1. Sheboygan Falls Middle School Renovation

2. Sheboygan Falls Middle School Renovation

3. General Capital Group Introduction
Real Estate Development & Investment Group
Headquartered Fox Point, Wisconsin
Founded by Michael and David Weiss in the mid 1990s
Twenty Employees
27 Housing Transactions
Four housing projects currently under construction

9. Berkshire -- Greendale

10. Berkshire – Oconomowoc

11. School Sisters of St. Francis

12. School Sisters of St. Francis

13. Maria Linden RCAC Historic Rehab

14. School Sisters of St. Francis: Sacred Heart Renovation

15. Bergamot Brass Works Apartments: Delavan, WI

16. Sustainability

17. Proposed Historic Renovation Sheboygan Falls Middle School
101 School Street

20. CONCEPT PLAN Renovate School into 54 Independent Senior Apartments
Construct 9 free-standing townhomes for workforce audience
Mixed Income Project: Affordable and Market Rate Units
Long-term Lease of Community Gym to a Non-Profit/Agency
Community Theater/Meeting Space Available to Public
Install Neighborhood Pocket Park
Enhance site with “de-hardscaping”

31. SENIOR APARTMENTS and WORKFORCE TOWNHOMES
Affordable Units
Market Rate Units
TOTAL
1 BR School (Sr) 25 3 28
2 BR School (Sr) 19 7 26
3 BR Townhomes 9
TOTALS 53 10 63

32. Dollars and Cents $13.3 million Total Development Cost
City TIF of $1.65 million; 4.5% interest rate; 25 year term
TIF gets re-paid over life of project
Property currently off tax rolls
$25,000 “Municipal Service Recovery” Payment built into TIF structure for Sheboygan Falls
Project will pay City Park Impact Fees of $500 per unit
WHEDA Affordable Housing Tax Credits
State and Federal Historic Preservation Tax Credits
HOME Funds from State of Wisconsin

33. Creating a WIN-WIN scenario
School District must “do something.” Must sell or demolish for $1.2 mil
Subdivision or alternative use is not cost feasible
Mixed income, mixed “age” proposal: serves larger community need
Community use of gym and pocket park
Work with City to modify one-way street pattern
TIF payments include off-set to cost of City services
A high quality “WIN-WIN” project