What is the cost of the building and how will it be paid for?
At the moment, we believe that the total cost of constructing and equipping the building will be about $4.1 million. That cost is very, very tentative and the ultimate cost should become clearer in the next month or so when the first cost estimates are complete. We project borrowing about a quarter of that money to finance the rentable space and will use the rents to pay off that loan. While we aren’t yet ready to discuss some of the sources (because of donor confidentiality issues or the fact that the sources aren’t finalized), over ½ of the funding for the building will be either money the Community Foundation already has that is restricted for these purposes, or from some “Green Building” sources, including national relationships that the Community Foundation has built. For example, we can say (though we have not yet publicly announced it) that the Kresge Foundation has given $65,000 to the project from their Green Building initiative. We are also raising a portion of the money from
