A recent Historic Macon Foundation restoration
Restoring More than Buildings: Developing Economies and Communities Through Historic Preservation Thursday, February 16, 12
Why Preservation?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Why Preservation?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Why Preservation?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Why Preservation?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Why Preservation?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Soul of the Community
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
More than mansions
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Living History Map
www.livinghistorymap.com P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Preservation economics
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
A place worth loving
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
National Awards
Historic Macon is best known for expertise in neighborhood revitalization, as proven by an Honor Award from the National Trust P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
National Register
6,000 HISTORIC BUILDINGS
Each dot represents one of Macon’s historic buildings listed on the National Register of Historic Places
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Revolving Fund model
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Revolving Fund model Grants and Loan funds
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Revolving Fund model Grants and Loan funds
Purchase property
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Revolving Fund model Grants and Loan funds
Purchase property
Rehabilitate property P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Revolving Fund model Grants and Loan funds
Sell property
Purchase property
Rehabilitate property P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Revolving Fund model Grants and Loan funds
Sell property
Purchase property
Rehabilitate property P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
“Cold” Market •Huge proportion of community’s housing is sub-standard or
vacant •Properties languish on market for long periods of time •Your community was cited nationally for low cost of housing •Housing prices range from $60-$80 per square foot for good quality housing •Most expensive house ever sold maybe $110 per square foot
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Rehab and Sale
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Rehab and Sale
•Cold Markets require acquisition, rehab and sale P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Rehab and Sale
•Cold Markets require acquisition, rehab and sale P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Walkability
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Tree Nursery
! P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Dog Park
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Second Sunday
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Second Sunday
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Mercer Village
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Control Development
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Huguenin Heights
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Huguenin Heights
• Four square blocks
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Huguenin Heights
• Four square blocks • Bounded by Interstate,
two major collector roads and a public park
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Huguenin Heights
• Four square blocks • Bounded by Interstate,
two major collector roads and a public park • 16 projects completed over five year period
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition 1211 Ross St. Sold for $158,000 1,900 sf =$83/sf 1525 Coleman Ave. Sold for $130,000 1,510 sf =$86/sf 1295 Ross St. Possible Rehab project
1268 Ross St. Sold for $130,000 1,500 sf =$87/sf
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Estimating Value
• Average of $83 per square foot among these three
comparable recent sales • Our proposed project, 1295 Ross St., has 2,100 square feet • $83 per square foot x 2,100 square feet = $174,300 • The maximum sales price for this project once complete will be $174,300
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Now think about acquisition:
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Now think about acquisition:
•What are the costs to repair the home?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Now think about acquisition:
•What are the costs to repair the home? •What is the cost of the money to be used for the repair?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Now think about acquisition:
•What are the costs to repair the home? •What is the cost of the money to be used for the repair? •How much developer’s fee do we need/want?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Now think about acquisition:
•What are the costs to repair the home? •What is the cost of the money to be used for the repair? •How much developer’s fee do we need/want? •What will the Realtor’s fee cost?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Now think about acquisition:
•What are the costs to repair the home? •What is the cost of the money to be used for the repair? •How much developer’s fee do we need/want? •What will the Realtor’s fee cost? •How much will this cost to advertise?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Now think about acquisition:
•What are the costs to repair the home? •What is the cost of the money to be used for the repair? •How much developer’s fee do we need/want? •What will the Realtor’s fee cost? •How much will this cost to advertise? Add up all those costs and subtract from $174,300
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Now think about acquisition:
•What are the costs to repair the home? •What is the cost of the money to be used for the repair? •How much developer’s fee do we need/want? •What will the Realtor’s fee cost? •How much will this cost to advertise? Add up all those costs and subtract from $174,300 Now, what can you afford to pay for the house?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
1295 Ross St.- Before
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
1295 Ross St.- After
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Creative acquisition strategies:
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Creative acquisition strategies: • Donation from City instead of tear-down or condemnation
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Creative acquisition strategies: • Donation from City instead of tear-down or condemnation • Speculative donation from City to increase property tax
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Creative acquisition strategies: • Donation from City instead of tear-down or condemnation • Speculative donation from City to increase property tax • Donation from city after delinquent taxes
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Creative acquisition strategies: • Donation from City instead of tear-down or condemnation • Speculative donation from City to increase property tax • Donation from city after delinquent taxes • Use “land bank” to aggregate property
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Creative acquisition strategies: • Donation from City instead of tear-down or condemnation • Speculative donation from City to increase property tax • Donation from city after delinquent taxes • Use “land bank” to aggregate property • Donation from developer if building is relocated
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Creative acquisition strategies: • Donation from City instead of tear-down or condemnation • Speculative donation from City to increase property tax • Donation from city after delinquent taxes • Use “land bank” to aggregate property • Donation from developer if building is relocated • Bargain sale
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Creative acquisition strategies: • Donation from City instead of tear-down or condemnation • Speculative donation from City to increase property tax • Donation from city after delinquent taxes • Use “land bank” to aggregate property • Donation from developer if building is relocated • Bargain sale • Out-right donation
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Creative acquisition strategies: • Donation from City instead of tear-down or condemnation • Speculative donation from City to increase property tax • Donation from city after delinquent taxes • Use “land bank” to aggregate property • Donation from developer if building is relocated • Bargain sale • Out-right donation • Donation after fire or other insurance pay-out
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Creative acquisition strategies: • Donation from City instead of tear-down or condemnation • Speculative donation from City to increase property tax • Donation from city after delinquent taxes • Use “land bank” to aggregate property • Donation from developer if building is relocated • Bargain sale • Out-right donation • Donation after fire or other insurance pay-out • Estate gifts
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Creative acquisition strategies: • Donation from City instead of tear-down or condemnation • Speculative donation from City to increase property tax • Donation from city after delinquent taxes • Use “land bank” to aggregate property • Donation from developer if building is relocated • Bargain sale • Out-right donation • Donation after fire or other insurance pay-out • Estate gifts • Code enforcement calls
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Acquisition Creative acquisition strategies: • Donation from City instead of tear-down or condemnation • Speculative donation from City to increase property tax • Donation from city after delinquent taxes • Use “land bank” to aggregate property • Donation from developer if building is relocated • Bargain sale • Out-right donation • Donation after fire or other insurance pay-out • Estate gifts • Code enforcement calls • Others? P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Huguenin Heights
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Huguenin Heights
The reason you need a long time period and a concentrated impact is to increase the sales prices by a couple dollars per sale, so that the profits on projects sold at the end make up for losses taken in the beginning.
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Know your market
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Know your market Who is buying?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Know your market Who is buying? 72% Younger singles and couples without kids
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Know your market Who is buying? 72% Younger singles and couples without kids 17% Empty nesters and retirees
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Know your market Who is buying? 72% Younger singles and couples without kids 17% Empty nesters and retirees What are they buying?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Know your market Who is buying? 72% Younger singles and couples without kids 17% Empty nesters and retirees What are they buying? Highly finished detached homes between 400 and 2,000 square feet
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Know your market Who is buying? 72% Younger singles and couples without kids 17% Empty nesters and retirees What are they buying? Highly finished detached homes between 400 and 2,000 square feet How much house to their incomes support?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Know your market Who is buying? 72% Younger singles and couples without kids 17% Empty nesters and retirees What are they buying? Highly finished detached homes between 400 and 2,000 square feet How much house to their incomes support? An average of $125,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•City of Macon benefits from reduced crime, reduced police responses, reduced fires
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•City of Macon benefits from reduced crime, reduced police responses, reduced fires •Rehabilitation eliminates need and cost of tear-downs
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•City of Macon benefits from reduced crime, reduced police responses, reduced fires •Rehabilitation eliminates need and cost of tear-downs •Increased property taxes
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•City of Macon benefits from reduced crime, reduced police responses, reduced fires •Rehabilitation eliminates need and cost of tear-downs •Increased property taxes •Increased sales taxes from construction materials purchased
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•City of Macon benefits from reduced crime, reduced police responses, reduced fires •Rehabilitation eliminates need and cost of tear-downs •Increased property taxes •Increased sales taxes from construction materials purchased •Increased employment from construction workers
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•City of Macon benefits from reduced crime, reduced police responses, reduced fires •Rehabilitation eliminates need and cost of tear-downs •Increased property taxes •Increased sales taxes from construction materials purchased •Increased employment from construction workers •Elimination of slum and blight
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•Mercer University needs increased campus security
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•Mercer University needs increased campus security •Fences and patrols cannot provide the same security as a safe neighborhood
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•Mercer University needs increased campus security •Fences and patrols cannot provide the same security as a safe neighborhood •Faculty and staff living near the campus do not require parking
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•Mercer University needs increased campus security •Fences and patrols cannot provide the same security as a safe neighborhood •Faculty and staff living near the campus do not require parking •Five year retention agreements limit recruiting costs and retain talented faculty P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•Area’s largest employer
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•Area’s largest employer •Employs over 1,000 nurses
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•Area’s largest employer •Employs over 1,000 nurses •Nursing turnover averages 10% per year
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•Area’s largest employer •Employs over 1,000 nurses •Nursing turnover averages 10% per year •Average cost to recruit a nurse tops $25,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•Area’s largest employer •Employs over 1,000 nurses •Nursing turnover averages 10% per year •Average cost to recruit a nurse tops $25,000 •In addition, average parking space per employee costs
$15,000 to construct plus land acquisition and maintenance
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships
•Area’s largest employer •Employs over 1,000 nurses •Nursing turnover averages 10% per year •Average cost to recruit a nurse tops $25,000 •In addition, average parking space per employee costs
$15,000 to construct plus land acquisition and maintenance •Medical Center can institute down payment assistance with five year retention agreement for employees who will buy a house within walking distance of work P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Partnerships Historic Macon Foundation Mercer University
Knight Foundation Housing Authority
9% 9% 9%
47%
26%
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
City of Macon
Partnerships Historic Macon Foundation Mercer University
Knight Foundation Housing Authority
City of Macon
9% 9% 9%
47%
•$2 million total
26%
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Format
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Format
$800,000 ($250,000 pending match)- Cash
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Format
$800,000 ($250,000 pending match)- Cash (Knight Foundation grants, previous grants released from restriction and restricted by Board)
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Format
$800,000 ($250,000 pending match)- Cash (Knight Foundation grants, previous grants released from restriction and restricted by Board)
$700,000- Loans against our endowment at 4.75% interest only
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Format
$800,000 ($250,000 pending match)- Cash (Knight Foundation grants, previous grants released from restriction and restricted by Board)
$700,000- Loans against our endowment at 4.75% interest only $500,000- Loans at $2/sf guaranteed developer’s fee
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Format
$800,000 ($250,000 pending match)- Cash (Knight Foundation grants, previous grants released from restriction and restricted by Board)
$700,000- Loans against our endowment at 4.75% interest only $500,000- Loans at $2/sf guaranteed developer’s fee (low-interest loans managed by College Hill Alliance and contributed by the City of Macon, Mercer University and the Macon Housing Authority)
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000 •Georgia Power, two heat pump water heaters, $3,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000 •Georgia Power, two heat pump water heaters, $3,000 •Traditions in Tile, tile, $3,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000 •Georgia Power, two heat pump water heaters, $3,000 •Traditions in Tile, tile, $3,000 •YSY Construction, free tile installation, $3,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000 •Georgia Power, two heat pump water heaters, $3,000 •Traditions in Tile, tile, $3,000 •YSY Construction, free tile installation, $3,000 •ICI Glidden Paints, free no VOC paint, inside and out, $7,500
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000 •Georgia Power, two heat pump water heaters, $3,000 •Traditions in Tile, tile, $3,000 •YSY Construction, free tile installation, $3,000 •ICI Glidden Paints, free no VOC paint, inside and out, $7,500 •L.E. Schwartz, 20% off roof materials and installation, $2,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000 •Georgia Power, two heat pump water heaters, $3,000 •Traditions in Tile, tile, $3,000 •YSY Construction, free tile installation, $3,000 •ICI Glidden Paints, free no VOC paint, inside and out, $7,500 •L.E. Schwartz, 20% off roof materials and installation, $2,000 •ZT3 Placemaker, landscape design, $1,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000 •Georgia Power, two heat pump water heaters, $3,000 •Traditions in Tile, tile, $3,000 •YSY Construction, free tile installation, $3,000 •ICI Glidden Paints, free no VOC paint, inside and out, $7,500 •L.E. Schwartz, 20% off roof materials and installation, $2,000 •ZT3 Placemaker, landscape design, $1,000 •Ferguson, low flow plumbing fixtures, $500
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000 •Georgia Power, two heat pump water heaters, $3,000 •Traditions in Tile, tile, $3,000 •YSY Construction, free tile installation, $3,000 •ICI Glidden Paints, free no VOC paint, inside and out, $7,500 •L.E. Schwartz, 20% off roof materials and installation, $2,000 •ZT3 Placemaker, landscape design, $1,000 •Ferguson, low flow plumbing fixtures, $500 •LCBwoodturning, custom hand-milled balusters and trim, $1,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000 •Georgia Power, two heat pump water heaters, $3,000 •Traditions in Tile, tile, $3,000 •YSY Construction, free tile installation, $3,000 •ICI Glidden Paints, free no VOC paint, inside and out, $7,500 •L.E. Schwartz, 20% off roof materials and installation, $2,000 •ZT3 Placemaker, landscape design, $1,000 •Ferguson, low flow plumbing fixtures, $500 •LCBwoodturning, custom hand-milled balusters and trim, $1,000 •Noland, sinks and faucets, $1,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000 •Georgia Power, two heat pump water heaters, $3,000 •Traditions in Tile, tile, $3,000 •YSY Construction, free tile installation, $3,000 •ICI Glidden Paints, free no VOC paint, inside and out, $7,500 •L.E. Schwartz, 20% off roof materials and installation, $2,000 •ZT3 Placemaker, landscape design, $1,000 •Ferguson, low flow plumbing fixtures, $500 •LCBwoodturning, custom hand-milled balusters and trim, $1,000 •Noland, sinks and faucets, $1,000 •Morris Appliances, 50% off kitchen appliances, $3,500
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000 •Georgia Power, two heat pump water heaters, $3,000 •Traditions in Tile, tile, $3,000 •YSY Construction, free tile installation, $3,000 •ICI Glidden Paints, free no VOC paint, inside and out, $7,500 •L.E. Schwartz, 20% off roof materials and installation, $2,000 •ZT3 Placemaker, landscape design, $1,000 •Ferguson, low flow plumbing fixtures, $500 •LCBwoodturning, custom hand-milled balusters and trim, $1,000 •Noland, sinks and faucets, $1,000 •Morris Appliances, 50% off kitchen appliances, $3,500 •Midstate Countertops, 50% off countertops, $3,500
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000 •Georgia Power, two heat pump water heaters, $3,000 •Traditions in Tile, tile, $3,000 •YSY Construction, free tile installation, $3,000 •ICI Glidden Paints, free no VOC paint, inside and out, $7,500 •L.E. Schwartz, 20% off roof materials and installation, $2,000 •ZT3 Placemaker, landscape design, $1,000 •Ferguson, low flow plumbing fixtures, $500 •LCBwoodturning, custom hand-milled balusters and trim, $1,000 •Noland, sinks and faucets, $1,000 •Morris Appliances, 50% off kitchen appliances, $3,500 •Midstate Countertops, 50% off countertops, $3,500 •Tobesofkee Cabinets, 50% off cabinets, $5,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000 •Georgia Power, two heat pump water heaters, $3,000 •Traditions in Tile, tile, $3,000 •YSY Construction, free tile installation, $3,000 •ICI Glidden Paints, free no VOC paint, inside and out, $7,500 •L.E. Schwartz, 20% off roof materials and installation, $2,000 •ZT3 Placemaker, landscape design, $1,000 •Ferguson, low flow plumbing fixtures, $500 •LCBwoodturning, custom hand-milled balusters and trim, $1,000 •Noland, sinks and faucets, $1,000 •Morris Appliances, 50% off kitchen appliances, $3,500 •Midstate Countertops, 50% off countertops, $3,500 •Tobesofkee Cabinets, 50% off cabinets, $5,000 •Cox Communications, cable wiring, $500
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000 •Georgia Power, two heat pump water heaters, $3,000 •Traditions in Tile, tile, $3,000 •YSY Construction, free tile installation, $3,000 •ICI Glidden Paints, free no VOC paint, inside and out, $7,500 •L.E. Schwartz, 20% off roof materials and installation, $2,000 •ZT3 Placemaker, landscape design, $1,000 •Ferguson, low flow plumbing fixtures, $500 •LCBwoodturning, custom hand-milled balusters and trim, $1,000 •Noland, sinks and faucets, $1,000 •Morris Appliances, 50% off kitchen appliances, $3,500 •Midstate Countertops, 50% off countertops, $3,500 •Tobesofkee Cabinets, 50% off cabinets, $5,000 •Cox Communications, cable wiring, $500 •BAP Security, partial donation of security system, $500
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
In-Kind •Scana Energy, Gas plumbing for gas log fireplaces and stove, $1,000 •Lafarge Concrete, pervious concrete, $2,500 •Conditioned Air, 15 SEER heat pump upgrade, $3,000 •Georgia Power, two heat pump water heaters, $3,000 •Traditions in Tile, tile, $3,000 •YSY Construction, free tile installation, $3,000 •ICI Glidden Paints, free no VOC paint, inside and out, $7,500 •L.E. Schwartz, 20% off roof materials and installation, $2,000 •ZT3 Placemaker, landscape design, $1,000 •Ferguson, low flow plumbing fixtures, $500 •LCBwoodturning, custom hand-milled balusters and trim, $1,000 •Noland, sinks and faucets, $1,000 •Morris Appliances, 50% off kitchen appliances, $3,500 •Midstate Countertops, 50% off countertops, $3,500 •Tobesofkee Cabinets, 50% off cabinets, $5,000 •Cox Communications, cable wiring, $500 •BAP Security, partial donation of security system, $500 Total- $41,000 in in-kind donations P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Engage the public
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Engage the public
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Engage the public
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Engage the public
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Creative Contracting
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Creative Contracting 1. Fixed price construction manager hires hourly carpenters and manages sub contractors
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Creative Contracting 1. Fixed price construction manager hires hourly carpenters and manages sub contractors 2. Non-profit opens credit accounts at vendors
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Creative Contracting 1. Fixed price construction manager hires hourly carpenters and manages sub contractors 2. Non-profit opens credit accounts at vendors 3. Non-profit finances draws for contractor
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Creative Contracting 1. Fixed price construction manager hires hourly carpenters and manages sub contractors 2. Non-profit opens credit accounts at vendors 3. Non-profit finances draws for contractor 4. Commit to multiple projects at bid price without re-bid
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Creative Contracting 1. Fixed price construction manager hires hourly carpenters and manages sub contractors 2. Non-profit opens credit accounts at vendors 3. Non-profit finances draws for contractor 4. Commit to multiple projects at bid price without re-bid 5. Hire likely in-kind donors when the budget allows
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Marketing
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Marketing •90% of buyers
come from the web
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Marketing •90% of buyers
come from the web •All properties are listed in MLS with a Realtor
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Marketing •90% of buyers
come from the web •All properties are listed in MLS with a Realtor •Pay for Google Ad Words
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Marketing •90% of buyers
come from the web •All properties are listed in MLS with a Realtor •Pay for Google Ad Words •Register Google Blogger articles on each property
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Marketing •90% of buyers
come from the web •All properties are listed in MLS with a Realtor •Pay for Google Ad Words •Register Google Blogger articles on each property •3’x5’ full color interpretive signs
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Marketing •90% of buyers
come from the web •All properties are listed in MLS with a Realtor •Pay for Google Ad Words •Register Google Blogger articles on each property •3’x5’ full color interpretive signs •Open houses and parties P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
REALTORS Even the National Association of REALTORS says: •“Two-thirds of Americans now see being within easy walking distance of places in their community as an important factor in deciding where to live” •“The coming demographic convergence will push construction inward, accelerating the rehabilitation of cities...”
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Households with Children Single person households
Households without Children
13%
48% 39%
U.S. Household Distribution in 1960 Thursday, February 16, 12
Households with Children Single person households
Households without Children
27%
28%
45%
U.S. Household Distribution in 2030 (projected) Thursday, February 16, 12
60
1960 45
2000 30
15
2030
Suburban 0
Households with Children
Thursday, February 16, 12
Urban Small-lot Households without Children
Urban Loft Single Person Households
Real Estate Changes
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009 626 Annals 192
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Real Estate Changes • Demographic changes in the U.S. will require a vast increase in urban housing options
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009 626 Annals 192
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Real Estate Changes • Demographic changes in the U.S. will require a vast increase in urban housing options • Between 2010 and 2030, four in five new homes needed to accommodate household growth will be for households without children
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009 626 Annals 192
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Real Estate Changes • Demographic changes in the U.S. will require a vast increase in urban housing options • Between 2010 and 2030, four in five new homes needed to accommodate household growth will be for households without children • To meet the emerging demand for the new urbanity, roughly 44.5 million new attached and small-lot detached units will need to be built between 2007 and 2020
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009 626 Annals 192
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Real Estate Changes • Demographic changes in the U.S. will require a vast increase in urban housing options • Between 2010 and 2030, four in five new homes needed to accommodate household growth will be for households without children • To meet the emerging demand for the new urbanity, roughly 44.5 million new attached and small-lot detached units will need to be built between 2007 and 2020 • Up to 27 million large-lot units may be surplussed by 2020
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009 626 Annals 192
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Real Estate Changes • Demographic changes in the U.S. will require a vast increase in urban housing options • Between 2010 and 2030, four in five new homes needed to accommodate household growth will be for households without children • To meet the emerging demand for the new urbanity, roughly 44.5 million new attached and small-lot detached units will need to be built between 2007 and 2020 • Up to 27 million large-lot units may be surplussed by 2020 • Most buyers would be willing to accept a home with smaller square footage for one with a higher level of finish NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009 626 Annals 192
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Incentives for homes
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Incentives for homes 25%-30% state tax credit ($100,000 max) Georgia’s state income tax rate is 6%. A household with $50,000 in income pays about $3,000 in state income tax each year. Historic Macon Foundation’s houses come with $30,000 in tax credits, meaning buyers with $50,000 in income would not pay taxes for ten years.
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Incentives for homes 25%-30% state tax credit ($100,000 max) Georgia’s state income tax rate is 6%. A household with $50,000 in income pays about $3,000 in state income tax each year. Historic Macon Foundation’s houses come with $30,000 in tax credits, meaning buyers with $50,000 in income would not pay taxes for ten years. 8.5 year property tax freeze at prerehabilitation value Homes in Macon are charged property tax every year. For a $135,000 home, that tax is nearly $2,260 a year ($188/month). Historic Macon homes have values that are frozen, decreasing your property taxes drastically. P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
CASE STUDY Purchase a home with tax credits in place
Thursday, February 16, 12
Homes
Thursday, February 16, 12
Homes
Thursday, February 16, 12
Homes Restored homes from Historic Macon Foundation include tax credits
Thursday, February 16, 12
Homes Restored homes from Historic Macon Foundation include tax credits
Thursday, February 16, 12
Homes Restored homes from Historic Macon Foundation include tax credits This home at 980 Maple St. included frozen property taxes at $200 per year and $30,000 in state income tax credits.
Thursday, February 16, 12
Homes Restored homes from Historic Macon Foundation include tax credits This home at 980 Maple St. included frozen property taxes at $200 per year and $30,000 in state income tax credits.
Thursday, February 16, 12
Homes Restored homes from Historic Macon Foundation include tax credits This home at 980 Maple St. included frozen property taxes at $200 per year and $30,000 in state income tax credits. The net monthly cost to own this $135,000 home is $500 per month
Thursday, February 16, 12
Homes
Thursday, February 16, 12
Historic home
Any other home
House Price
$135,000
$135,000
Down Payment
$4,725
$4,725
You Get a Raise!
$2,700/year
$0
Reduced Property Tax
$205
$2,260
Total Savings
$44,480
$0
Total Monthly Cost
$500
$1,160
Homes
Thursday, February 16, 12
Historic home
Any other home
House Price
$135,000
$135,000
Down Payment
$4,725
$4,725
You Get a Raise!
$2,700/year
$0
Reduced Property Tax
$205
$2,260
Total Savings
$44,480
$0
Total Monthly Cost
$500
$1,160
Down Payment Assistance
Thursday, February 16, 12
Down Payment Assistance The City of Macon offers down payment assistance up to $25,000 for people of low to moderate incomes
Thursday, February 16, 12
Down Payment Assistance The City of Macon offers down payment assistance up to $25,000 for people of low to moderate incomes Mercer University offers $20,000 to all employees for down payments
Thursday, February 16, 12
Down Payment Assistance The City of Macon offers down payment assistance up to $25,000 for people of low to moderate incomes Mercer University offers $20,000 to all employees for down payments Georgia Dream can offer $5,000 to $7,500 to help with down payment and closing costs
Thursday, February 16, 12
Homes
Thursday, February 16, 12
Historic home
Any other home
House Price
$135,000
$135,000
Down Payment
-$45,000
$4,725
You Get a Raise!
$2,700/year
$0
Reduced Property Tax
$205
$2,260
Total Savings
$99,480
$0
Total Monthly Cost
$400
$1,160
Homes
Thursday, February 16, 12
Historic home
Any other home
House Price
$135,000
$135,000
Down Payment
-$45,000
$4,725
You Get a Raise!
$2,700/year
$0
Reduced Property Tax
$205
$2,260
Total Savings
$99,480
$0
Total Monthly Cost
$400
$1,160
Sales Sheets
Thursday, February 16, 12
Neighborhood Revitalization
Historic Macon has rehabilitated more than 150 historic buildings •Creating over 2,000 construction jobs •Investing $12,000,000 in historic building restoration P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Economic Development Historic Macon’s projects
Average increase
$15,000,000.00 $11,250,000.00 $7,500,000.00 $3,750,000.00 Year 1
Year 2
Year 3
$0 Year 4
Year 5
Year 7
Year 8
Year 9
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Creating New Taxes
Additional $141,500.00 In property taxes EVERY year
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Reducing Crime Crime Eliminated Downtown Before Revitalization After Revitalization
100
75
Crime Rate
50
25 Huegenin Heights 0 Neighborhood
Tattnall Square Hieghts
Crime dropped 80% in Huguenin Heights and 50% in Tattnall Square Heights thanks to Historic Macon’s investments P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
The Environment 140 Buildings = 20,000 TONS of debris= The weight of…
1,810 school buses
Historic Macon helps save the environment •Rehabilitating old homes is better for the environment than building new •Saving houses has kept 20,000 TONS of debris from entering the landfill P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Days on Market Days on Market
110
83
55
28
0
Historic Macon
National Average
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Property Tax Profit Profit margin on taxes
Cost to service
20
15
10
5
0
Suburban development
Historic preservation
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
1295 Ross St.- Before
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
1295 Ross St.- After
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
1035 Elm St.- Before
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
1035 Elm St.- After
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Interior- Before
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Interior- After
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Interior- Before
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Interior- After
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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New Construction
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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New Construction
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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New Construction
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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New Construction
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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New Construction
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Real Estate Development THE MOST IMPORTANT LESSON! Every piece of real estate has a terminal value: • For single family residential units (houses), the value is based on recent comparable sales from the area (comps) based on price per square foot (nothing else you do will raise this price) • For income-producing projects (offices, apartments, retail space) the value is based on the amount of rent that the property brings in every year • If you cannot complete a project on a budget that is less than the property's terminal value, then DON'T DO IT!
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Sample Valuation 1295 Ross St. 2,100 sf, 3br., 3ba, 1880s Victorian Houses in the area that sold recently (comparables): 1211 Ross St.- 1,900sf, sold for $158,000 $83/sf 1268 Ross St.- 1,500sf sold for $130,000 $87/sf 1525 Coleman Ave.- 1,510sf sold for $130,000 $86/sf
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Sample Valuation 1295 Ross St. What will the house be worth when you finish rehabilitation?
Average sale price is $85/sf but the largest comparable is 200sf smaller and prices per square foot are progressively less the larger the house. In fact, houses over 1,500sf loses $1 in value for every 100sf added 2,100 sf x $81/sf $170,100
So 1295 Ross St. is 2,100sf, 600sf more than our best comparable at 1,500 so we'll reduce that price by $6/sf, resulting in a comparable of $81/sf and multiply by 2,100
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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980 Maple St.- Before
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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980 Maple St.- After
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Beall’s Hill Once you know the maximum value of the property to be rehabilitated, you can work into your budget backwards. Everything you spend must cost less than the maximum sales price, including: l l l l l l l
Construction costs Interest expenses (loan fees and interest) Insurance Property taxes Realtor fees Developer fees Landscaping
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Budgeting Real Estate professionals use specialized budgets called “pro formas” including at least three parts: 1) 2) 3)
Construction Costs Soft Costs Summary
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Budgeting
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Thursday, February 16, 12
Budgeting
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Beall’s Hill
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Revitalized --> Not Revitalized
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Completed Project Under Construction Begins in <30 days
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Why Preservation?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Why Preservation?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Why Preservation?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Why Preservation?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Demolition by neglect
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Demolition by neglect
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Demolition by neglect
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Facts
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Facts â&#x20AC;˘ Preservation consultant by-passed design review, instead getting the municipal court to order demolition as an immediate threat to health and safety
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Facts â&#x20AC;˘ Preservation consultant by-passed design review, instead getting the municipal court to order demolition as an immediate threat to health and safety â&#x20AC;˘ Rehabilitation will cost at least $800,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Facts • Preservation consultant by-passed design review, instead getting the municipal court to order demolition as an immediate threat to health and safety • Rehabilitation will cost at least $800,000 • Value at sale will be around $500,000
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
Facts • Preservation consultant by-passed design review, instead getting the municipal court to order demolition as an immediate threat to health and safety • Rehabilitation will cost at least $800,000 • Value at sale will be around $500,000 • You have about a month to intervene
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Facts • Preservation consultant by-passed design review, instead getting the municipal court to order demolition as an immediate threat to health and safety • Rehabilitation will cost at least $800,000 • Value at sale will be around $500,000 • You have about a month to intervene • You have access to a $1 million line of credit
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Facts • Preservation consultant by-passed design review, instead getting the municipal court to order demolition as an immediate threat to health and safety • Rehabilitation will cost at least $800,000 • Value at sale will be around $500,000 • You have about a month to intervene • You have access to a $1 million line of credit • What do you do???
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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But there are still mansions...
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
But there are still mansions...
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Thursday, February 16, 12
But there are still mansions...
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
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Josh Rogers, Executive Director jrogers@historicmacon.org phone 478-742-5084 â&#x20AC;˘ fax 478-742-2008 email info@historicmacon.org â&#x20AC;˘ site www.historicmacon.org
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