Building for the Future Capital Campaign

Current Space & Financials 925 Allwood Road. Clifton: 15 Clinical spaces + 1 common area $8441/month 3% increase every year. This is the last year of the lease 565 Broadway, Passaic: Senior program and Food pantry site $2058/month for four days/week Use of the common space for 4 events during the year included Total Annual costs is $125,988

Current Limitations: During peak treatment hours (between 2 pm and 6 pm) every office is filled. We are unable to accept new students and therapists are unable to schedule clients. During summer hours the Adas (site of senior program) is used by a day camp. This creates noise and parking issues. Maintaining Programs at 2 sites limits staff sharing and emergency coverage

Capital request A site that would allow us to consolidate current programs into one location Expanded office space to accommodate more treatment hours and host more students Development of an agency owned asset is an investment in future sustainability

Sources of Funds Federation allocation Community donors/capital campaign Weinberg Foundation – potentially 30% of total costs if we can provide evidence of 50% of costs pledged or currently in accounts that cannot be accessed for other expenses Other foundation sources

Proposal to Board Currently there is a building available at 110 Main Avenue There have been a shortage of buildings that could accommodate clinical needs and room for Sequoia This building has potential to meet these needs Funding assumptions: $500,000 down payment Mortgage of $1,500, year mortgage at 4% - monthly payment of $7, year mortgage at 4.5% monthly payment $8, We have a potential partner – a synagogue that would like to enter into a long term lease of 4,000 per month. The synagogue would allow us to use their space for Sequoia. Their primary use would be 6- 8:30 am and 9 – 10:30 pm and Saturdays. Ongoing building maintenance - $30,000 Estimated building insurance - $5,283 Estimated renovations - architect's estimate of $30/sq foot for 10,000 square foot space - total $300,000 Moving costs $20,000

Tonight’s vote: Move that board approve an offer of up to 1.6 million for the property at 110 Main.