WellSpring Resources
40+ year old, growing behavioral health organization Located in 50 year old church Huge demand for services; vision of a new building and expansion Staff assigned four and five to an office Wanted to build on-site, and occupy existing facility during construction Approached Madison County and National Development Council
Three story, 36,000 sq ft space Combines off site programs into one location, easier access, more efficient Green features include highly efficient HVAC and lighting systems, energy efficient windows and solar shading, green spaces around building Fully accessible Unique blend of financing made the building affordable and possible
Madison County Community Development – allowed access to consultant National Development Council (NDC), assisted with county’s first HUD 108 Loan NDC –guided WellSpring through the finance, bidding, after-building aspects of the project Henderson Architects – Facility Analysis Hurford Architects – New building design Contegra – Construction General Contractor
$2.5 million WellSpring equity $1.25 million Federal New Markets Tax Credits (NMTC) $1.25 million State of Illinois Companion NMTC Tax Credits $2.5 million HUD Section 108 Loan
Sell the project to the County Board – potential risk of the 108 debt is guaranteed with CDBG funds Qualify the project with HUD as 108 Eligible (a)(2)(B) Activities that benefits a limited clientele, at least 51% are low/mod Demonstrate a public benefit – (b)(1)(ii) Benefit at least one low/mod person for each $350 CDBG funds
Twenty year repayment schedule 1 st three years interest only Interest rate determined by 3 month LIBOR plus 20 bpts/year HUD 108 Public offerings available for permanent fixed interest rate financing
Number of community residents served has increased by 135% since 2010, from approximately 2,700 to 6,100 in FY 2013 Created approximately 100 construction jobs and 60 new full-time jobs as a result of expansion Agency budget has increased by 40% since 2009, from $6 million to $10 million for FY 2014