· Additional ongoing costs would include real estate taxes, maintenance, insurance, repairs & replacements, etc. that have not been included in the above numbers.

· Net-net: Developing the property ourselves is probably not feasible and is loaded with risk

 

 3. Demolition and Rebuilding (through commercial developer)

· We do not think it feasible for the church to partner with a commercial developer and  professionally manage a commercial property

 

 4. Sale of Church House

· It meets our need to reduce maintenance costs

· The parcel is easily divided from existing church property and would be marketable

· Professional appraisal values the property at more than $1M

· Proceeds from such a sale would provide us with capital for

à Renovation construction

à Increasing the Endowment Fund

· Concerns

à Selling an asset we can’t get back  (real estate)

à What would be built there?

 

 

 Renovation Possibilities and Costs

 

 

 1. Renovation of the Upper and Lower Church Parlors

· Reconfiguration of the parlor section of the church

à Gain space without expanding the “footprint” of any of our buildings

à Create three floors instead of two

· Renovation includes:

à External façade unchanged

à Removal of columns in lower parlor

à Addition of second floor, creates space for classrooms, for our use and rental to MCNS

à Third floor

o could be large open space for groups like our current users (Boy Scouts, Gym Dandy)

o configured into staff offices and meeting rooms if the Church House were sold 

· Requires an elevator for access to all three floors 

· Architect Ernie Harris worked on this design and has estimated construction costs at $900,000

· Provides space to meet needs of Mamaroneck Community Nursery School

à Helps to insure we maintain MCNS as a tenant (currently: $3,775/mo)

à Increases monthly rental income

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