MAPLE RUN UNIFIED SCHOOL DISTRICT Building Purchase

Agenda History The Property Structural engineering report Appraisal report Purchase price Advantages Warning Informational Meeting Polling Places and Times

History Superintendent’s Office, Special Education Director’s Office and the Business Office have been located at 28 Catherine Street since 1995 Original space occupied was 1700+/- sq. ft. with a reception area, small conference room and 4 offices for 8 staff members 2002 acquired additional 988 sq. ft. of space to relocate the Superintendent’s office suite and a board room 2005 expanded to include 30 Catherine Street area for the business office and additional storage space 2015 expanded to include 26 Catherine Street which was renovated to include a large board/conference room, 5 additional offices and a small meeting room 2017 brought the Early Childhood Program offices to 24 Catherine Street space

The property ½ acre property One story wood frame building 8,660 square feet Property type - Office Zoning – Business 1 25 offices or workstations (including Early Childhood space) Two kitchenettes 6 bathrooms 1 large board/conference room 2 small conference rooms 1 small meeting room 1 large storage area 1 smaller storage area Detached garage/storage area

Structural Engineering Report The building structure is in good condition. The building is performing well. The District can continue to use the building as they do today. The District can expand into the former Comcast space without structural reinforcement. Attic storage areas can continue to be used as they are today.

Structural Engineering Report CONTINUED The existing roof structure is performing well, however, it does not meet today’s codes for snow load capacity. This condition is not uncommon with older buildings. In the event of a major building renovation, the roof framing may need reinforcement. Currently there are no plans for major building renovations. All floor framing, concrete slabs and wood framed floors are performing well and will not need attention. Structural Engineering report by: Cross Consulting Engineers, P.C.

Appraisal Report Purpose of Appraisal – To estimate Market Value of the Leased Fee Interest of the subject property as of the date of the appraisal Opinion of Value in “As Is” Condition: Indicated Value by the Sales Comparison Approach $500,000 Indicated Value by the Income Approach $470,000 Final Opinion of Market Value – “As Is” Condition $500,000 Appraisal by: Martin Appraisal Services, Inc.

Purchase Price $415,000 $0 down payment 0% interest Continue making the monthly payment we are currently making for 100 months as mortgage payments instead of rent

Advantages No increase year over year, consistent with rent payments $85,000 equity as soon as we purchase (Value of $500,000 - $415,000 purchase = $85,000 equity) Eliminate monthly rent payment for Early Childhood offices, Annual savings of $19,560 In 100 months, the building is owned by the school district with no further payments No increase year over year, consistent with rent payments As a school district, there are no property taxes Investments made over the years to renovate belong to school district

Warning of Vote Tuesday November 14, 2017 Article I Shall the legal voters of the Maple Run Unified School District #57 approve the Board of Directors to purchase the real estate located at 24-34 Catherine Street, St. Albans, VT, which currently houses Central Office and Early Childhood Programs, for $415,000. Terms for repayment will be that MRUSD will make 100 monthly payments of $4,150. This will be a savings of $1,630 per month. There will be no interest and no down payment required.

Informational Meeting Monday November 13, 2017 The legal voters of the Maple Run Unified School District #57 consisting of the City of St. Albans, the Towns of St. Albans, and Fairfield, Vermont, are hereby notified and warned to meet in the BFA Library, on Monday November 13, 2017 at 6:00 p.m., to conduct an informational meeting on the property purchase. The BFA Library is located in the old St. Albans Hospital building on Academy Drive, St. Albans

Polling Places and Times Tuesday November 14, 2017 St. Albans City Residents – St. Albans City Hall, 100 North Main Street; polls open at 7:00 a.m. and close at 7:00 p.m. St. Albans Town Residents – Collins Perley Sports Complex, 890 Fairfax Road; polls open at 7:00 a.m. and close at 7:00 p.m. Fairfield Residents – Municipal Building, 25 North Road, Fairfield; polls open at 7:00 a.m. and close at 7:00 p.m.