $2000 - Insurance $1200 - Projector $1500 - Speakers $2000 - Sound System $5000 - Misc $1000

Total Estimated Costs $28,500

12

IX – FINANCIAL PLAN

SEE ATTACHED PROJECTIONS


EXHIBIT C - DEVELOPMENT AND CONSTRUCTION BUDGET

SourcesMortgage Loan 63.8% 795,000.00MO HTC Bridge Loan 18.8% 235,000.00Owner Equity 17.4% 217,000.00

100.0% 1,247,000.00

UsesAcquisition 0.8% 10,000.00Rehab Building Costs School 81.8% 1,020,000.00Contingency - Hard Costs (5%) 4.1% 51,000.00Soft Costs (See Schedule Below) 12.4% 155,000.00Contingency - Soft Cost 0.9% 11,000.00

100.0% 1,247,000.00

Soft Cost ScheduleLegal Fees 20,000.00Tax Credit Audit 7,000.00NPS Review Fee 2,000.00Arch/Eng/Tax Credit Consult Fees 55,000.00Lenders Inspections 5,000.00Survey/Environmental 6,000.00Real Estate Taxes 2,000.00Insurance 8,000.00Loan Fees / Closing Costs 10,000.00Accounting Fees 1,500.00Permit Fees 10,500.00Interest During Construction 28,000.00

155,000.00

Shaw Theater

Proforma Redevelopment Model

1 of 6 UIC 11/10/2015

Shaw Theater

Proforma Redevelopment Model

Proforma Stabalized Income and ExpensesRents

Event Space 6300sf 13.33/sf 6,300 12.00 75,600.00Retail Space 1,400 12.00 16,800.00Apartment Rental 900 1.20 12,960.00

Gross Potential Rental Income 105,360.00Pro-Forma Vacancy 5.00% (5,268.00)Net Pro-Forma Income 100,092.00

Operating ExpensesReal Estate Taxes (w/ abatement) (1,050.00)Maintenance & Repairs (12,000.00)Insurance (20,000.00)Utilities (24,000.00)Administrative Expenses 7.00% (7,006.44)Tenant Reimbursements 50,000.00

Total Operating Expenses (14,056.44)

Net Operating Income 86,035.56

Annual Financing Charges 4.50% 20 60,354.75Pre Tax Net Income 25,680.81

Debt Service Coverage Ratio 1.43Monthly Debt Service 5,029.56Cap Rate Valuation 8.50% 1,012,183.06LTV 79%Stabilized Return on Investment 12%

2 of 6 UIC 11/10/2015

Subcontract Material Equipment Subcontract Material Equipment

01 GENERAL REQUIREMENTS SUB GROUP

01 31 00 Project Mgmt & Coord $48,090.00 $0.00 $0.00 $48,090.00 $48,090.00

Project Manager (70%) 6 MO $4,375.00 $26,250.00 $0.00 $0.00 $26,250.00

Site Superintendent (70%) 6 MO $3,640.00 $21,840.00 $0.00 $0.00 $21,840.00

01 51 00 Temporary Utilities $6,500.00 $0.00 $0.00 $6,500.00 $6,500.00

Temporary Electric Service Charges 1 LS $3,400.00 $3,400.00 $0.00 $0.00 $3,400.00

Fire Extinguishers 6 EA $100.00 $600.00 $0.00 $0.00 $600.00

Temporary Heat ‐ Excluded 0 MO $1,500.00 $0.00 $0.00 $0.00 $0.00

Temporary Construction Lighting 1 LS $2,500.00 $2,500.00 $0.00 $0.00 $2,500.00

01 54 00 Construction Aids $600.00 $0.00 $0.00 $600.00 $600.00

Site Toilets 6 MO $100.00 $600.00 $0.00 $0.00 $600.00

01 56 00 Temporary Barriers and Enclosures $2,500.00 $1,000.00 $2,000.00 $5,500.00 $5,500.00

Construction Fencing 1 LS $2,500.00 $2,500.00 $0.00 $0.00 $2,500.00

Boarding 1 LS $1,000.00 $2,000.00 $0.00 $1,000.00 $2,000.00 $3,000.00

01 58 00 Project Identification $500.00 $0.00 $0.00 $500.00 $500.00

Safety Signage 1 LS $250.00 $250.00 $0.00 $0.00 $250.00

Project Signage 1 LS $250.00 $250.00 $0.00 $0.00 $250.00

01 74 00 Cleaning and Waste Management $6,975.00 $0.00 $24,500.00 $31,475.00 $31,475.00

Site Maintenance General Labor 700 HR $35.00 $0.00 $0.00 $24,500.00 $24,500.00

Dumpsters 13 EA $400.00 $5,200.00 $0.00 $0.00 $5,200.00

Final Cleaning 8875 LS $0.20 $1,775.00 $0.00 $0.00 $1,775.00

02 EXISTING CONDITIONS

02 21 00 Surveys $2,000.00 $0.00 $0.00 $2,000.00 $2,000.00

Lead and Asbestos 1 EA $2,000.00 $2,000.00 $0.00 $0.00 $2,000.00

02 41 00 Demolition $39,937.50 $0.00 $0.00 $39,937.50 $39,937.50

Selective Demo 8875 SF $4.50 $39,937.50 $0.00 $0.00 $39,937.50

02 82 00 Asbestos Remediation $8,875.00 $0.00 $0.00 $8,875.00 $8,875.00

Asbestos Abtement Allowance 8875 sf $1.00 $8,875.00 $0.00 $0.00 $8,875.00

02 83 00 Lead Remediation $4,437.50 $0.00 $0.00 $4,437.50 $4,437.50

Lead Remediation Allowance 8875 sf $0.50 $4,437.50 $0.00 $0.00 $4,437.50

03 CONCRETE

03 01 00 Maintenance of Concrete $14,000.00 $0.00 $0.00 $14,000.00 $14,000.00

Scrubbing and Sealing 7000 SF $2.00 $14,000.00 $0.00 $0.00 $14,000.00

03 30 00 Cast In Place Concrete $9,000.00 $0.00 $0.00 $9,000.00 $9,000.00

Patching 750 SF $4.00 $3,000.00 $0.00 $0.00 $3,000.00

Patio ‐ Partial 1500 SF $4.00 $6,000.00 $0.00 $0.00 $6,000.00

03 80 00 Conc. Cutting & Boring $2,500.00 $0.00 $0.00 $2,500.00 $2,500.00

Cutting and Demo 1 LS $2,500.00 $2,500.00 $0.00 $0.00 $2,500.00

04 MASONRY

04 20 00 Unit Masonry $70,000.00 $0.00 $0.00 $70,000.00 $70,000.00

Unit Masonry 1 LS $50,000.00 $50,000.00 $0.00 $0.00 $50,000.00

New Openings 8 EA $2,500.00 $20,000.00 $0.00 $0.00 $20,000.00

05 METALS

05 12 00 Structural Steel Framing $3,000.00 $0.00 $0.00 $3,000.00 $3,000.00

Misc Steel Framing Allowance 1 EA $3,000.00 $3,000.00 $0.00 $0.00 $3,000.00

05 52 00 Metal Railings $1,000.00 $0.00 $0.00 $1,000.00 $1,000.00

Pipe & Tube Metal Rails 1 LS $1,000.00 $1,000.00 $0.00 $0.00 $1,000.00

06 WOODS PLASTICS AND COMPOSITES

06 11 00 Wood Framing $19,200.00 $11,050.00 $4,200.00 $34,450.00 $34,450.00

Rough framing & blocking 1 LS $15,000.00 $15,000.00 $0.00 $0.00 $15,000.00

Framing Material 1 LS $10,000.00 $0.00 $10,000.00 $0.00 $10,000.00

Exterior Window and Door Install 14 EA $75.00 $300.00 $4,200.00 $1,050.00 $4,200.00 $9,450.00

06 20 00 Finish Carpentry $21,875.00 $17,750.00 $0.00 $39,625.00 $39,625.00

Trim Carpentry‐Retail 7500 SF $2.00 $2.00 $15,000.00 $15,000.00 $0.00 $30,000.00

Trim Carpentry‐Apartment 1375 SF $5.00 $2.00 $6,875.00 $2,750.00 $0.00 $9,625.00

06 22 00 General Millwork Supply $0.00 $1,500.00 $0.00 $1,500.00 $1,500.00

Exterior Brickmold 1 LS $1,500.00 $0.00 $1,500.00 $0.00 $1,500.00

07 THERMAL AND MOISTURE PROTECTION

07 21 00 Thermal Insulation $0.00 $6,656.25 $0.00 $6,656.25 $6,656.25

Insulation 8875 LS $0.75 $0.00 $6,656.25 $0.00 $6,656.25

07 50 00 Membrane Roofing $56,700.00 $0.00 $0.00 $56,700.00 $56,700.00

TPO Roof Replacement 90 SQ $630.00 $56,700.00 $0.00 $0.00 $56,700.00

07 71 23 Manu. Gutters & Downspouts $9,000.00 $0.00 $0.00 $9,000.00 $9,000.00

New Gutters and Downspouts 450 LF $20.00 $9,000.00 $0.00 $0.00 $9,000.00

07 84 00 Firestopping $0.00 $1,500.00 $0.00 $1,500.00 $1,500.00

Firestopping 1 A $1,500.00 $0.00 $1,500.00 $0.00 $1,500.00

08 OPENINGS

08 11 00 Metal Doors and Frames $2,000.00 $0.00 $0.00 $2,000.00 $2,000.00

HM Interior 1 LS $2,000.00 $2,000.00 $0.00 $0.00 $2,000.00

08 14 00 Wood Doors $1,500.00 $0.00 $0.00 $1,500.00 $1,500.00

Residential Doors 1 LS $1,500.00 $1,500.00 $0.00 $0.00 $1,500.00

08 41 00 Entrances and Storefronts $55,000.00 $0.00 $0.00 $55,000.00 $55,000.00

Alum Storefront Systems 1000 SF $55.00 $55,000.00 $0.00 $0.00 $55,000.00

08 52 00 Wood Windows $5,600.00 $0.00 $0.00 $5,600.00 $5,600.00

Historic Windows 14 EA $400.00 $5,600.00 $0.00 $0.00 $5,600.00

08 70 00 Hardware $800.00 $0.00 $0.00 $800.00 $800.00

Hardware Allowance 1 LS $800.00 $800.00 $0.00 $0.00 $800.00

08 83 00 Mirrors $240.00 $0.00 $0.00 $240.00 $240.00

Mirrors 1 LS $240.00 $240.00 $0.00 $0.00 $240.00

09 FINISHES

09 21 00 Plaster and Gypsum Board Assemblies $27,093.75 $0.00 $0.00 $27,093.75 $27,093.75

Drywall hanging and taping‐Comm. 7675 SF $2.50 $19,187.50 $0.00 $0.00 $19,187.50

Drywall hanging and taping ‐ Apt. 1375 SF $5.75 $7,906.25 $0.00 $0.00 $7,906.25

09 31 00 Thinset Tiling $4,550.00 $0.00 $0.00 $4,550.00 $4,550.00

Wall Tile 1 LS $4,550.00 $4,550.00 $0.00 $0.00 $4,550.00

UNIT PRICES SUBTOTALS

Shaw Theatre

Hard Cost Estimate

3 of 6 UIC 11/10/2015



Shaw Theatre

Hard Cost Estimate

09 64 00 Wood Flooring $3,500.00 $0.00 $0.00 $3,500.00 $3,500.00

Wood Floor to Apartment 500 SF $7.00 $3,500.00 $0.00 $0.00 $3,500.00

09 68 00 Carpeting $6,500.00 $0.00 $0.00 $10,000.00 $10,000.00

Carpet Apartment 500 SF $7.00 $3,500.00 $0.00 $0.00 $3,500.00

Vinyl Cove Base Allow 1 A $6,500.00 $6,500.00 $0.00 $0.00 $6,500.00

09 80 00 Acoustic Treatment $0.00 $0.00 $0.00 $0.00 $0.00

NIC 0 SF $3.85 $0.00 $0.00 $0.00 $0.00

09 91 00 Painting $39,937.50 $0.00 $0.00 $39,937.50 $39,937.50

Painting 8875 SF $4.50 $39,937.50 $0.00 $0.00 $39,937.50

10 SPECIALTIES

10 14 00 Signage $18,000.00 $0.00 $0.00 $18,000.00 $18,000.00

Awning 1 A $18,000.00 $18,000.00 $0.00 $0.00 $18,000.00

10 21 00 Compartments and Cubicles $3,000.00 $0.00 $0.00 $3,000.00 $3,000.00

Toilet Compartments 1 LS $3,000.00 $3,000.00 $0.00 $0.00 $3,000.00

10 28 00 Toilet, Bath and Laundry Accessories $2,200.00 $0.00 $0.00 $2,200.00 $2,200.00

Bath Accessories 1 LS $2,200.00 $2,200.00 $0.00 $0.00 $2,200.00

10 44 00 Fire Protection Specialties $1,500.00 $0.00 $0.00 $1,500.00 $1,500.00

FE 1 LS $1,500.00 $1,500.00 $0.00 $0.00 $1,500.00

10 55 00 Postal Specialties $200.00 $0.00 $0.00 $200.00 $200.00

Mailboxes 1 A $200.00 $200.00 $0.00 $0.00 $200.00

10 57 00 Wardrobe and Closet Specialties $300.00 $0.00 $0.00 $300.00 $300.00

Wire Shelving 1 LS $300.00 $300.00 $0.00 $0.00 $300.00

11 EQUIPMENT

11 31 00 Residential Appliances $2,587.40 $0.00 $2,587.40 $5,174.79 $5,174.79

GE 18 CU Energy Star Fridge 1 $590.00 $590.00 $0.00 $590.00 $1,180.00

GE 30 FS Electric Coil Range 1 $448.00 $448.00 $0.00 $448.00 $896.00

Range Cord 1 $10.00 $10.00 $0.00 $10.00 $20.00

GE Spacemaker 1.4 CF Cap Microwave 1 $191.00 $191.00 $0.00 $191.00 $382.00

GE Energy Star Dishwasher 1 $265.00 $265.00 $0.00 $265.00 $530.00

White Electric Washer/Dryer Combo 1 $904.00 $904.00 $0.00 $904.00 $1,808.00

7.45% Tax 1 $179.40 $179.40 $0.00 $179.40 $358.79

12 FURNISHINGS

12 21 00 Window Blinds $0.00 $980.00 $560.00 $1,540.00 $1,540.00

Window Blinds 14 EA $70.00 $40.00 $0.00 $980.00 $560.00 $1,540.00

12 30 00 Casework $2,000.00 $0.00 $0.00 $2,000.00 $2,000.00

Cabinet Allowance 1 EA $2,000.00 $2,000.00 $0.00 $0.00 $2,000.00

12 36 00 Countertops $1,100.00 $0.00 $0.00 $1,100.00 $1,100.00

Apartment Kitchen Tops 1 EA $700.00 $700.00 $0.00 $0.00 $700.00

Vanity Tops 1 EA $400.00 $400.00 $0.00 $0.00 $400.00

12 93 00 Site Furnishings $650.00 $0.00 $0.00 $650.00 $650.00

Bike Rack 1 LS $650.00 $650.00 $0.00 $0.00 $650.00

21 FIRE SUPPRESSION

21 10 00 Water Based Fire Suppression $71,000.00 $0.00 $0.00 $71,000.00 $71,000.00

Sprinkler System 8875 SF $8.00 $71,000.00 $0.00 $0.00 $71,000.00

22 PLUMBING

22 10 00 Plumbing $36,000.00 $0.00 $0.00 $36,000.00 $36,000.00

Apartment 1 LS $6,000.00 $6,000.00 $0.00 $0.00 $6,000.00

Commercial 1 LS $30,000.00 $30,000.00 $0.00 $0.00 $30,000.00

22 33 00 Electric Dom. W Heaters $400.00 $0.00 $0.00 $400.00 $400.00

Apartment HWH 1 EA $400.00 $400.00 $0.00 $0.00 $400.00

22 34 00 Fuel‐Fired Dom. W Heaters $0.00 $2,000.00 $0.00 $2,000.00 $2,000.00

Commercial HWHs 2 LS $1,000.00 $0.00 $2,000.00 $0.00 $2,000.00

22 41 00 Residential Plum Fixture $0.00 $1,250.00 $0.00 $1,250.00 $1,250.00

Apartment Fixture Supply 1 LS $1,250.00 $0.00 $1,250.00 $0.00 $1,250.00

22 42 00 Comm. Plumbing Fixtures $0.00 $6,450.00 $0.00 $6,450.00 $6,450.00

Commercial Fixture Supply 1 LS $6,450.00 $0.00 $6,450.00 $0.00 $6,450.00

23 HEATING VENTILATION AND AIR CONDITIONING

23 30 00 HVAC Air Distribution $82,000.00 $0.00 $0.00 $82,000.00 $82,000.00

Commercial 7500 SF $10.00 $75,000.00 $0.00 $0.00 $75,000.00

Apartment 1 LS $7,000.00 $7,000.00 $0.00 $0.00 $7,000.00

26 ELECTRICAL

26 00 00 Electrical $59,100.00 $0.00 $0.00 $59,100.00 $59,100.00

Commercial 7500 SF $7.00 $52,500.00 $0.00 $0.00 $52,500.00

Apartment 1200 SF $5.50 $6,600.00 $0.00 $0.00 $6,600.00

26 51 00 Interior Lighting $0.00 $7,000.00 $0.00 $7,000.00 $7,000.00

Commercial 1 LS $6,000.00 $0.00 $6,000.00 $0.00 $6,000.00

Apartment 1 LS $1,000.00 $0.00 $1,000.00 $0.00 $1,000.00

26 56 00 Exterior Lighting $0.00 $4,000.00 $0.00 $4,000.00 $4,000.00

Exterior Lighting 1 LS $4,000.00 $0.00 $4,000.00 $0.00 $4,000.00

27 COMMUNICATIONS

27 40 00 Audio‐Video Communications $2,500.00 $0.00 $0.00 $2,500.00 $2,500.00

A/V Rough In Allowance 1 LS $2,500.00 $2,500.00 $0.00 $0.00 $2,500.00

28 ELECTRONIC SAFETY AND SECURITY

28 13 00 Electronic Access Control $0.00 $0.00 $0.00 $0.00 $0.00

NIC $0.00 $0.00 $0.00 $0.00

28 16 00 Intrusion Detection $2,500.00 $0.00 $0.00 $2,500.00 $2,500.00

Alarm Systems 2 EA $1,250.00 $2,500.00 $0.00 $0.00 $2,500.00

28 31 00 Fire Detection & Alarm $10,500.00 $0.00 $0.00 $10,500.00 $10,500.00

Fire Alarm 1 LS $10,500.00 $10,500.00 $0.00 $0.00 $10,500.00

31 EARTHWORK

31 11 00 Clearing and Grubbing $0.00 $0.00 $0.00 $0.00 $0.00

NIC 0 LS $0.00 $0.00 $0.00 $0.00

31 22 00 Grading $0.00 $0.00 $0.00 $0.00 $0.00

NIC 0 LS $0.00 $0.00 $0.00 $0.00

32 EXTERIOR IMPROVEMENTS

4 of 6 UIC 11/10/2015



Shaw Theatre

Hard Cost Estimate

32 12 00 Flexible Paving $0.00 $0.00 $0.00 $0.00 $0.00

NIC 0 SF $0.00 $0.00 $0.00 $0.00

31 17 00 Paving Specialties $0.00 $0.00 $0.00 $0.00 $0.00

NIC 0 LS $0.00 $0.00 $0.00 $0.00

32 31 00 Fences & Gates $12,000.00 $0.00 $0.00 $12,000.00 $12,000.00

Rooftop Enclosures and Front Patio 1 LS $12,000.00 $12,000.00 $0.00 $0.00 $12,000.00

32 92 00 Turf and Grasses $0.00 $0.00 $0.00 $0.00 $0.00

NIC 0 LS $0.00 $0.00 $0.00 $0.00

32 93 00 Plants $10,000.00 $0.00 $0.00 $10,000.00 $10,000.00

Misc Planting Allowance 1 LS $10,000.00 $10,000.00 $0.00 $0.00 $10,000.00

33 UTILITIES

33 11 00 Water Dist. Piping $7,000.00 $0.00 $0.00 $7,000.00 $7,000.00

Water Connection 1 LS $7,000.00 $7,000.00 $0.00 $0.00 $7,000.00

33 31 00 Sanitary Sewerage Piping $10,000.00 $0.00 $0.00 $10,000.00 $10,000.00

Sanitary Sewer Connection 1 LS $10,000.00 $10,000.00 $0.00 $0.00 $10,000.00

33 71 00 Electric Utility Trans.& Dist $0.00 $0.00 $0.00 $0.00 $0.00

In Electric Subcontract 0 LS $0.00 $0.00 $0.00 $0.00

Subtotal $906,432.29

GC Fee 7.5% $67,982.42

GC Contingency 5% $45,321.61

Total $1,019,736.33

5 of 6 UIC 11/10/2015

Cost State QRE Fed QRE

Acquisition 10,000.00 0.00 0.00Rehab Building Costs School 1,020,000.00 897,600.00 897,600.00Contingency - Hard Costs (5%) 51,000.00 35,700.00 35,700.00Soft Costs (See Schedule Below) 155,000.00 114,925.00 117,425.00Contingency - Soft Cost 11,000.00 5,500.00 5,500.00

1,247,000.00 1,053,725.00 1,056,225.00

Legal Fees 20,000.00 18,000.00 18,000.00Tax Credit Audit 7,000.00 7,000.00 7,000.00NPS Review Fee 2,000.00 0.00 0.00Arch/Eng/Tax Credit Consult Fees 55,000.00 46,750.00 46,750.00Lenders Inspections 5,000.00 2,500.00 5,000.00Survey/Environmental 6,000.00 0.00 0.00Real Estate Taxes 2,000.00 0.00 0.00Insurance 8,000.00 6,400.00 6,400.00Loan Fees / Closing Costs 10,000.00 5,000.00 5,000.00Accounting Fees 1,500.00 750.00 750.00Permit Fees 10,500.00 8,925.00 8,925.00Interest During Construction 28,000.00 19,600.00 19,600.00

155,000.00 114,925.00 117,425.00

State Historic Tax Credits

Estimated Historic Tax Credits 25.00% rate $263,431.25

Equity $0.92 price $242,356.75

State Issuance Fee 2.50% ($6,058.92)

Net State HTC Equity $236,297.83

Federal Historic Tax Credits

Estimated Historic Tax Credits 20.00% rate $211,245.00

Value* $0.00 price $0.00

Equity 99.00% perc. owner. $0.00

* Federal HTC Allocated to Owner

Shaw TheaterTax Credit Calculator

Project QRE Calculator

Soft Cost QRE Schedule

HTC Calculators

6 of 6 UIC 11/10/2015


EXHIBIT D - 15 YEAR OPERATING BUDGET

Pro

Fo

rma

S&

U -

15

Yea

rs -

Sh

aw T

hea

ter

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

To

tal

12

34

56

78

910

11

12

13

14

15

Cap

ital Sources

Mortgage Loan

795,000.00

795,000.00

State Bridge Loan

235,000.00

235,000.00

Owner Equity

217,000.00

217,000.00

MO HTC

Proceed

s235,000.00

235,000.00

Sale of Asset

0.00

Rental Income

Even

t Space

75,600.00

75,600.00

76,734.00

77,885.01

79,053.29

80,239.08

81,442.67

82,664.31

83,904.28

85,162.84

86,440.28

87,736.89

89,052.94

90,388.73

465,111.38

Apartm

ent

16,800.00

16,800.00

17,052.00

17,307.78

17,567.40

17,830.91

18,098.37

18,369.85

18,645.39

18,925.08

19,208.95

19,497.09

19,789.54

20,086.39

103,358.08

Retail Suite

12,960.00

12,960.00

13,154.40

13,351.72

13,551.99

13,755.27

13,961.60

14,171.02

14,383.59

14,599.34

14,818.33

15,040.61

15,266.22

15,495.21

79,733.38

Vacancy

(5,268.00)

(5,268.00)

(5,347.02)

(5,427.23)

(5,508.63)

(5,591.26)

(5,675.13)

(5,760.26)

(5,846.66)

(5,934.36)

(6,023.38)

(6,113.73)

(6,205.44)

(6,298.52)

Beginning Cash Balance

20,000.00

20,000.00

35,680.81

42,666.52

39,455.59

37,567.57

37,022.30

37,839.92

40,040.87

43,645.92

43,676.10

45,152.82

43,097.75

42,532.93

43,480.71

Total Sources

1,267,000.00

355,092.00

135,772.81

144,259.90

142,572.87

142,231.61

143,256.30

145,667.43

149,485.80

154,732.51

156,429.00

159,597.01

159,258.60

160,436.19

163,152.52

Development Uses

0.00

Acquisition

10,000.00

10,000.00

Reh

ab Building Costs School

1,020,000.00

1,020,000.00

Contingency ‐ Hard Costs (5%)

51,000.00

51,000.00

Soft Cost, per Sched

ule

155,000.00

155,000.00

Contingency ‐ Soft Cost

11,000.00

11,000.00

Rep

aymen

t of Bridge Loan

235,000.00

235,000.00

Mortgage Paymen

ts0.00

Rental Expenses

Real Estate Taxes (w

/ abatem

ent)

1,050.00

1,050.00

1,050.00

1,050.00

1,050.00

1,050.00

1,050.00

1,050.00

1,050.00

1,050.00

1,050.00

1,050.00

1,050.00

1,050.00

6,300.00

Maintenance & Rep

airs

12,000.00

12,180.00

12,362.70

12,548.14

12,736.36

12,927.41

13,121.32

13,318.14

13,517.91

13,720.68

13,926.49

14,135.39

14,347.42

14,562.63

74,754.61

Insurance

20,000.00

20,300.00

20,604.50

20,913.57

21,227.27

21,545.68

21,868.87

22,196.90

22,529.85

22,867.80

23,210.82

23,558.98

23,912.36

24,271.05

124,591.02

Utilities

24,000.00

24,360.00

24,725.40

25,096.28

25,472.73

25,854.82

26,242.64

26,636.28

27,035.82

27,441.36

27,852.98

28,270.77

28,694.84

29,125.26

149,509.22

Administrative Expen

ses

7,006.44

7,111.54

7,218.21

7,326.48

7,436.38

7,547.93

7,661.14

7,776.06

7,892.70

8,011.09

8,131.26

8,253.23

8,377.03

8,502.68

43,646.97

Tenant Reimbursem

ents

(50,000.00)

(50,750.00)

(51,511.25)

(52,283.92)

(53,068.18)

(53,864.20)

(54,672.16)

(55,492.25)

(56,324.63)

(57,169.50)

(58,027.04)

(58,897.45)

(59,780.91)

(60,677.62)

(311,477.55)

Mortgage Paymen

ts60,354.75

60,354.75

60,354.75

60,354.75

60,354.75

60,354.75

60,354.75

60,354.75

60,354.75

60,354.75

60,354.75

60,354.75

60,354.75

60,354.75

362,128.50

Mem

ber Distributions

10,000.00

18,500.00

30,000.00

30,000.00

30,000.00

30,000.00

30,000.00

30,000.00

35,000.00

35,000.00

40,000.00

40,000.00

40,000.00

40,000.00

148,500.00

Ending Cash Balance

20,000.00

35,680.81

42,666.52

39,455.59

37,567.57

37,022.30

37,839.92

40,040.87

43,645.92

43,676.10

45,152.82

43,097.75

42,532.93

43,480.71

45,963.77

Total U

ses

1,267,000.00

355,092.00

135,772.81

144,259.90

142,572.87

142,231.61

143,256.30

145,667.43

149,485.80

154,732.51

156,429.00

159,597.01

159,258.60

160,436.19

163,152.52

11/10/2015

UIC

page 1 of 1