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Carnwath Fianance Report Table 1-2:Anticipated Revenues Soume 16 Year T-1 $2,004 $2,0051 52,6% $2,007 $2,008 $2,009 $2,0101 $2,011 $2,012 52o013 $27014 $21015 $2.016 $2,017 $2,016 $2,019 $2,020 1 1 --- LOt0ca5 ce $2,553500 $12,000 ea- $24,000 $36.000 M8l000 17'.5 $227- $2,1,3 $263.881 $60,� F72 $170,1W $178IW5 $187,535 $1.,02 $2%,758 7- $813,7n $41,� $42 $42, U2. $48.000 $50.4% $51,92 $55,566 $H,�4 W1.2 32 ,4M $67,541 Multi Mnd.n A.SM. $159,171 $10.000 $10,500 $11,025 $11,515 $121155 $12.783 $13,401 $14,071 $14,775 $16,613 $16,289 ffi17,103 Dam-Utili $2864) P,- $3,150 $3,308 $3473 $3,647 53,829 $4.. $4221 A ricultural Land $34,368 $1,000 51,000 $1 $1575 $1,654 $1,736 $1.823 $1,914 $2,.1 W111 $2,21 52443 $2,568 $2,894 $2,828 $2,970 Facility Rentals Rini and K1tM11($350 l $63000 V,200 $8,4% $12,600 $18.800 $21.%0 Malwrj$--. 5714.305 $5," $10,000 $15=1 $15,000 $15,000 $15,%0 $45,030 $47.250 $49,613 $82,0931 $54.081 $57,433�$W-- $66485 69,810 $73,300Cama a House $3,000 j $3,000 ----- T- -$67.� 8-31�1 $]3.873 $7],568 $$" $.." U2- W,125 $57,Wi $W,775 $63,81� $1,12 $170.0 1,445 $12,1� $12,7W $14071 $14 775 $1�1- =Y.FUT7 �21,786 $1,� $5," $10.� $M� $1,.- 03 $12,7. $13.1 $14,071 $14,7 $16,289 $17,103 $N7!- $ 519.799 $20,769 31-$2 5" $216. $2,955 $3,103 $�.21. $3.421 M..G.urtLaW S43,J57 $2," '1. $2, is $2A "I $241 575 $�,- $10, $10. $11 5 $1115. $12,i� ��!1992 8-11' $40,076 $1.%0 $',- $1,650 $20% $21 $2,205 $2,315 $2,431 $2553 $2,680 $2,814 $2955 $3,1% - $3.421 53.592 M- `�G.--(S'" $75,724 $1," $2000 $31," $3." $3.7. -$4,1 34 !�! - $4,,558-$4,738 $5P277 W,- $5,817 %,106 $6.04 .7� M $ $- $I,- $11� $1, $2,000 1% $2 205 $2,55 $21680 $2,81 $219 $3,i $35% Small A,pjL2 $207,986 $2. $4. $6 $10,000 $10,5% $11,025 $1157 $12,155 $1276 S13401 $14.071 $M- : m La eAm Oheaier$10000 $1,2%,231 w $50I000 80,000 5841000 $88.200 592610 $97,241 $i.mm $107 $112,568 $118,196 $124j06 -------T- F"Wreislp 8491P587 $50% $10,000 W," $18,500 $18,150 $m,..� $212�2 124,116 $26.573 2 .2 1� V2,797 $47,076 $51,754 W,- -�-dj.S.I. $217.- $- $2," W.- $7,- $8,250 $9075 WI- $10,881 .7. $,,2W ] $17,6M .. $23,538 $25,892 N'" 'R5 �Mo..spo- $2,208,124 $25,� $35, $50.� $75,"1 $82,5% $$20M 1. ..... $'12 $176,M $lT415N 1515 4 $2�,M $2...0 Volunteer Labor 20®1%hrs $340.000 $20.000 $20.000 520.000 $20,000 $20000 Mffi.,�,'! N2M91 $20,� $20, "'- $20,%0 $20,� $-2 L291 0 $w'" W,� M,� M� 0, $20,� M,� $20M U. $2. $3Q, $2.,- $20." w'-I Donated Eglip Town Force _Account _t $50P" $w� 0.000 Subtotal $ll,�,� $152,M $206,400 $301,600 $402, M1,610 SW,736 $=,M -M Sn -19,313 $865,424 �4M8 W777191 $1,024,4431 $I.M28951,160,5861 Grants Pnvatet5tatelFederal Grants $10.711,111 $140,954 $190,523-$278,4% $371,631 S398.4W $441p�8 $5UM7 $.Q.- $W.,-I $716,522 S7�,289 ".,w $1001,805 $i 062,081 Total 522,314.815!::::$293,654 $396,923 $-,m $]]4,231 UVAM $1,664,2]8l $1,]59,243 $1,860,99? $1,970,084 Table 2-2: Expenditures Implementation Measure 16 Year Total 2004 200$ 2008 2007 2008 2009 - -2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Planning__ EsraMisn Pnenas a camwan, $5 090.60 s.00B.00 Pre re HAZMAT abatement Ra. sl0 000.00 $1B,000 oo Pre rean HALS $15,000.00 $6,000.00 $5,000.00 $5,000.00 Pre rean NABS §15,OW.00 $10,000.00 $5.000.00 Oev T2ils Pian §12,500.00 $5,000.00 $5,50000 EstebfisF Re knelTOurism Links $10,000.00 $5,000.00 $5,000.00 Rase % c-11.7111,N unRR $),500.00 $T 50000 SEGRT 333000.00 3000000 th Cxrtl MlM1 the Town Comp Plan $5;ON.GO $5,000.00 Gxrtl wilM1 the Town Greenwa Pian $5,000.00 $5,000.00 $10,000 Pre r an LWRP §To0x8 ,-0 50000.W $10,000.00 oevelpAmhiteclutal Gu'dellnes _ .w 00 s$,,50W.00 $5,000.00 Pre reT Ic 6urve §Y0000.00 S1O,ODOGO Pre re Bul0lnr 6urve $YOOW.00 $5000.00 $5000.ro F4ve0ront ConrOeclbn rovdls Y50000.00 $s 000.00 S5.o00.00 $5.610.00 $5.00000 $5,o0006 $5.000.00 $5,000.00 $S,000.OD $10.000.00 $25,000.00 5)5.000.00 bevel an lore re ire Plan $10,100.00 $5,000.W $5,00000 errs VII a Reaaidi slug 550000.00 $zs,00o.ao 325,000:00 -. Capital Pro}eeta -- Mer4xPhase1 R airs 81,300000.00 50000.00 $65000D.10 MarvPhesa2R alrs $1,500000.00 $JSO,W0.00 $)W,00000 Ma1wrPM1ase3 Wolk 82,4Y2500.00 $750.000 GO $J50.000.00 $750.600.00 $162,500.00 Che el Renovdilpra-Phaset $500,000.00 $25D.W0.00 $250.000.00 Cha IRenwaibns-Phase2 $348000.00 $i 74,500.00 $174,50000 _ - Car eHrntta-Plaset Re Irs 000.00 $i50,W0.00 $300,OW.00 $250,000.00 Calla aHlwse-PM1ase2Re i0s J�,000.GO $250,000.OD $300,000.00 Carrie eFWusa.Piase3 WOA $1,396,510.00 $50000000 50000000 6.500.00 Wmk §50000.00 $5000000 525,000.00 825,000.00 OOrmMPRE UK-6n %200,000.00 $50.000.00 §16000D.00 lot Cenl cp House $6000000 540,000.00 $20000.00 Vlsl er M1tlFeelar ISeeiln $150,000.00 _ $150,000.00 M1lNaeler-BOrlds1111-tor $150,000.00 $Y.50600.00 hiNpaler-Pwmal Seak %415,500.00 $200000.00 $215500.00 fl0snan0c LarMsca -Enhance $48,000.00 %18000.00 10000.00 $10,000.00 $10000.00 Romantic LaMsce late $100000.00 $50,000 $50000.00 E$WWhO to-Recreeti0n-Ph.i $15300.00 $15,30D.10 Este011ah Outticor Recreation-Ph.2 $50000.00 $50,000.00 Central BuiMl Area Landara a $71]2,000.00 $250,000.00 $250,000.00 $202,000.00 Car aHouse Area Lantlx a $285,000.00 $265,000.00 u rebs water service $9W,o00.00 §4so,000m $450,o00.00 ratle Benita Service $280,W000 $280,000.00 E. na sarnm RaGrrpa (A..1) $14000000 5140,000.00 388 T2iIs.Plasei 160,000.00 $10.000.00 $25000.00 $25,000.00 $SO,W0.00 $50.000.00 S8e T2ik.Phase2 $175000.00 .000.00 $25,00000 525,100.60 $50,000.00 $50,006.00 ResuOtace Entmrce Drive $90,000.00 $45,000.00 345 000.00 R&F.arM Parkin $299,500.00 3150,000,00 $149500.00 Exit ROaO $154000.00 ]5000.00 $J9,000.10 Wre bevel 0rent $75,000.00 $5,000.00 SW0.00 S5,000.00 §5100.00 $5,OOD.W 6,000.00 $25,000.00 SouN Access OrNelParki $81).000.00 $2501Rq GO $25D,000.ro $3T/,000.00 Riversltle Pler eOb RR Britl eam $2,072000.00 8)50.000.00 51.322,W0.00 OreOook Pavilion BrW Sheffer $03J OOO GO $500,000.W $33),000.00 A.VI a Archttedure $584,000.00 $300.000.00 $294,01'0.00 Mar Pr'acts etlal Events $75,000.00 $75,000.00 Eaecutive Director See2fJSale $SS,OW.00 35,000.00 $50000.00 GRn1A Ireton Pre moon $300000.00 5,000.00 $25,000.00 $25,O66W $25,00000 $25W0.00 $25,000.00 $25,000.00 $12.500.00 $12,500.00 $12,500.00 312,SW.00 $12,500.00 $12,500.00 $12,500.W $12,500.00 $12,500.00 $12,500.00 R u0a110rE Ys of Interest(REI $20000.00 $10.000.OD $10,000.00 Grand Total $18,437,300.00$1,455,810.00$1,702,500.00 32,354,500.00 S2,4.-- ,-..1$2,160,50000$1.901,000.00 31,2m,sao.o0 $545,000.00 $31),50D.00 $464,500.00 $137,500.00 $772,500.00$1,334;50D.00 $E52,500.00ii §649,500.00 5366,510.00 $12,500.00 Table 3-2: Expenditures-Operations and Maintenance Cet¢O 16 Year TOfel 2004 2005 200fi 2007 200941191'l-6-7- 2012 2013 2015 2016 2017 20'12019 2020 $57432 .5 $66685 d9 $69&1911 $]3300.26 $]68652) $W 813.53 $6485421 589,09b.92 1,907 , . .1])142,)6848 ,898.41 $4T14623 549.49829 $]5,000,00 $]8]5000 68750 $8682188 $9572112532.53 $110.809.16 $116,349.fi2 $i?2 Y6J.10 $1282]645 $134,fi8922 $141,42369 $1-08494.8) $31,507.04 $33,502.39 $3517151 $3893639 $38]8321 $40)223] $62]58.48M�44- 5,7-14 ,41 $4].141,23 $49,49829General Ex - Uiif4es $331Y)8454 $250000 $15],500.00 17600 $13643T5 $191 644223 5201,014.35 $211,065.06 1,61832 $232,fi99.23 $244,334.19 5256,550.9096 $282,841.31 $296,989.]9 Insu2nce $2T6,942.16 $10.000.00 $10000.00 $12,OD000 $12600.00 $43230.00 $13,891.50 $14586.08 $15,315.38 $16,081.15 $46.865.21 E1J129.4T $18,615,94 $19,54674 .5210] 28 $22,62].]9 $23,)59.18 users dOtl IT $331,176.45 7,500.00 $i 500W $15]5000 $16.537.50 51],364.38 $10,232.59 $19,144.22 $20,104.43 $21,100.51 $22,18183 $23,269.92 524,43342 $25.655.0984 $28,284.]4 $29,698.9] 0%Ices Iks $I 7,W.82 55000.W $10.OM.00 $10,500,00 $11026 $11,576.25 $12.465.06 $12162.82 $13,400.96 $164011.00 $id Tlb 65 $15,51329 $16,288.95 $17.103.39 .58 $18,858.49511),89282 $500000 $50W00 $S.OW.00 $5250.00 $551250 $5]8@13 ESDT/.53 $838141 $6]0048 $]035.50 $175664 $8,14447 .551.1028 $9,42825 $9899.ntr t$/E ul $50,000.00 $]500000 $18,15000 $62,68150 $86821 0050)1) $122,18].10 5128.2]5.452 S141A23.69 $1486494.87 Builpi $L86]ffi045 SW WOW $ $1]5,88).5$ $186681.93 $19391603 $203,611.83 $213J92A2 .64 5235,708.14 U41.491.45 Oth6 CiO"ct$ $2,362,856.36 §100,000.00 $105.000.00 $100000.00 $1 ,00000 $110,25000 $115,76250 $121,550.63 $127,62016 $134,009.56 $140,110.04 $141,14654 $15513282 $162,689.46 51]1033.94 51795&583 $188,584.91 $197,993:16 T� $15.087,509.10 $300,000.00 §502500.00 $662,W0,00 $fi95,100.W $729,855.00 $]6634).)5 ,885.14 $844,890.39 JW7,14331 $931,500.48 $918.0)5.50 V,026,979.28$10]8,3282a$1132,244.86$1,186856.89$1,24@299.79$1,310,71472 E 0 u > w O On /0- /0- NO o-, 4-j -110- C�lp RS 110, ' r cu L C� > 0- /0- 0 /0-, C L 60 r) 0- 00, Ci, 0C-" & 0' 0 Y 0 C C� C� C� 0 0 0 0 0 0 0 C� Lr� Ln N — tR 40)- SJL'110(1 170OZ7 c C) n m c' coC cc CL W 7a cc: 0U0z o 6' eo c sol Si ol W Lneo,� E LL Qc�' 0 0 - 0- LOOO S' as C'o 0 o c� 0 C C o Q C 0 C Cs Ci Table I-Anticipated Revenues So- 16 Year T.Ial 2004 2M 2006 2007 2008 2009 2010 2011 =2 2013 20141 2015 2016 2017 2018 wig 2)20 OHiceS ce $2,553.500 $12,000 $24,000 $36,000 $48 560l000 372.000 $162,50 $170,100 $11805 $187.535 $196.912 $208.]58 $21 s227 $M 11,315 $263,881$42, $Q $41,- $42," $42-0_S4." 510,4 W,920 $55.566 $58,344 $61,262O's W7,541 $70,918 WA64 M,It,fumW,Aft Sp- $573,017 $36,000 $37,800 539,690 $41,675 $43.758 545,946 $46,243 $50,658U3188 $55.848 $58,640 $515]2 Dam-utility $28,847 $a,- $3!150 $3,308 $3,473 $3.64] $3,829 $4,020$4,o $4,221 Ag-ltural-d $328 98 $1,000 $I,500 $'"m $1.5]5 $1,654 $1,736 $1823 $1.914 $2,010 $2,111 $2,216 $2,327 $2.443 $2,568 $2694 $2828 Facility Rentals Oin,ng aml 0d M) $145, $12,6- $16,8- $21,000 $251%10 $27,5- $30,000 W-,($-M-)- $714,30.5 $5,000 $10,-0 $15,000 $15,000 $15,000. $15.000 M,-0 $47,250 $49,613 M2,- $54,698 $63.320 $66485 $69,810 $73.3001 4616U-$67,� $70,�M DaTMM $W.4� s3o,� Uol� $501M $52,- $15,- $5"- $60,775 Fe., �Wion S- $.1,7. $1 $51- $M� $101- $11,025 $11576 $12,- $12.183 W1.1 $14,071 $14,� $15.513 $16,2.1 $17,103 $11,959 .7 $'l 576 $16 2. 0 G�W,GWI,,y(W $241,575 $505 $10, $10'5 $I1q025 $11,576 $12,155 $121763 $13A1 $14,071 $14,775 $15,513 1 $10. $42 7 W11�1 114 *$17'�2 "2 2 $19. C 89 S M-.CW and $.,i57 $2,- W,- $2.311 W.431 $2.- V.- $2,814 $2.. a103 Q1 $3!10, RIM 3 W $2 $ 5-11 P!....G- MW $� $1, $"5w $1,575 $1,654 $1,736 $1,8n SI,9i� V,010 $2111 $2,216 V,327 $2,- $2, $2.- 2 7� L Si- �7,7. $11" $2,- $31- $31M $33-8 $3,413 $4,- $4.221 Ul� $4�951 $4 W 1, $5,388 5,657 $5'040 ,mt $ ,$50 3 $,327 $1," $1,- $1 51,654 $1,- $1,823 $1,914 $2,010 $2,111 $2,21 027 Nu w- $2,694 $m- 2 7 2 S-11 Amphil-.r $2,� $4.M $6,� $101� $losm $11,025 $11,5M $12,155 $12,M $13,- $14,071 $11- $15 51� $16,269 $17,1 $17,M $1 6 W6 C.,AmphfteaWr($1�) $92,610 $97.241 $402103 $107 2W $112,- $-'1. $1"IM $32,154 MA9 0$38.� $4��797 $47,076 $51,7� $56.Wi Fu dreisi $15- $165. $18.150 $19,W5 $21,- $24,158 $.�-_ MercharMise Sales $217,3121 $2,0- $5" $7.5W $8.250 39.075 $10.981 $12,M $13,287 $14,615 $16077 $17,� $m- $21,398 $.,- $25,-j rateSP-.. $2,2W,1. $25,-0 $35,-0550,000 $75� $82,5W $90,750 $W,825 $109,808 $1M188 $132,86] 11 4 111- $171,1 $194,531 $213984 $=V,3 $2w�i VdUnleer Labor 20 a Im s$340.0- $-, $20, $$20,0- $$20,0- $2.,- $.,- $$20000 $$20-0 $20.000 320.000 $ !000 $20.0- $20,00V0" Donated Serv., Equip $340,00M= $20.0- $20'" $20,00 $200W $20," $201" $20000 , I , i , $ $. .- T.-F.-Account U50, $W." $-," $501- W $5.," $50,000 $K- 1 $'o $'o $501" $50,000 Subtotal $11,785- $152,7W $�,4W ml,� W52,225 �W,3% 6445,�l $�,024 $MX8 $ 2 Sffl,�74 $1,MJ42 $1,115,002 Gm.s P...t�S-T�,W G- $10878.7M $IW523 $278,4W $325131 11 �Il13,711 $67�,IM $GN,171 $7W98 $-1.1 $971,762 $1C29233 $IqNO,881 Total 522,664,022 �,� $6n,356 �. , j $1,7S7,7M $1,�,- $1,�,�4 � 1 S2 Im lementation Measure 16 Year Total 2.4 2006 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2M6 2017 2019 2019 2020 Plannin ESW611sM1 I-- Camwalh $500D.. $5,000.00 Pr re H—AT Ab,—I R, $10.000.00 $10 060 00 Pre reap HALS $15 No 00 $500000 $5,a- P... 50..Pre rP.HAGS $1.5000.00 $1000000 $5000. Dave aT20s Plan $12.500.00 $5,000.00 $7,500.00 E I,.i Re- Tourism Links $10,000.00 $,00000 $5,000.00 —h In Untler and Rfl $7,50000 $],50000 SEO C 530,00000 $300.00 CroN with h-9 Com Plan $5060.. Comd with the Town G—Y PWn 55000.00 $S,OW.. Pre re an LWRP $70,000.00 $10..000 $50000.00 $10.000.00 Dev ArohltWurel Gu— 510,000.00 $5000.00 $5,00000 Pre reT Rurve $101000.00 $10.0..00 Pre reBuiltllna5urve s $10000.00 $5000.00 0... giverfra0l ConrtedWn A meals 150,000.00 $5.0.. 0.-. $5,000.00 $5,000.00 $5,000,00 $5,000.00 $5,00000 $5'—. $10,00000 $.,000. $15000.00 Dave an lme.-Plan $10000.00 $5,0... $5000.00 Aft Mla,F,,vhRy Stud $50000.00 $25,.0. 500000 Capital Projects Martyr- Ph—I $1,300000.00 $%0.00000 $6.,0... Mandl-Phase2 $1,500,000.00 $]50000.00 $7.0... Maimr-Phase3 Wo4tm $2,412,500.00 $]50,000.00 $].,0... $750.0.. $162,500.00 Che IRencratims-PM1aset $250,000.00 $250,00000 Che IRerwvaOmsPhase2 $349,000. $1745... $1745..00 Cavia ez-Phasel Re IM $700,000. $150..090 $300000.00 $250000.00 Erna Horse-PM1ase2 Re Irs $550,000. $2500... $3.,000.00 Coni Hwsa-Phase3WOM $1,346.500. $,500.000.. Atlminialra Bu1151n Pre W), $50,0.. $500... Domino P.-i Snack Bar $25.0... $25.0 00 Dormilo -Pt' $8,331.000.. $50.0..00 $500,.0.. $5.,0... $5...0.. $]59,.0.. $].000.. Y,O..o.. 1.00...$1,0.,0... $2810... Yieilof Gemef Ice House $60,0.. ,.0.. $20,0DJ,. Am IBrealer-Seatln $150,0.. $150,0.,. A lewaler-Bantlshell5rackbar p . . $150.0... a Imeafer-Fo0nal saa- §41 151 s,s.. 541 s,59o.. Romamic lantlsca -Emrance sa9,o9o. 81 e,a..oa $10,000.. 1oa... $10000.. Romansh L 1-1 -com Isle Si.1100. $500.m .000.. E-1100mdoor Recr .-Ph.1 $16,3.. $15.300. Esb0lish Outdoor Recreation-Ph.2 $50,0.. 5500... Cenital Bulltlin Area Lantl $702,0. SO,0o0.. $250..0.. $202,000.. Cerra Dose Area la $2W—NI 5285,000.. rerk Weler ServiceM—,—W $450,.0.. $450,000.. U retle 6enlla 6ervka §290,000. 0.090.. Ex ntl Sanaa Fadlkies MS YII $1-00,0.. g140,000. Site Trails-Phaeel $1.000. $10.000 $25000.. ,0... RSD,.000 $50.00000 Site Tfait- ace2 $1]5,0.. $25,.9.00 525,00000 $25,000.. $..D.. g50.000.. Resurface EMrance Dave $90,0.. 000.. $9599D.. U rAccess antl Parkin $2995.. $150,.0. $149,.0. Exit Roatl $1540.. $]5,0..00 $79,0.00 A rIc00ure Devel nl . $5.0... $5090.. $$.9... 0... $25,00000 $25,0... Smth Access—Pa— $8]],00D. $2.,.0.. $250,.0.. $377,0... girrersitla Pler antl Rfl B4tl $20720.. $7.,000..$1,322,.0.. Overlook Pavilion arq$M1elter $6370... $5...0.. $33).0.. Ads Yllla eArchlteclOm $594,0.. $300.000.. Other Pro este dal Evems $]s,lwon9 $]5.90006 .1-Ae1-1-Search/Rala $55.0... $5,000.. $.,000.00 Granla IirationP 3.,000.. $25,00000 $25000.00 $25,000.. $250..00 $25,0.,. $25.1X10.00 $25,000.. $12,5... $12.5... $12,5..00 $12,500.00 St25..00 $12,5... $12,500.00 $12,500.. $12,500.. $127500.00 R oast loeE re of lnleresl REI 320,00000 §10,000.00 610,00000 Grand Total $24.566,30D..51455.800.00$1,902,500..$2,704,500..$2,769,0...$2,695,000..E2,651,.0..$2,201,500..$1.698.0..$1,467.500.. $745,5.,. $55300000 $]]2,500..$i,334,500.. $652,500.. $649,5... $306,500. $1215... W a� o c v 0 C > , 4J ' cz C W (' . . C9 N Q N Q N GO C' N h C� Q N. c^ C) W M � � Q N N RS L O C7 0 Ca N n 0 Ca I N ID O 0 N U) CJ Q N C� C7 C3 CSF CS C 0 0 0 � Ca UI N N +R b> saelldQ VON Revenues Worksheet Notes Leases: Office Space lease amounts reflects: a one half year 2004 lease agreement for the Administration Building; in 2005 a full year lease of the Administration Building; in 2006 full year lease of the Administration Building and 2,000 SF of`other' office space. That amount increases by about 2,000 SF per year, either in the chapel, or Carnwath Manor until leaseable space is available in the Dormitory around 2010. Beginning in 2010 an office lease of 1 floor of the Dormitory is assumed. Lease rates are increased by 20% every five years. Multi-Function Arts Space beginning in 2009, a lease of one floor of the Dormitory for multi- function arts related use is assumed. Barn/Utility, assuming a barn structure will be in place by 2013, storage space could be rented for hay or equipment. Facility Rentals: Kitchen Dining facilities in the Dormitory will be made available until the Dormitory rehabilitation project is begun. Afterwards, that rental will need to be coordinated with the needs of other uses and the Carriage House Restaurant. The Manor will be rented at a lower rate until the rehabilitation is complete. The rental will include the first floor, the patio and the ground immediately surrounding. Carriage House rentals assume that groups will be interested in renting the space as is for summer events. The Dormitory Conference Space rental assumes a floor of the dormitory will be made available as conference rental space and made available for group rentals for conferences, shows, or other special events. Festival Grounds would be made available to groups for outdoor festivals, shows, sales, etc. A lower price for not-for-profits arts groups would encourage greater use by compatible groups. MANSION CURRENT ANNUAL CARRYING COSTS YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 INFRASTRUCTURE COSTS Utility upgrades. 50004 :225000 Silework 10000 '16000 Pavements Parking Access,Site Lighting 72375 72375 Courtyard,Walks,Landscape 90000.. Total Infrastructure Costs 60000 0 0 0 225000 88375 72375 90000 0 0 0 0 0 0 0 DEVELOPMENTIRENOVATION COSTS Stabilize Structure Code Cornpliance,Design 100000 Final Stabilization 490000 650000 Renovations Phase 1 Renovate First Hour 750000 750000 Renovations Phase 2 Renovate Remaining Rcors 750000 7.50000. Renovations Phase 3,Complete All Interior Work 750000 162500. Total Capital Costs 590000 650000 750,000 750000 750000 750000 750000 162500 0 0 0 0 0 0 0 TOTAL INFRASTRUCTRE AND DEVELOP MENTIRENOVATGON COSTS 650000 650000 750000 750000 975000 838375 822375 252500 0 0 0 0 0 0 0 SOURCES OF FUNDS FOR INFRASTRUCTUREICAPITAL COSTS Force Account Town DPW,Building Dept; 25000 25000 25000 25000. 25000 25000 25000 25000 Donated Materials 10040 10000 10000 10000 10000 10000 10000 10000. State and Federal Grants 150000 150000 150000 150000 150000 150000 150000 15Q000: Private Grants,.Corporate Sponsorships,Donations 50006 50000 50000 50000 50000 50000 50000 50000 Operation Grants(NEA,NEH,NYSCA).. 0 0 0 0 25000 25000 25000 25000. 25000 .25000 25000 25000 25060 25000 '25000 Total Sources of Funds for InfrastructurelCaphal Costs 235000 235000 235000 235000 260000 260000 260000 260000 25000 25000 25000 25000 25000 25000 25000 REVENUES Pre-construction Rental($500Fevsnt) 5000. 6000 ' First Floor Event Rentals{$750/Evont) 7500 15000 15000 15000 22500 22500 22500 22500 22500 -225(10 22500'. Office Space Leases 30000 30000 30000 30000 30000 30,000 36000'.. Total Revenues 5000 6000 0 0 7500 15000 15000 15000 52500 52500 52500 52500 52500 52500 52500 OPERATING EXPENSES Utilities(Assume 10%of Project) 2500. 5000 5000 5000 5000 7500 7500 7500 110000 90000 10000 10000 10000 tf)000 100001 Salaries(Assume 20%of Project) 17500. 35000 35000 35000 35000 35000 35000 35000 35000 35000 35900 36000 3600035000 35000: Buitding Maintenance 5000 5000 5000 5000 5000. 7500 7500 7500 10000 10000 10000 10000 ` 10000 10000 10000.: Grounds Maintenance: 2500 :2500 2500 2500 2500'. 2500 2500 2500 7500 7540 7500 7500 7500 '7540 ,7500 Pnsuranoe 2000 :2000 2000 2000 2000 2000 .2000 2000 2500 -2500 2500 25W 2500 .2500' 2596'. Total Expenses 29500 49500 49500 49500 49500 54500 54500 54500 65000 65000 65000 65000 65000 65000 55000 NET OPERATING INCOME 24500 43500 -49500 -49500 42000 -39500 -39500 -39500 -12500 -12500 -12500 -12500 -12500 -12500 -12500 OVERALL COMPONENT CASH FLOW -674500 -693500 -799500 -799500-1017000 -077075 -861075 -292000 -12500 -12500 -12500 -12500 -12500 -12500 -12500 RETURN ON INVESTMENT VDIVI01 CHAPEL CURRENT ANNUAL CARRYING COSTS YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 INFRASTRUCTURE COSTS S towork 15000 Utility Upgrades 10000 Total Infrastructure Casts 10000 0 15000 0 0 0 0 0 0 0 0 0 0 0 0 DEVELOPMENT/RENOVATION COSTS .Chapel ln{er-.Sanctuary 1 240000 Chapel Interior-.Sanctuary 250000 Chapel Basement: 159500 Chapel Exterior and Finishes 174500 Total Capital Costs 240000 250000 159500 174500 0 0 0 0 0 0 0 0 0 0 0 TOTAL INFRASTRUCTRE.AND DEVELOPMENT/RENOVATION COSTS 250000 250000 17450Q 1745000 0 0 0 0 0 0 0 0 0 0 SOURCES OF FUNDS FOR INFRASTRUCTUREICAPITAL COSTS Force Accounk Town DPW 15000 15000 5000 5000. Donated Materiais. 5000 5000 5000 State and Federal Grarrs 25000 25000 .25000 Private Grants,Corporate Sponsorships,Donations 10000 25000 25000 25000 Operation Grants(NEA,NEH,NYSCA) 25000 25000 25000 25000. 25000 :25000 25000 25000 25000 25000 25000.. Total Sources of Funds for Infrastructure/Capital Costs 30000 70000 60000 55000 25000 25000 25000 25000 25000 25000 25000 25000 25000 25000 25000 REVENUES Pre-awslatction Rental($50/event) 5000 5000 Post Construction Event Rentais($750/Evann 15000 15000 15000 15000 15000 20000 20000 20000" 20000 20000 20000' Total Revenues 5000 5000 0 0 15000 15000 15000 15000 15000 20000 20000 20000 20000 20000 20000 OPERATING EXPENSES UM fres(ASsonie 5%,of Pr0jecl) 4375 6160 8750 8750 8750 8750 8750 8750 8750 8750 8750 8750 8750 18750 8750: Salaries(Assuan 5%of Project) 4375 8750 8350 8750 8750 8750 8750 8750 5750 .8750 8750 8750 8750 8750 8750 Building Mauttenance. 2500 2500 5000 5000 10000 10000 10000 10000. 10000 10000 10000 10000 10000 10000 10000: Gro—&Maintenance 0 0 0 0 1000 1000 1000 1000 1000 . 1000 1000 1000 1000 1000 1000: Insurance 2000 2000 2000 2000 2000 2000 2000. 2000 2000 2000 .2000 2000 2000 2000 2000: Total Expenses 13250 22000 24500 24500 30500 30500 30500 30500 30500 30500 30500 30500 30500 30500 30500 NET OPERATING INCOME -8250 -17000 -24500 -24500 -15500 -15500 -15500 -15500 -15500 -10500 -10500 -10500 -10500 -10500 -10500 OVERALL COMPONENT CASH FLOW -258250 -267000 -199000 -199000 -15500 -15500 -15500 -15500 -15500 -10500 -10500 -10500 -10500 -10500 -10500 RETURN ON INVESTMENT 4DIV101 DORMITORY CURRENT ANNUAL CARRYING COSTS YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 INFRASTRUCTURE COSTS .Utility Upgrades 225000 225NO Sitework 3000 Pavements,Parking,Access 57750 - i Total Infrastructure Costs 0 0 0 225000 225000 3000 57750 0 0 0 0 0 0 0 0 OEVELOPMENTlRENOVATION COSTS Dormitory Phase 1:Develop Snack Shop 25000 Dormitory Phase 2:Kitchen Banquet Facilities 550000 Dormitory Phase 3:Renovate for Multi-function Space 500000 275000 275000 747000 692250 1000000 1000000 ,1000000 162500 Total Capital Costs 26000 550000 500000 275010 275000 747000 692250 1000000 1000000 1000000 162500 0 0 0 0 TOTAL INFRASTRUCTRE AND DEVELOPMENT!RENOVATION COSTS 25000 550000 500000 500000 500000 750000 750000 1000000 1000000 1000000 162500 0 0 0 0 SOURCES OF FUNDS FOR IN FRASTRUCTURElCAPITAL COSTS Force Account:Town DPW,Building Dept. 0 10000 10000 20000 20000 10000 10000 10000 10000 10000 10000 10000 IGODO 10000 10000- Donated Materials SD00 10000 1DOOO 5000 5000 10000 WOOD 10000 10000. 10000 10000 10000 10000 10000 101100 State and Federal Grants 150DOO 150000 50000 50000 50000 50000 50000 50000 .50000 50000 50000: 50000 -50000 50000 Private Grants,Corporate Sponsorships,Donations 5000 25000 50000 150000 150000 200000 200000 200000 200000 200000 -200000 200WO 200000 200000 2000W Operation Grants(NEA,NEH,NYSCA) 25000 25000 50000 50000 50000 75000 75DOO 75000 75000 75000 Total Sources of Funds for Infrastructure!Capital Costs 10000 195000 220000 225000 225000 295000 295000 320000 320000 320000 345000 345000 345000 345000 345000 REVENUES Snack Shop Concession(Phased When Carriage House Opens) 2000 2000 2000 2000 2000 2000 2000 0 0 0 0 0 0 0 0 Kitchen and Banquet(Phased When Carnage House Opens) 5000 5000 1WOO 10000 10000 10000 0 0 0 - 0 0 0 0 0: Dormitory Multi-function Space 36000 36000 75000 75000 75000 120000 120000 120000 135000 135000 Alter Hours and Weekend Multl-function Use 15000 15000 30000 30000 30000 50000 50000 ,50000 50000 50000. Total Revenues 2000 7000 7000 12000 12000 63000 63000 105000 105000 106000 170000 170000 170000 185000 185000 OPERATING EXPENSES Utilities(Assume 35%of Project): 8750 17500 17500 17500 17500 25000 25100 40000 40000 40000 55000 55000 55000 55000 55000 Salaries(Assume 35%.ofProjech 30625 61250 61250 61250 61250 61250 61250 61250 61250 61250. 61250 51250 61250 61250 61250- Building Maintenance 7500 15000 15000 15000 15000 30000 30OW 60000 60000 60000 90000 90000 90000 90000 90000 Grounds Maintenance - 2000 2000 3000 3000 3000 3000 3000 3000 5000 5000 7500 7500- 7500.. 7500. 75W Insurance 4200 4200 4200 4200 4200 4200 4200 4200 4200 4200 4200 4200 4200. '4200 •4200 Total Expenses 53075 99950 100950 100950 100950 123450 123450 168450 170450 170450 217950 217950 217950 217950 217950 NET OPERATING INCOME -51075 -92950 -93950 -88950 -88950 -60450 -60450 -63450 -65450 -65450 .47950 -47960 37950 -32950 -32950 OVERALL COMPONENT GASH FLOW -76075 -642950 -593950 -588950 -588950 -810450 -810450-1063450-1065450-1065450 -210450 47950 37950 -32950 -32950 RETURN ON INVESTMENT #DIVI01 AMPITHEATER CURRENT ANNUAL CARRYING COSTS YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 INFRASTRUCTURE COSTS Phase 1:Earthwork,Access Road 23100 Phase2:Electrical Upgrades 5000 - Phase 3: Site Electric 10000 Phase 4,Water and Sewer Connections 25000 Other Projects:Parking capacity increases year 4 and year 8 0 0 Total Infrastructure Costs 23100 5000 10000 25000 0 0 0 0 0 0 0 0 0 0 0 DEVELOPMENTIRENOVATION COSTS Phased:Lawn Seating 18000 - Phase 2:Stage,Bandshell,Formal Seating for 750 142000 - Phase 3:Patio,Walks,Landscaping 47300 Phase 4:Snack Bar with Reslrooms 177500 Total Capital Costs 18000 142000 47300 177500 0 0 0 0 0 0 0 0 0 0 0 TOTAL INFRASTRUCTREANO DEVELOPMENTIRENOVATION COSTS 41100 147000 57300 202500 0 0 0 0 0 0 0 0 0 0 0 SOURCES OF FUNDS FOR INFRASTRUCTURE/CAPITAL COSTS Force.Account:Town DPW 20000 10000 10000 10000 Donated Materials 5000 5000 5000 5000 State and Federal Grants 10000 50000 10000 25000 Private Grants,Corporate Sponsorships,Donatons 25000 250W - Operation Grants(NEA,NEH,NYSCA) 10000 10000 10000 10000 10000 10000 10000 100D0. .10000 '10000 10000' Total Sources of Funds for Infrastructure/Capital Costs 35000 90000 25000 65000 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 REVENUES Group Rental($2/person) 2000 4000 35000 40000 45000 45000 45000 55000 55000 55000 .55000 .55000 55000 55000 55000 VIP Parking($101$5) 2500 5000 22500 45000 45000 45000 45000 75000 75000. 75000 75000 75000. 75000 75000 .75000 Concession Sales 5000 7500 10000 10000 10000 10000 10000 1.0000 1000.0 10000 10000 -10000: Total Revenues 4500 9000 57500 90000 97500 100000 100000 140000 140000 140000 140000 140000 140000 140000 140000 OPERATING EXPENSES Utilities(Assume 2%of Project) 500 1000 3000 3000 3000 3000 3000 3000 3000 3000 30DO 3000 3000' 3000 -i 3000 Stat'Overtime 7500. 15000 15000 15000 15000 15000 -15000 15000 15000 15000 15000 15000'':.15000 15000 Building Maintenance 2500 2500 2500 2500 2500 2500. 5000 5000 5000' 5000 5000 5000 Grounds Maintenance 1000 2000 5000 5000 5000 5000 5000 5900 5000 5000 5000 5000. 5000 5000 5000: Insurance Total Expenses 1500 10500 23000 25500 25500 25500 25500 25500 25500 26000 28000 28000 28000 280DO 28000 NET OPERATING INCOME 3000 -1500 34500 64500 72000 74500 74500 114500 114500 112000 112000 112000 112000 112000 112000 OVERALL COMPONENT CASH FLOW -38100 -148500 -22800 -138000 72000 74500 74500 114500 114500 112000 112000 112000 112000 112000 112000 RETURN ON INVESTMENT 18% ADMIN BUILDING CURRENT ANNUAL CARRYING COSTS YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 INFRASTRUCTURE COSTS Electric l Upgrade 500 - Site Lighting 5000 I Total infrastructure Costs 500 5000 0 0 0 0 0 0 0 0 0 0 0 0 0 DEVELOPMENTIRENOVATION COSTS Interior Renovation 25000 Exterior Renovation,Landscaping 19500 Total Capital Costs 25000 19500 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL INFRASTRUCTRE AND DEVELOPMENT/RENOVATION COSTS 25500 24500 0 0 0 0 0 0 0 0 0 0 0 0 0 SOURCES OF FUNDS FOR INFRASTRUCTUREICAPITAL COSTS Force Account'Town DPW 1000 2500 - - Donated Materials 250 1000. State and Federal Grants 0 0 Private Grants,Corporate Sponsorships,Donations 0 0 Total Sources of Funds for InfrastructurelCopital Costs 1250 3500 0 0 0 0 0 0 0 0 0 0 0 0 0 REVENUES Office Space Lease 9000 18000 18000 18000 18000 18000 18000 18000: 18000 18000. 18000 18000 18000 18000'. 18000 Total Revenues 9000 18000 18000 18000 18000 18000 18000 18000 18000 1WIXI 18000 18000 18000 18000 18000 OPERATING EXPENSES Utilities(Assume 2%of Project) 1500 1500 1500 1500 1500 1500 1500 1500 1500 - 1500 1500 1500 1500 1500 1500 Satades(Assume 2%of Project) 1750 3500 3500 3500 3500 3500 3500 3500 3500 3500 3500 3500 3500. 3500 3500 Building Maintenance 5000 5000 5000 5000 5000 5000 5000 5000 5000 . 5000 5000 5000. 5000_- 5000.. SD00 Grounds Maintenance 1000 1500 1500 1500 1500 1500 1500 1500 1500 .1500 1500 1500 1500 1500 1500 Insurance Total Expenses 9250 11500 11500 11500 11500 11500 11500 11500 11500 11500 11500 11500 11500 11500 11500 NET OPERATING INCOME -250 6500 6500 6500 6500 6500 6500 6500 6500 6500 6500 6500 6500 6500 6500 OVERALL COMPONENT CASH FLOW -25750 -18000 6500 6500 6500 6500 6500 6500 6500 6500 6500 6500 6600 6500 6500 RETURN ON INVESTMENT 10% CARRIAGE HOUSE CURRENT ANNUAL CARRYING COSTS YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 INFRASTRUCTURE COSTS Utility Upgrades 400000 100000 140000 Sit—rk 3750 16500 - Pavements,Parking,Access. 105000 - Te¢aces,Walks,Landscape 60000 Garden Folly,Landscape 84750 15000 Total Infrastructure Costs 0 3750 116500 205000 140000 60000 84750 15000 0 0 0 0 0 0 0 DEVELOPMENTIRENOVATION COSTS _ Stabilize Structure,Code Compliance,Design 50000 25000 - - Final Stabilization 75000 Renovations Phase 1 300000 2500011 - - - Renovations Phase 2 250000 300000 Renovations Phase 3 500000 500000 346500 - TotalCapitalCosts 50000 400000 500000 300000 500000 500000 346500 0 0 0 0 0 0 0 0 TOTAL INFRASTRUCTRE AND DEVELOPMENTIRENOVATION COSTS 50000 403750 616500 505000 640000 560000 431250 15000 0 0 0 0 0 0 0 SOURCES OF FUNDS FOR INFRASTRUCTUREICAPITAL COSTS _ Force Account-Town DPW,Building Dept. 10000 5000 15000 15000 150005000 Donated Materials. 10000 10000 10000. 10000 10000 10000 5000 State and Federal Grants 75000 75000 50000 50000 50000 - Private Grants,Corporate Sponsorships,Donations Tenant Improvements 326250 326250. Total Sources of Funds for lnfrastructurelCapital Costs 10000 90000 100000 75000 401250 391250 10000 5000 0 0 0 0 0 0 0 REVENUES Preaonstruction Rental(5001evenl) 51100 5000 Lease to Restaraunleur 42000 42000 42000 45000 45000 45ow %000: -50000. 50000-_ 55000. Total Revenues 0 5000 5000 0 0 42000 42000 42000 45000 45000 45000 50000 50000 50000 55000 OPERATING EXPENSES Utilities 2000 $000 5000 5000 5000 Salaries Building Maintenance 5000 5000 5000 5000 5000 Grounds Maintenance. 2000 2000 2000 3500 3500 3500 3500 5000 5000 5000 5000 5000 5000- 5000 -50M Insurance Total Expenses 9000 12000 12000 13500 13500 3500 3500 5000 5000 5000 5000 5000 5000 5000 5000 NET OPERATING INCOME -9000 -7000 -7000 -13500 -13500 38500 38500 37000 40000 40000 40000 45000 45000 45000 50000 OVERALL COMPONENT CASH FLOW -59000 410760 -623600 -518500 -653500 -521500 -392750 22000 40000 40000 40000 45000 45000 45000 50000 RETURN ON INVESTMENT #DIV/01 I I'I i Phasing Plan for the Greystone Estate Town of Wappinger, NIT March 2004 Draft GREYSTONE ESTATE PHASING PLAN(DRAFT) • The following report presents an overall facilities and phasing program for the Greystone Estate and was designed to satisfy the following objectives of the Town of Wappinger,including; ■ Preserving the historical integrity of the site and structures ■ Creating facilities with a community use ■ Creating self-sustaining uses with minimal reliance on ongoing operating subsidies. ■ Generating visitation and awareness ■ Creating secondary economic impacts in the community • The estimated sources,uses,operating revenues and expenses used in this report are based upon data provided to EV by Fraser and Einhorn Yaffee Prescott.These figures are strictly for core and shell improvements and do not include the costs of any type of tenant improvements, inflation,or debt service.The results are provided as order of magnitude estimates as part of the conceptual master plan and are subject to the limiting conditions contained herein. • This phasing plan is organized into three phases that are summarized below.A timeline of the phases has been included on the following page, with subsequent pages describing each phase in greater detail. ■ Phase I—Expected to occur over a four year period beginning in Year t and includes the development of a 2,500 person Amphitheater,conversion of the Administration Building into office space,and the rehabilitation of the exterior of the Mansion. ■ Phase II—Expected to occur over a five year period beginning in Year 5 and includes the core and shell renovations of both the interior and exterior of the Carriage House in preparation of an upscale restaurant,and the renovation of the interior of the Mansion. ■ Phase III—Expected to occur approximately ten years after the start of development of the Estate.This phase is centered on both the Chapel and Dormitory.Uses will likely be determined by economic and market conditions and the success of the Amphitheater and Carriage House restaurant.Possible uses include an inn,office,and gallery spaces. PAGE 2 OF 15 GRE YSTONE ESTATE PHASING PLAN(DRAFT) ■ Overall Timing 6iiiiik4iUL TIMING YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 PHASE I Arlministra4m B.,14-9.. xxxxxxx Ampitheale XXXXXXMXXXXXXM Mansinn(Exletinr) xxxxxxxxxxxxxx PHASE 11 Mansion(44.40') xxxxxxxxxxxxxx ; Carriage Hoaee. XXXXXXXXYXXXXXXXXXXXX PHASE 111 Chapel xMXXXXXXXXKXXXXxxxxoxwxxxxxxxx 17.-h.ry. )DDD MXXXXXMXXXXUXXX)D=XXxxXXXXX t ■ Phase I:Amphitheater,Administration Building,and Mansion(Years One Through Four) ■ Objectives: • To establish organization and management structures and to begin developing the Estate • To establish uses that create awareness for the Estate and ultimately fuel complementary development • To provide cash flow and minimize immediate costs to the Town ■ Uses Created: ■ Amphitheater—The Town would develop a 2,500 person capacity amphitheater.This amphitheater would ideally be sponsored and/or leased out by an umbrella arts organization such as the Hudson Valley Council for the Arts or affiliate and would create revenues through facility rental/lease fees,parking,and concession sales.The Amphitheater and associated visitor traffic would create awareness for the Estate as a cultural and leisure destination,and upon stabilization,will likely provide income to the Town and provide momentum for the development of additional uses at the Estate,including an upscale restaurant. PAGE 3 OF 15 GREXSTONE ESTATE PHASING PLAN(DRAFT) • Administration Building—As part of this Phase,the existing Administration Building would be transformed into high quality office space.Ideally,this space would be pre-leased under a triple net basis to an arts or environmental organization. ■ Mansion(Exterior)—As part of this Phase,the exterior of the Mansion would be restored.This would reestablish the historical integrity of the building;build landmark and aesthetic appeal for the Estate,and support development of the Carriage House,Chapel,and Dormitory in future phases. • Timing/Cost: ■ Amphitheater: • Development Period:Two-years;immediate start • Development Cost$447,800 • Fundraising/Public Funds:$163,000 • Shortfall:$284,800 • Estimated Stabilized Annual Income Year 3:$74,500 ■ Administration Building: • Development Period:One-year;immediate start • Development Cost$50,000 • Fundraising/Grants:$4,750 • Shortfall:$45,250 • Estimated Stabilized Annual Income Year 3:$7,000 PAGE 4 OF 15 GREYSTONE ESTATE PHASING PLAN(DRAFT) • Mansion IExteriod • Development Period:Two-years;start in the third year • Development Cost$1.69M • FundraisinglGrants:$666,000 • Shortfall:$1M PHASE I:AMPITHEATER,ADMINISTRATION BUILDING,AND MANSION YEAA 1 2 3 4 5 6 1 8 9 10 11 12 13 14 15 INFRASTRUCFURE COSTS Total ln(rastraG,Ra Coon (WB,fi00) 60 05230 900) (7212900) $0 $0 10 $6 !o $0 $0 so $3 W $6 DEVEL OPMENT&EN OVATION COSTS Total CaPNsI Coal. (544,5011) MNXO) ($5N A00) (5657990) W $0 $0 $0 LO m 10 W $U m W TOTAL INFRASTRUCTRE AND DEVELOPMENT/RENOVATION COSTS (5113,0W) ($3840M (1828900) ($862.00") W 10 W W W W $0 W $0 $0 $U SOURCES OF FUNDS FOR INFRASTRUCFURETAPITAL COSTS Total Sao—atF.W.tot IalrastrodurdCaPNaI Can $67,750 $100.000 5333,333 5333,333 W NI $0 .sd $0 $0 $6 $0 10 RT W TOTAL INFRASTRUCTRE AND DEVELOPMENDRENOVATION SHORTFALL TO TON ($45,2'„0) (MAA (P494,64) (($52BP7) W SO m $6 W 10 $8 $0 P3 10 $0 REVENUES Total Rmanaa 10 $189$0 51/8,000 $133,000 $1499W $163900 $183900 $183900 $163900 5183,030 6183.000 $183,W0 5183900 S183AW 61639W OPERATING EXPENSES Total Eupaaw 110,750 $21,590 736,590 536500 $38,570 V6,W $36,500 WO,Em VS.500 $39AW WOLD 539.000 A90M M= $9000 NET OPERATING INCOME ($10,750) p5WJ 501,500 596,500 $111500 $126,5W $148,500 5146,5➢0 $146,500 $144900 $1",0W $144900 $1",000 $114900 $144900 OVERALL COMPONENT CASH FLOW (WS90D) ($288,300) ($413,167) ($432,167) $111,500 $120,500 $148,500 $146,500 $146,500 $144,000 $144900 $141,0OO $144,000 $144900 $144900 NPV(OVER A 25 YEAR PERIOD) 7847,263 TOWN SHORTFALL W PAGE 5 OF 15 GREYSTONE ESTATE PHASING PLAN(DRAFT) AMPITHEATER YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 1s INFRASTRIIC URF COSTS Phage 1:Ea,Ifi RA,-Roatl Phase 2'.Eleot.M UPsrbde3. (5.5,0K. Pltaae3,SdaEl-Ina:. (6300001 Ph-4;Vdaler and Sewer Om-liens (525,0610) Olhar Pmjae Po'kiq capaeYlY roue-s yew 4 3Rd yaw �to ,. Tata!lnRaalr.eture C-we 063)000) so $0 $0 $0 $0 so 30 SO 50 $0 50 so $0 $0 DEVELOPMENT/RENOVATION COSTS _. gshaset','4aWwn S...9 (ii6,IY_V4J... WhaseT,C 51Iaga 6$andeAel9,Earmal 9eatipg forlsO ($1 42,Mo). Phase3,:Patio,Walks Landscapin$ Phaae 4,..Snack Ba uvirM l{estmams ($177 W)) Tyiel Capital Coati $0 ($004,130[7) 50 40 $0 $0 $0 $0 $0 '$J.; $D 50 $0 50 $0 TOTAL INFRASTRUCTRE AND DEVELOPMENT/RENOVATION COSTS UE3EC0) ($004,006) SO $0 $O SO $0 $0 50 50 so $0 $0 97 3O SOURCES OF FUNDS FOR INFRASTRULTURE/C'APITAL,COSTS Fe,.k-t Tovm DPW $0 520,044 Du.at©d.Materials $U $14,000 , $tato amd Federal Grants. 545,1'9 $45,0043 Prlvela:Grante Oarya[ahe.IBpPnaolsM pa Derialmn9 $omo Total Son ces of Funds.Ter lnfraelf-urelCapltal rests $63,000 $100,000 30 $0 $0 $0 50 50 50 $0 $0 SO $0 50 $0 TOTAL INFRASTRUCTRE AND DEVELOPMENT/RENOVATION SHORTFALL TO TOIA $0 ($284,0 $0 $0 50 $D $0 30 80 $0 60 $0 $0 50 $0 REVENUES G-P R.ntm($2JPai44n) $36000 $A4004 Wpm mma $ ima MERE 1Cs"Wo So= Ism :3500 OOD 3"�rdM%1" $9AAW VMP PwkioO(510!$5) $50,1%0 WOOD $60.000 $6s.m) 575.0. :$75 rM $76,000 $75 OOD $79rWA' :$75 tN00 $x6Z` $7S.0W $75,020➢ O sm Sates $6,Q00 110,900 515,000 $201090. $75.00? $25,990 $251994 $2S.OQa' $25,000 '$25,QQD '06',OOQ" 05000" -MOND Opeialior::Qia da(NEA,NE44 NYTGA) $10.0170 $IOODD $$0,000 SPOpm $10.000 ;$40090 $1QPQQ $10,0M $p0A00 -$ID,090 ;$101INA„ S1'Opm, Total R.e-,ea R7 $0 $100.000 $115,000 5130,000 5145,000 SOMPOU $165p00 $165,000 $166,000 $165,000 $165000 67650110 $165.000 $1651NTJ� OPERATING EXPENSES Jolame(Paawna 2%4fP1ap,t). $540 $1000 $3,007 513000 $3,000 $3,0790 33.080 63 DOO $3SDO 33,001 SaEpp $3,$)LID "$3*, "$3dY14", SbifoleNlma $7SDr3 FIS,OOO $45$700 $15,900 F$5,0p:. $tS.000 $1SOOO $15JEW $1SRUG $$9000 $19000 "$3SAW, ,116DW, "41'9090, HwIdId4 Malntenanpe $2500 s2 s00 $2,&7[Y $2.504. 52,590 $2.90$ 5.2,000 $9,gA%A S6p00 $s,p00 S S's Duo" „k}lob0' N510AIfidS pryatnlenanes $1 Am $2,G4q. $5070 4'9,01m7 $S,OW $5.(037. Wow �:$S,OfOA $$,000 65,000Ss* � $5,10070 � I. Total Expenses S1,500 $4D;5EO $25,500 $25,500 $25.500 515,500 $25,500 $25500 $25,500 $29,000 $ 400: $28.000 VILD00 528,0(X1 528900 NET OPERATING INCOME ($1,5001 (510590) $74500 $'09600 $104 SOO 5119,600 $133,500 $139,500 4139,500 51W.000 $137,000 $137,000 3137,400 $137000 $137,000 OVERALL COMPONENT CASH FLOW ($1,500y (5295.300) $74,500 $86,600 S104,W0 511%5W $139,s00 $139,590 $100,000 $137,0GO $137,003 '$137,000 $137,900 $137,008 $137.007 NPV(OVER A 25 YEAR PERIOD) 51,707,483 TOWN SHORTFALL $0 PAGE 6 OF 15 GREYSTONE ESTATE PHASING PLAN(DRAFT) ADMIN BUILDING ''.... YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 INFRASTRUCTURE COSTS Eled cul,upgrade ($500) SIie L Ohhog (56.00 w $D 50 Tmr llUroslewMure Costs 05,500) $O $0 80 50 50 $0 S0 SO SO $0 $0 $0 $0 $0 DEVELOPMENT7RENOVATION COSTS ..... Bn$erior Rawm^aflmn fb7S,PW) Extarlor Runpv Im,I.0 d-ping (119500): No to Tmtal Capilal Costs ($44,503) $0 $0 00 SO $0 50 $0 $0 50 $0 $0 $0 so $0 ,TOTAL INFRASTRUCTRE AND DEVELOPMENT/RENOVATION COSTS (550.001) $0 $0 $0 $0 �0 $0 $0 $O $0 $0 SO SO so $0 SOURCES OF FUNDS FOR INFRASTRUCTURE/CAPITAL COSTS Foice A-unt'Town DPW $3500 Aonatoo Motonuls .51259 $tate and Fedotal Grants. $0 P-16 G,wrr,Cdrp-0 Spopporahlps DoOolrmha $0 Tmlal Sources of Funds for lmftowru*urn/CopU:ai Cosa SA 750 so 50 SO so 50 SO 5o... $0 so So $0' 50 $0 $0 TOTAL INFASTRUCTRE AND DEVELOPMENTIRENOVATION SHORTFALL TO TON ($46,250) SQ $0 SD $0 $0 $0 SO $0 54 $0 $0 $0 $0 SO REVENUES ORs9 SPace Lea6k mama $18,000 81&,000... $18,00 5IrGOI SIB.MO $18,000. $10, ..118000 518.COD SIO000 VEHUDU $191= ,118.000 Total Revenues $0 SiB,Q10 $16,000 $18900 $1B,CW $18,001 $16,003 $185u $16,000 $16DW 858000 818901 $16.000 LUGODO $18000 OPERATING EXPENSES Wldae(A.-2%a$Pralad) ._. ._.. ...._. $1500 $115W 51,5QR $po $1 BOO $1,500 81,bp0 $4%D 8.500. ,51500 $1.600 SH607 $1 AD $1,500 $1EQQ Salanes(A,.-2%of Pt�w) $1750 -43504 03500: $3,500 53 0 $3.5010 5351D $3,500 $3550 ..:$3500 $3.506 $3,600: $3r" - $3,$4X7 $3500.: a. ng nO M.00narse 15000 S5 m T5,W0 56.000 $$A00 $5,41D $5,947 $5,0010: S5,ODD $SFTO 15GOO S59TA 86,00`, 55M $5,000'.. (-u W.MenlenanCe. Vlow VAm $I,00d 5ipw $1;GCM 403,000 $1,10 $1000 SIAO ....$1006 $1;OD0 5190' $1 PRO SY904 $1,900.' ILS ; Taw Yal E.Expenses $azm $r1,tMo $11.000 511,410 $11,0£ID- an A00 5119Do 511 HER 51 TWO aiiva $11,000 511,NBo' 411 aaD sn 9m $11 am NET OPERATING INCOME (59;250) $7000 $7,000 $7900 57000 $7.000 S79UO $7,000 57,000 $7'DW $7,0w $7,000 $lpw $7000 $7,000 OVERALL COMPONENT CASH FLOW (854,500) $7,000 $7,000 $7947 $7,000 $7,000 $7,000 $7,CMO $7,000 $7,000 57,0001 $7,OW 17,030 $7,000 $1,000 HPV(OVER A 25 YEAR PERIOD) $62,183 TOWN SHORTFALL SO PAGE 7 OF 15 GREYSTONL ESTATE PHASING PLAN(DRAFT) MANSION YEAR 1 T 3 d 5 6 7 8 9 10 11 12 13 14 15 INFRASTRUCTURE COSTS Urlky uwaredes........ ($140MO). ($740.0010). Sharon k (526,DO0) pe—.tFNm669,A—.,Ste L.igNigg (577.000) (1172.DOO) CdurlyaN Welk.,Landscape ( 1000) Ta1a1 Inf..[radars Galls s0 $0 (5230,000) (5212,000) s0 $O $0 50 ($90,000) s0 P3 00 $0 $D $0 DEVEILOPMENT/RENOVATION COSTS stats'«strud-r CedeC-ple,te,0 9" ($794X41 E nal SI41 finhm @090,0400 (65f pw) RBriavwIt—Phaea 1:Renmte Ent Flo, 1$7609017). ($750900) RerttvMmns Ph 2,Rer ele RArmalhna Flarorw. RaRpva-lo=Phan 3`C4mplelo AD"lma.f wank TOM Capital C00% s0 $0 ($590900) (5650,000) so $0 $0 (5150,000) ($750,1790) $0 $0 s0 00 SO so TOTAL INFRASTRUCTRE AND DEVELOPMENT/RENOVATION COSTS s9 SO ($820,000) ($862.0130) $0 s0 s0 (4760,0 FIB40,000) ED $0 s0 s0 NO 10 SOURCES OF FUNDS FOR INFRASTRUCTUREICAPITAL COSTS f—Aeraunl:Two DPW,Builol,g Qept. $40900. $401 $40PM $40000 u"Mod mpt.gatl$:. .. $t'3,$00 $73 $13,339 sla= Stale and Eede"I Owls $2QQMD1 SUM) $20DA00 82010040 Arh$ta pram.Ca07pfala 5poserahi panspene" $801000 S4, $00,000 $ER940 TWOSaurnas of Funds fer lnfraslructure/Caphei Costs so 60 $333,333 $333,333 s0 SO $0 $133,333 $333.333 s0 50. $0 s0 "s0 "$0, TOTAL INFRASTRUCTRE AND DEVELOPMENT/RENOVATION SHORTFALL TO TOW $0 $0 ($494A67) ($526,567) $0 SO $0 ($416,667) (M667) $0 $0 $0 $0 $0 $0 REVENUES Qpa,.tI.OYwn$e(NEA.NEH,NY SCA) - $0 0900 $25000 $25,040 "F2$10001 $2$000 $25'm' Flisl Flwar Emenl R.11M,$7507E901I) INDEED $10,[90 SI6Dw ¢120Ap 625mG ' "sApm' Total Ravenuos _ 5q s0 50.. S0 s0 so s0 50 $0. $35,000 535,DUD $40AOO $45.000 $50000 $50,000., OPERATING EXPENSES ngfiC Coldas(Asett-10%OPra)eut1 $2509.. .,'$5900 sspw, "Am '¢5„007 'DOD' ssAD9"; sw)@ (A s'a%a1pro)ns1 owdigM nla ce 1$1900 $I F'4%1 i2 60994 9M�,l k; Grounds 7vlan19nance $2,649 $2,500 '42 {2 SOp,'. ."$0,600 , ,32,587, Insulwnca 52 900 $2,000", Teial bp..— $0 sO $0 $0 $0 $0 sO so $4,509 ,.:$10,600 $lv,Suu $11 SOD $12,503 $$4,503 $14,500, NET OPERATING INCOME $0 s0 s9 $0 $0 $0 $O $0 ($000) VOW $24 SOD $26,500 $32,500 $35,500 $35500 OVERALL COMPONENT CASH FLOW $0 $0 ($494,667) (1530,667) $0 $0 $0 ($416,567) (5511,167) $24fDQ $74,500 $28,600 $32,600 $35,500 $36,503 NPV(OVER A 25 YEAR PERIOD) ($f,324 416) TOWN SHORTFALL ($1,770,167) PAGE 8 OF 15 GREYSTONE ESTATE PHASING PLAN(DRAFT) ■ Phase II:Mansion and Carriage House(Years Four Through Ten) ■ Objectives: • To establish uses that complement and leverage upon the awareness created by the Amphitheater • To create facilities that would be attractive to experienced operators and that could be net leased out on a long-term basis. • To restore the historical structures on the Estate • To minimize costs to the Town and generate regional economic impacts ■ Uses Created: • Mansion—As part of this Phase,the restoration of the Mansion's of the first floor interior,and stud-out the upper floors would be completed.This would reestablish the historical integrity of the building and make it an attraction,and allow minimal use(including small meetings,art and historical exhibits,etc.)on the first floor.The undeveloped upper floors would be held for later development,likely in conjunction with an upscale restaurant in the Carriage House,and/or an inn. • Carriage House—Under this Phase,the renovation of the Carriage House exterior and stud-out the interior spaces would be completed.Similar to the mansion,this would reestablish the historic integrity of the building;and allow for easy conversion and fit out for an experienced upscale restaurant operator.The Town would also grate and prepare the surrounding land for outdoor function use in conjunction with the restaurant. ■ Timing/Cost: ■ Mansion(Interior) • Development Period:Three years • Development Cost:$1.59M • Fundraising/Grants:$666,666 • Shortfall:$925,000 PAGE 9 OF 15 GREYSTONE ESTATE PHASING PLAN(DRAFT) ■ Carriage House: • Development Period:Three years plus one year for tenant fit-out;to proceed upon stabilization of the Amphitheater • Development Cost:$1.13M • Fundraising/Grants:$420,000 • Shortfall$717,500 • Estimated Annual Income Year 1 of Operation:$48,500 PHASE II:MANSION AND CARRACE HOUSE YEAR 1 2 3 4 6 6 7 6 9 10 11 12 13 14 15 INFRASTRUCTURE COSTS '.. Total W wd dure Curb NO 60 W N7 (5117,500) (5150,000) R22OPM W (AOP00) $0 10 10 M 10 so DEVELOPMERTIRENOVATION COSTS TWO CaPNaI Cua% 70 6D S1 SO (6160,000) (5200X00) l'i260,(M (5750,000) (67GQXM W W $0 W 10 90 TOTAL INFRASTRUCTRE AND DEVELOPMENpRENOVATION COSTS $0 00 $0 $0 (5267,600) (6400 DJ� (S47O,000) (f76OXD) N010PW 60 10 7O W $0 $0 SOURCES OF FUNDS FOR INFRASTRUCTUREICAPITAL COSTS Total Sou—of Fund.for lnhaprvduWGPNaI Cops W R $0 SU $110,000 $140,000 WWI) 5333,333 $333,314 60 Nl R SD W PO TOTAL INFRASTRUCTRE AND DEVELOPMENTIRENOVATION SHORTFALL TO TON $D SI 60 $0 ($127,000) (52W900) (5330,W0) 4116,%]) (5506,%7) $0 70 NI m EO N1 REVENUES Tarot Revenue $0 $0 $0 $0 10 $D $0 550,000 650,000 6859m $16,000 $M= MAW 3100900 5100.000 OPERATING EXPENSES Total Expea— 50 W 60 $0 NI $0 $1900 61 WI $6 P00 512;000 $12900 613AW 614,000 516900 I;WDOO NET OPERATING INCOME W NI $0 60 N3 50 (11 PR 546,500 644 ADO $73 PDO 573DW 577,000 661,000 IB4= 684,000 OVERALL COMPONENT CASH FLOW 50 SO to W (6127,606) (6260PQ1) (5331,010) (6368,167) (WAKn A39OD 670900 WPM 661 POD 164900 SEW POD NPV(OVER A 25 YEAR PERIOD) (5496X23) TOWN SHORTFALL (51 P77,M PAGE 10 OF 15 GREYSTONE ESTATE PHASING PLAN(DRAFT) MANSION YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 INFRASTRUCTURE COSTS.... VliliiY VFJ+adas (1144IDO0) ($740W40}. Pavemanls,Pafkfn0 Auceas Ste U9h1mg 1572.000) (512,001 Comlyard Walks Landscape (890,000) TatallrNas4ruaUrra C.I. $0 $D (S238POO).(V12MO) $0 s0 SO 50 ($90)00) SO $0 $0 $0 $0 $0 DEVELOPMENTJRENOVATION COSTS StAil¢e$0tictUra G@SF 1-pfi nce;0.09. {NOOIftt1O) Final Saabrluxstron ($490;000) ($MOJDM) R,-bans Phase I:Ren".Errnl:Floar ($750p00). ($750XD) Remrva$ons Phase 2`R soaMa Rremainmg Flsms Ra�nmjo wz Phase 3'.gamplarys All I-f-r tlWa4li Teral CaPHxI costs s0 so (3590=) ($650,000) so '$0 SO ($750,= ($750,000) to $O W SD $0 s0 TOTAL INFRASTRUCTRE AND DEVELOPMENT/RENOVATION COSTS $0 80 (9826,000) 062,900) $0 $0 $0 ($750,WO) ($94U,WU) S9 $U $0 $0 SO 80 SOURCES OF FUNDS FOR IMFRASTRUCTORE7CAPITAL COSTS F.-Accannf T-DPW,BulLrig DogI, 94O,OW $40,,000. $440019... $40000 Don d Mafefws $13,331; $13,333. 8$9,333. %13.333 Stale and Fedeeal.Glarvis. 52M 5000. $200,D00 1,200pou.,. QW1009 s Fn 9.G N Cmpdrate 3p..-hips,Danat- iwm 560DOD $00,000 $90,000 Tatar S wrees of P-d.foe Infrastrndurn/Cap lfal Costs $0 $0 $333,333 $333,333 $0 $0 SO 5333,333 $333,333 50 $0 $0 $0 $0 80 TOTAL INFRASTRUCTRE AND DEVELOPMENT/RENOVATION SHORTFALL TO TOV $0 50 (6494667) ($528$67) SO $0 50 (541GE137) ($508,697) W s0 $R $0 SO so REVENUES Opetakor 0,NAO.(NEA,NEH,HYSCA). 59'.. b25,T%Y7 $25,000 52500 825,0DO ,s25,0Q0, ,8?r,1k07: First$ingr Evaa1 Rt-1w.{$P501Evanl) $f0,fi00 SIOMO $15HOU $2AA;D, $25,699 ,$25F70; Tafel Revanaas s0 SO $0 $0 so $0..... 50 $0 $0 $35= $35 Goo 54,300 $45AOO,.. $50.000, ,.%50,000. OPERATING EXPENSES Vlilillea(Assume l0%mfProleci}..... ...... $2,600 lisma, 1155000 851IXK+ YaM, Salanee(Assume 20%of Pmjm) Bu9bm9 MalMemamce 11,000 52 825040 $1A ;. AoW. O Grounds Ma Mananea S2SM7 82640 $2,8 42`,.�! $"5EU %2.E ..Insurance. $2. $2 82,300 -ENT b2 S2 %2.1T0'. Tatar E.pnnses s0 SO $0 s0 to so $0 s0 54150D $10,500 $1D,50U $11,500 $12509 $14,500 $14,506 NET OPERATING INCOME $0 $0 $0 SO so s0 s3 $0 ($4,500) $24,500 $24,500 $28,500 $32= $35,500 $90OD OVERALL.COMPONENT CASH FLOW $0 SO ($494667) ($620,667) $0 $0 $0 ($416687) ($511,167) $24,500 $24600 $28,500 $32,500 $35,500 $39,5ar NPV(AVER A 25 YEAR PERIOD) (81,32-0,415) TOWN SHORTFALL ($1,770,167) PAGE 11 OF 15 GRE YS'T ONE ESTATE PHASING PLAN(DRAFT) CARRIAGE'.HOUSE YEAR 1 23 4 5 6 7 8 9 10 11 12 13 14 15 INFRASTRUCTURE COSTS '... Ljoly ue8,ade5 ($1EO,Ooo) (voDADQ) ($14o CM7 soa-rs .(417.590) Parer''+eiUla F.A,lqAi',ces.s.It aitiao) ($50,000) Ta--,WValke Land—jpLPatli&I) 330.000) G dp F.I1g L d pa;(P.,6ak) moml Tore!Inirasiruaure Casts $0 $0 SO 50 (5117,500) (5150,000) ($220,000) SO SO $0 $0 SP $0 $0 $01 DEVELOPMENT/RENOVATION COSTS ScabrGae Se aura.Code Co pl aace.Das;gq (675000) 61mal Ola(kl al pn ($74000) Ro—f—Phase 1 6Ran Iry bo SMd). ($251$,OIXJ) C5250,007) T.1.1 Capital Cask 50.. $0 SO $0 (5150,000) (5150900) NEE DEC) so W W $0 $0 $0 $o so TOTAL.INFRASTRUCTRE AND DEVELOPMENT/RENOVATION COSTS $0 SO w $0 ($267,600) (5400)D00) ($470,0 $0 50 $0 $0 $0 $0 so s0 SOURCES OF FUNDS FOR INFRASTRUCTURE/CAPITAL COSTS 6'orag Rv—ml Town DPW 6uddmg Omni,. MOOD $20,000 f20AAw Dosaiad.Ma(wNis ... S20,000 $20,007 $20,a4Q 5taMa and Federal rorante. 51009QQ $10010Sa? 51QOAOO Total Saprses aFFunds far lnfraslcu<4urelCalrilal Casts $0 $0 $0 50 $140909 5140POO $140,000 $0 $0 $0 so $0 So $o 50 TOTAL INFR:ASTRUCTRE AND DEVELOPMENT/RENOVATION SHORTFALL TO TON 50 $0 $0 $0 ($127500) ($260900) f$330,000f $0 $O $o 50 $0 $0 $0 $0 REVENUES Net Lea»e Payments swEUQ VA ADD 550,GQ0 $$Q,OQQ $$Q1Q99- 55Q,OSW ,&(01,00,,SFOXE TaW Rswsmus. so $0 $0 $0'. 50 $0 $o 550,000 850000 $50 ODD $so= MOOD >$50.900 360,E MOM)... OPERATING EXPENSES U11tllipe' $1 Ow $fCw $I,= $1 DOB 11.0110-. $4.000 $1 $1.NQ11 iTAQ4=:. SoNdes Bdildm$Matrsenanoe , Qto"O Malmo-. $600 $500 $5pq #SOW' SSgA X500 45614 $;EAINr. Total ExPeasss s0 $0 S0 $D $0 SO PEED $1,500 $11,40 51,500 $1 SEE 51,5[10 SI 500 $1500 $1,500 NET OPERATING INCOME $o SO 50 $0 $0 50 (59)(x) S48,S00 $40,500 $48,507 548,500 $48,500 $40,500 $48,506 $48500 OVERALL COMPONENT CASH FLOW $0 s0 $0 $0 ($127,500) ($260,0 ($331,0 W,500 540500 $48,5OU $48,500 $48500 190,500 $40,500 $48,500 NPU(OVER A 25 YEAR PERIOD) ($54,493) TOWN SHORTFALL ($330,500) PAGE 12 OF 15 GREYSTONE ESTATE PHASING PLAN(DRAFT) ■ Phase III:Chapel and Dormitory(Years Ten And Beyond) ■ Objectives: • To allow the stabilized uses created in Phases I and II to dictate the development of the Chapel and Dormitory • To save the most capital intensive uses for the later stages of development • To minimize costs to the Town ■ Uses Created: • Chapel—As part of this Phase,the Chapel's exterior could be renovated to be consistent with the Mansion and Carriage House.Potential uses of the Chapel include meeting and banquet facilities,art gallery space,etc.The Chapel could also be demolished at a developers expense to create space for a new structure more consistent with the existing uses at that time. • Dormitory—As part of this Phase,the Dormitory exterior could also be renovated to be consistent with the Mansion and Carriage House.Potential uses of the Dormitory include an inn,office space,art gallery space,etc.Similar to the Chapel,the Dormitory could also be demolished at a developers expense to create space for a new structure more consistent with the existing uses at that time. ■ Timing/Cost: • Chapel: • Development Period:Likely one year;upon stabilization of the upscale restaurant in the Carriage House. • Development Cost$850,000 or more • Fund raising/Grants:$250,000 or more • Shortfall:$600,000 or more ■ Dorms • Development Period:Likely one to two years;upon stabilization of the upscale restaurant in the Carriage House. • Development Cost:$6.OM or more • Fund raising/Grants:$3.OM or more • Shortfall:$3.OM or more PAGE 13 OF 15 GREYSTONE ESTATE PHASING PLAN(DRAFT) Limiting Conditions This study is intended to demonstrate the potential differences between various development alternatives on a comparative basis based on an"order of magnitude"estimate of potential costs and development issues. A variation of financing and transaction alternatives is possible for implementing each of the development scenarios. We have relied on published market and financial information,and other third-parry sources as the basis for our analysis. Our findings in this report are for the exclusive use of Town of Wappinger,NY for the purpose intended,i.e.to assist you in identifying the preferred development alternative based on your goals and objectives,and aid in further decision-making. Our scope of work does not include formal market studies, property appraisal,or an accountant's examination of prospective financial data or an audit of historical financial information in accordance with standards established by the American Institute of Certified Public Accountants('AICPA") or professional associations regulating appraisals. Furthermore, our work has not included an accountant's audit or examination of either historical or prospective financial data. Our work has not included ascertaining the legal and other state and local government regulations, permits or licenses and American with Disabilities Act("ADA") regulations. In addition,we have not conducted detailed procedures to verify the estimated construction costs provided by the development team or its representatives. Any financial or economic analyses contained in our work product should not be considered a"forecast"or"projection"as technically defined by the AICPA. The use of the word"project","projection"or"forecast"in our report relates to broad expectations of future events or market conditions and quantification of the potential results of operations under a varying set of assumptions. Since our analysis is based on estimates and assumptions and are inherently subject to uncertainty and variation,depending on evolving events,we do not represent them as the results to be achieved. Certain assumptions inevitably will not materialize and unanticipated events and circumstances may occur. Therefore,the actual results may vary materially from the estimated results. Finally,the sufficiency of the E&Y procedures performed is the sole responsibility of PWC. Any conclusions,recommendations,or findings are solely for the Client's use which is to be limited to the purpose and definition(s)as set out herein. Furthermore,the sufficiency of the procedures for any other purposes is the Client's sole responsibility. These procedures should not supplant any other procedures the Client may deem necessary. Had we performed additional procedures,other matters might have come to our attention that would have been reported to you. Our conclusions, recommendations, or findings may not be referred to or referenced in whole or in part or in any other manner without our prior written approval. In the event you request and we agree that our report(if written)or parts thereof, or the findings from our procedures(whether written or oral)are to be shared with any third party,we will require them to agree,in writing,to certain conditions as a precondition to our granting PAGE 14 OF 15 GREYSTONE ESTATE PHASING PLAN(DRAFT) them access to our report or the results of our work. In addition, the release of our work may require BY to perform additional procedures not included in the engagement letter. Our report is based on facts, as we know them, estimates, assumptions and other information developed from our research of the market, knowledge of the industry and meetings with you or your advisors during which we were provided with certain information. The sources of information and basis of the estimates and assumptions are stated in the report. All direct and indirect information supplied by you,your agents and assigns concerning the engagement and the underlying properties is assumed to be true,accurate and complete. Information identified as supplied or prepared by others is believed to be reliable, however, we have performed no procedures to evaluate the reliability or completeness of the information obtained, PAGE 15 OF 15 GREYSTONE ESTATE PHASING PLAN(DRAFT) • In order to minimize costs to the Town,maximize the Estate's ability to offset any future costs and leverage the current facilities on the Estate,we have developed the following,three phase plan. • The estimated sources,uses,operating revenues and expenses used in this report are based upon data provided to E&Y by Frasier and EYP. o Overall Timing OVERALL TIMING YEAR 1 2 3 A. 5 E 7 E 9 10 11 12 13 14 15 PHASE A04nf44mfion Bu dnig, XXXXXXX. Zplt eat& XXXXXX7XXXXXXXX (YIatsim(C-19 ,) XXXXXXXXXXXXXX PHASE II mN"Sign(lntw"Qr) XXXXXXXXXXXXXX Owdatse 004$$ ' XXXXXXXXXXXXXXXXXXXXX PHASE 111 Gtmpu %7t%XXI{7S%X%%DtX%ISXX%%XX%X%?GX7C#74X%JNXX% ftarrni�tarp... X%XXXX%XXXXXxxxx SXXXXXXx)b(Sl cXxkXX%X PAGE 1 OF 11 GREYSTONE ESTATE PHASING PLAN(DRAFT) 1 o Phase L•Amphitheater,Administration Building,and Mansion(Years One Through Four) • Objectives: o To begin developing the Estate o To establish uses that create awareness for the Estate and ultimately fuel additional development o To minimize immediate costs to the Town • Uses Created: o Amphitheater—The Town would develop a 2,500 person capacity amphitheater.This amphitheater would ideally be sponsored and/or leased out by an umbrella arts organization such as the Hudson Valley Council for the Arts and would create revenues through facility rental/lease fees,parking,and concession sales.The Amphitheater and associated visitor traffic creates awareness for the Estate and upon stabilization,will likely provide income to the Town and fuel the development of additional uses at the Estate,including an upscale restaurant. o Administration Building—Under this Phase,the Town would renovate and transform the existing Administration Building into high quality office space.Ideally,this space would be rented under a triple net lease to an arts or environmental organization. o Mansion(Exterior)—Under this Phase,the Town would renovate the exterior of the Mansion. This would reestablish the historical integrity of the building;build landmark appeal for the Estate,and support development of the Carriage House,Chapel,and Dormitory in future phases. • Timing/Cost: o Amphitheater: T • Development Period:Two-years;immediate start • Development Cost$447,800 • Fundraising/Public Funds:$163,000 • Town's Initial Outlay: $284,800 • Net Present Value of Cash Flows:$1.7 million PAGE 2 OF 11 GREYSTONE ESTATE PHASING PLAN(DRAFT) o Administration Building: • Development Period:One-year;immediate start • Development Cost$50,000 • Fundraising/Grants:$4,750 • Town's Initial Outlay:$45,250 { • Net Present Value of Cash Flows`.$62,000 o Mansion(Exterior): • Development Period:Two-years;start in the third year • Development Cost$1.69M • Fundraising/Grants:$666,000 • Town's Initial Outlay: $1.8M • Net Present Value of Cash Flows:($922,000) PHASE:'AM01V 0FATER.AommeTRATION MONO.AND MANNION. j'EpN 12 3, / S' s 'F Q 9: 'IQ 11 ]2 13 14 i5: INFRASTRUCTURE COSTS TNHIMrupuc CMA': (MA to !$33NA00) 4F7i0A00) NJ 'NI W. 10 1a $0 X10:. SIO NI 7tl Ib. DEVELOPM€NTAiENOVATION CASTS Te lQWNA1 Cus (14,6Qo) kw3 a1I0) meop0% (LG60AQA)" to W $0 69 TO $0 so W AD J0. Ta TOTALINF"1UICTRE AMR KW(OPMENT1AENOVATION COFFO, HNt3,0'0) (F+8$,49Ok (O"XM), (p3 ULO) $0 Sp. W, $0 9, "IA�. 1Sp V V V.. SOURCESOF FDNDS FOR IRFRASTRUCTUREMAPITAL COSTS TPIAI Simum TFuPoski lARaino.WCAPNEI COM W,7W 11ap m M3�w .133333;7 $0 SO $0 W s0 .TO :IOi $0 Al 74 10: TOTAL INFRMTRUCTRE AND DEVELOPMENFATENOVATION SHORTFALL TO 14% (F1E,z5Di (L371,Q00) (F14k;64T) (916W 33 IQ $0 DT .i0 so 11' m W fp 10 NEVENOES 7,..1 RM.— IQ: :f10J0.. $1:10,X0 SIMOW $1/0'•AOO $163000 $1631N0 V83=. 0"DOO. ItOOX0 1163000" 1T a3WO $10MO 410M 1193JU OPERATING EXPENSES T.0ma Eq.f 110'M T21'sou waw -fi0,6AQ 156 am 136,f,6A FT&,GI9 I66,o 1a6A0a MOM oe0QA F3 x '1'Opr 09bon E39Am NET OPERAT64G INCOME (110,760) (6%5q 1fiW IEW)5OP $111,W0 ;126,500 $1/6;@90 $115510. 1110,X0 1144XW 114000 fU1,UQQ :414000 1114WO 114003 OVERALL COMPONENT CASH FLOW (IWPm} {$26,3X) ($119;167), i1131',467�, $111,500 414AM 11$6;500 $1,16AW $116,500 $.141AO0 114,030: $14,000 '6144AW MUM SWOOD: NPV(OVIRA 21 VERA PERIOD) W71763.. TOVTN XNORTFALL. p,: PAGE 3 OF 11 GREYSTONE ESTATE PHASING PLAN(DRAFT) AMPITHEATER HEAR 1 2 3 A 5 6 7 0 9 10 VI 12 13 14 15 )NFRASTRUM ORE COSTS F h-i5123,m) ph.-, Eleollral;upp"d. 05RNtSM RNae a.3:,S0FIWm (519,007) PYaae4 FF-J6,o) 1hNr Pipj 1 I k q Y 65 yr eue,Rs 5ear4 and AN5f 5$. k'. Tata;Infr efru.I,-Casln (663xo) $9 50 $0 $D $O SO $0 $0 SO $O W $0 SO 10' OEVELOPMENUMNOVATION COSTS Phis t-buali,g_..:. (Slam) Pa1'.9l1 RnSwM1tylLf �S 18ru51pr,8&SI 51752 000). FlYwae3•.P,na w16s kandscaSUlg, 'fS4730n) c nzaxd:enacw[de wnll w?eu ur,.rria (s1'n m) $17 Tueal canlfNl co- w ($a94,e00) m, sosa $o sD so m $'D $n $o sri w so. TOTAL INFIIASTRUTIRE AND DEVELOPWIENTIREMOVATION COSTS (5-'500) (WT-0) NO so %t $U SO 90 $0 SO so f0 90 &0 so SOURCES OF FUNDS FON INFRASTRUCTURE/CAPITAL COSTS hoSCV:A g-I I DPWW 50:......$24WD Dnnxle MYAer alu m STOOD E,5alm 4,TdfId-(l-r ,,: $45 LED 95,000 P4rvnle}715n$s.Lmrpgfal8 Spinaooshl Ow iaS'on5.: SISIM00. S25 Dp(1 Tml Sou as aT F rands fut114-11-11-1p Ul:Cosfz W MO $$DO,MO $O so $0 SO R5 SO so 0 No °y0 $0 ;,$0 $0. TOTAL IN FRASTRUCTRE AND DWELOPME MTARENOVATI ON S HOWAL L TO TOA $0 ($3941DI70) LD v SD $O SO $0 $0 SO SIT $0 SD SO $O REVENUES ,"'o R,,dSl(42✓r'+fs4n)... 335,)) MAX $150)0 S..D 01L1 $661000, $55poo W5 5V9 $5},mTi S,55059 55555x1 55,a`,TM9, $°5.(475 ,55 fn VIP Pa*5dn0(VA15) 505,F170 155010. MOW $65 GO6 W6000 175,[&11, WOLF) SAIAM $1659Dfl:. 176X0 675,1$51576W 1T5,TFW CpnE0wo Sola S: $M, $1p OM STE 0XII SA)OM *25 OW 526,009 $25 DOD 1 ADC 42$pocY $499 ',$251 :D20, 1266 Cpelalun frarrtu(NEA,NEH,NYSGF) $10II0, $10,55 siD,OYa $10(a $1O507D Slowo 114Oo0 3I ora $tO555E5- $561,Ot10 551005X1 344543 15g594D; Tonal R.-HI®s SO $0 SIM" S116MD SCE1,050 $145PM 3165,000 5165,000 $105 OW $165000 $165;51 $165DOO $165,000 SIM= $165MU OPERATING EXPENSES U59f ae GL *eY/OFI,.Ar55 ... .._ .... &500-....51,050 83$7( 57AP5, $3,009 $3,uw $3RD& $5,0;5. $3,457[ $,330E! 5300(1;. S3,CL15f 19,Ttta ,13,WpJ Sim S1N�UuaO Kp 57,560 SS4ym0 SO,Lal 5MIII0 $i5,agG 815,tli0q 1155515 smp�Nm` m000 S16TAO:: $15MO =185 aw MS(11) 45 d 1dig p4 t $25067 $25')0. $2,^xM $2,500 $2,$Ra SUM S?%j 95" $6RM SO)EI ff4,- SEM ASMI Grcnunda Nla fe F1GOU. 52000 S5,$AO Sum $54W Sym SSPW $6 t9KJ'. $5[5X1 51m, $6Ma; 56mo $SPXI 15,[$83 S6MT:' nnnne TW.ENp-F- $1,500 110500 $55,500 $26CIO 125503 $25,590 $25,,6m $]S,SOJ M EW $28,007 MM lFMDM $28MO 125.000 $7-9500 NET OPERATING INCOME (11,500) (51D,600y S7/$00 $69,500 8104,500 $119,500 5179,590 $139$90 $139.1) $137M) $13TOW 1157,090 $177,= $1�37A00 $1179M OVERALL COMPONENT CASH FLO. (1'1,565)' {8255,70f5M $74,600 $E9 FM $104.,500 $119,500 St?7,500 1l3W $139$00 S137,EM 3137WO 5137MO 8137= $137,000 $137,000 NPV(OVER A 25 YEAR PERIOD) $1]O7 483 TOWN SHORTFALL SO PAGE 4 OF 11 GREYSTONE ESTATE PHASING PLAN(DRAFT) ADMIN BUILDING YE 1 3 4 6 6 7 4 9 10 11 12 13 14 15 INFRASTRUCTURE COSTS 6lewrnaiupgraas 0$569) 3 ie LIUUltlry (45!A4� bb Total YnFrasinidurm.Coals (55gA7 SP $O SO to 80 SU YO m $o 90 30 SO 80 'KI OEVELOPMENTMNOVATION COS TS Inlenor Rerooaat,nl t625 fAu) E4ter{urR n to,A.a[UecgµinE. $0: Total CA,41M Cnsls f$44,500) so 49 $o $0 8o In $0 80 SO NI 30 3r7 8P w TOTAL NFRASFRUCI'RE AND OEVELOPMENTIRENOVATION COSTS ($97,@'0) $0 80 $0 $0 80 NI $0 ED $4 $0 $0 so. $0 $O SOURCES OF FUNDS FOR INFRASTRUCTURNCAPITAL COSTS Fmoa✓ae wt 711w1,0aw7 93: 'J OooaletV.MalunalA. 61;7(41 SWahrlf 14,01.,rro094 so Pwnte Q-ts cwmatN.b'yan„-p4 Dcri$114@m $D Ta1a1 Sou ea off nJs$orl Gasvuctwo3Capiral C.- $4,750 $0 $0 $0 $0 $0 $0 $A $0 $0 $0 $0 $0. $0 HT TQTAE INFRASTRUCTRE AMU OEVELOPMENTIRENOVATION SHORTFALL TO TOA (345,2') $0 $0 8O 30 $0 so $4 $0 80 $0 60 $0 60 TO REVENNES 416me SpoL-, ...... .. $10 F79U $1 BAD 3181,40 51N,n4U. $OOD $03+1303 $IIDw $16,300 WOOD $18000.: $19,4G,4 575= sloo 3i9,w Taeal Ra-.1 A) slonoo $4006 518 ,OOO 414,000 578,000 $1o= 5180711 S18900 $18,000 $98,000 $10A1Cq 810040 814,000 818,000 OPERATING EXPENSES Uu IT,.y(1h-.,2%al Protea) 6t Aw $1590 $9.50.1. 1,1` $1&10 &1600 11,59ri $I,6w., $l Soo TIM 89 $Y C00. ,519,7 ilm s1po1i 51.�'YU.; Sala IHS CAasvnre 2%al Ft,;aJ9n,1) $176$6 "$39001 $3,500 $3500 {0.`0'0 SI'Sm $3;Fal $3sw $9500 SAW $0500;. 83.5061 $3,600 $0A0 $3,$�i aWdhq'm t $S 010 4S= 05,(m $5 Ow WOOD: 5,5000 85,M) IS= $A" 490.17 $S,O70': $$40} '45,,870 $� a $5„090 7,rmmHs hl lnena ice $0600 41 JAW. $a.@uu 6Y(P9 $+F0.' r$1,0(gl $1,ho9 Sim $1,00 $f.,M>0 $1 Eur,' -$L,C -$7,0m , $1155$7 ,si'm: fns nny:. TuFll ExPPnsaR 0,260 $11 ON $11,000 810,000 $IIb5F i-fip00 MIM $91,000 871 LFA $11,000 891,047 $11,000 $11000 611,004 119 UAA NET'OPERATING INCOME 09,250) $7):00 $'7,000 87,001 $7xw $7,904 $7,00 $7.0':O $7,00) VIDEO $7,000 $7,[100 $7000 $7,0100 57,w7 OVERALL COMPONENT CASH FLOW (854,50M $7,000 67=1 87,00) um $7JAO $7,000 $7,040 $7900 47 fm $'7,IX70 $7,900 vlow Erm $7,000 NPV(OVER A 25 YEAR PERIOD) $63,16:9 TOWN SHORTFALL $0 PAGE 5 OF It GREYSTONE ESTATE PHASING PLAN(DRAFT) MANSION YEAR 1 2 3 4 6 6 7 0 0 10 '11 12 13 14 15 INFRA SfRUCTUR€COSTS L1111lty 1404. ($14O)X!P) ($1460M v tmuntW: (Wgpo1l) PawametcP Pv Ehng A<,4aa$Sh Ligl,lily. ($7200 ($72,10)) E.-tya,d.Y✓Ills L,nd—pa 0101000) Total 10——1.C... 90SD .208040 (f 1 (8212pM3) 80 $O SA $0 (593ODO) W 40: $0 93 51 $0.. OEVELOPMENPRENOVAI'ION COSTS $Wfflu S'Ir W,.4ada,lxlm0.—.,.On4(N$ IS l9C1, ) Enal Sra@Ix pon ($awNm) ISM OLD) R,,w,t-sPh..lPoo—F,,AFlaer. 1$70000(D X750 Panavaliorls Ph-2 ft-O R rnm,4,,Ft— P'1 3 FRon(sPI 13 4mrpl4 All linen or lllg Total Capil I C— $0 $0 ($S5'Xa) (WD COD) 80 80 $17 ($75'C 000.) (59N'1.fM'O) SO $0 8O $0 W $0 TOTAL I'NFRASFRUCTRE AND DEVIL OPM ENTIRENOVATION COSTS $0 $0 026PDO) ($802'DEC) 80 8D $0 ($75099) 4864(1.[.007 V, $0 $O &1. $0 N3 SOURCES OF FUNDS FOR INFRASTRDCIDRE—ITAL COSTS I—A-,,w s Tower DP l',.611,1&9 Lupi: $40,(1 11 $4ldw $40,000 54QQUO Oun[MGd Maiceiale &13;433 $18:333 813,333. 518333 $IaIre FoO F.0,U Grants $200,Ga1 $20400.} $ 004 $7700 ODD R—v G'd nls 6 poraYe Slio "hdfs V-.Wn3'. b9gAM $80,0613 N'Mcw $8d1m1 T.W S—.-of Rn I.I.,1 fraslruclara/C4lrita1 Costs $0 80 $333.303 $333,333 W FO 80 $333,333 (333,3'#3 80 SO SD $0 80 $D TOTAL INFRA3TRUCTRE AND.DEVELOPMENTIRENOVATION SHORTFALL TO TON $0 SO (54D4w) WSW) $0 30 8O 041G.957) (M)667) $0 $0 W S0 $O ;O EVENN6s ry®latorrc (wEA PxdEH Nv60py $0 LIU,x $G4pm $16,010 %y2�$!115 41S1S,P7 $46on0.. E rsI.F10.NB E'Nll Rc YaL:.1$F411lEYdl1$$ 81G;QOC 44p,WG', 816000 4i�OP $25,Cyg1 825„@30: Total Revenues SO'. $O 80 SU '$0 $D 80 80 $0 835400 S3 pw $40,000 546Pw $41,000: $61,000... OPERATING EXPENSES """u.?.uh rme 10%ofpgry'y; $2500. is on S51A0F,so !ESPW KING $5.040: ,aeln las(A--20%fPtgaiil) 830ldervj Ma 1 nun m $1 low $1 lom` FYloop SAO $51014 r avP Ma 1lamati a $2,5m $.jm" Rz5w $25`03 F2w0 521100 anelrnooe4 3?m 52000 62m s2 �a2 42M ;5R' Total Fp,— 80 v 80 $0 $0 47 W $0 $4,500 510.500 $10,1M FI'm $W. $14,AUT FKOUT NET OPERATING INCOME SO SO 9] SD TO $0 $0 SO ($4$00) $24.500 $24.500 $29.50) $32,6010 $355000 635-500 OVERALL COMPONENT CASA FLOW TO $D $$494W6 (;529,564$ $0 N3 W (5496,66]) (5611167) $24,50O $24,500 89,500 532,307 '$35,500 b9Wm NPV(OVER A 25 YEAR PERIOD) (51 324115) TOWN SHORTFALL (89;170,947) PAGE 6 OF 11 GREYSTONE ESTATE PHASING PLAN(DRAFT) o Phase H:Mansion and Carriage House(Years Four Through T� • Objectives: o To establish uses that complement and leverage upon the awareness created by the Amphitheater o To create facilities that would be attractive to experienced operators and that could be net leased out on a long-term basis. o To restore the historical structures on the Estate o To minimize costs to the Town and generate regional economic impacts • Uses Created: o Mansion—Under this Phase,the Town would renovate the first floor of the interior,and stud-out the upper floors of the Mansion.This would reestablish the historical integrity of the building; and allow minimal use(including small meetings,art and historical exhibits,etc.)on the first floor.The undeveloped upper floors would be held for later development,likely in conjunction with an upscale restaurant in the Carriage House,and/or and inn. o Carriage House—Under this Phase,the Town would renovate the exterior and stud-out the interior spaces of the Carriage House.Similar to the mansion,this would reestablish the historic integrity of the building;and allow for easy conversion and fit out for.an experienced upscale restaurant operator.The Town would also grate and prepare the surrounding land for outdoor function use in conjunction with the restaurant. • Timing/Cost: o Mansion(Interior): • Development Period:Three years • Development Cost:$1.59M • Fundraising/Grants:$666,666 • Town's Initial Outlay: $930,000 • Net Present Value of Cash Flows:($452,000) PAGE 7 OF 11 GREYSTONE ESTATE PHASING PLAN(DRAFT) o Carriage House: • Development Period:Three years plus one year for tenant fit-out;to proceed upon stabilization of the Amphitheater • Development Cost:$1.13M • Fundraising/Grants:$420,000 • Town's Initial Outlay:$717,500 • Net Present Value of Cash Flows:($330,000) PHASE II:MMSIO:.AND CARRIAGE HOUSE - - - - YEAR 1- 2 3 4 5 S 7 A -10: 11 qac 13 14:: ?s. INpRfl,UCSURE COSTS Tw11nGaRueure:FAp. W 6o- W W (5117p00) (060000) (422OAOA) V. (SNPLO) so- 10lu $0 to 60 Mw-PMEN IRLIMATWI COSYS �1 T.w GRkw tq* $0 $Q W. $0 000).. (1150 (S�A90AU) ($2500) .00 (1750003) ;(5750.pM to. RP l3'- 1Q-:. SQ- $0', TOTAL MFRIESTROCTRE.ANR OEVE409NE9TMEN9VAT(0COSFS. 19.. W $D.. $0 ($20A) MQQPq (s MMd (S ROW (W(Owo) SP- $0:: W I.U. IQ, $0 SOURCES OF FONDS FON INFRASTRUCTUREICAPITAL COST$. TwFS.—a FRM.W lnhrWwrdCaRN+I C.6 44 W W W 3140p00 04Qpm $140Qn W W W:. $u 0 W TOTAL INFRASMUCTRE-ANO MELOPMENTMENONATWN SHORTFALL TO TON. s0. Io m 10 (S17T500) IMQA00), (930p03) (3116,667) (s504, W i7. (Q W 1R REVENU€S Tad R—... 10: W 30' s0s0 s0- W WPW s0oxw $65000 iB XQ.. W AO. SK)w 5500P06 *0006. OPERATING EXPENSES - - T..1 Up—" so (0so sO. m to -$1.000 51 AM (DASD. 612p00 $12A $13" f14pOP s1s-pw sla,cw NET OPERATNIC INCOME IQ W $3 $0. $o N Ri:pE3) SW7w iCt.001... {'?3p0n $73AM._ 377*OM. }etp00 i6M 104AID.: OVERALL COMPONENTt"R FLOW so. W IQ Q (iI27�500) (MPA (01AoA) (S3WIM *W*) $4:000 0,000 V7010:. 010 so4,o00 W4p`Id- NW(OVER;A25 YEAR PERIOD) {S49G,6p) TOWN SHORTFALL li)-pFF,333) PAGE 8 OF 11 GREYSTONE ESTATE PHASING PLAN(DRAFT) MANSION '.. YEAR 1 2 3 4 5 6 T 0 N IO 11 12 13 14 IS 04PRA.STRUCFH.RE COSTS 0:1ji,Q'Mn PeMn 11HIVI ($140,M) P..rvP k gA b1P LgIN111E F$72l ) (472,OEU aw ipP.N.WPik Landxgyfil 04`R7,9O41 T1tal 114t45H1ct-C4u4m $0 IF (5238.000) (4211.000) s-- $0 $U $0 MOM To 60 $0 W s0 30 DEVELOPMENT7RENOVATION COSTS 1 I,6nSl f Clld1D-uv,. V$oukm EntWabI-Fllu (4411,G00) OfIffs,n9ip Raauv l-I PDnse is R31l,a1e F1.1 Lim, (6P60000j S6'bFi0lNlid).. R111a41ia4rnalP_ eDWaleRma 1IEllaors R vasinn4 Phased Campld6 All lMeo ur Warts. _ FILM Ca1,11a1 C- S4 s0 ($59O.000) E%50,000) S© 40 W (S50,000J 07501000) SO $0 64 SO $0 $0 TOTAL INFRASTRUCTRE AND OEVELOPMENTRENOVATION COSTS $© $0 (492810 9) ($852.000) SO SCI $0 ($7.MO) Iged0,000) $0 SO $U TO s0 40. SOURCES OF FUNDS FOR INFPASTRUCTORUCAPITAL COSTS Fwoe.�a'.-,u Eamon N1W,Buildi0 Cllpl. $40'x30 440,CN10 440100 P,POO Dulo(ed Mallitais: 4m:ditXd& 543,5;'3 $1"M $1393,$: CA 1.od FllftV GmM $2ooDw FAHpa4 f2W646 Plbate Gjanl6 4w.rPPestal'Nha s vd11a nup a"2ng dH 55i $60 ROD sYY3,4GU MQQQj T11n1 S-111 If Funds 1111 f UI'll"'WC,Ul III C- $0 $0 €333.393 $333,333 50 $O $CI $333,333 43331333 40 $0 W $0 ...$0 HE TOTAL INE ARSTA UCTRE AND O EVE LOPMENTIRENOVATIO N SH ORTFALL TO TON 44 $0 (5404,EO7Y ($523,6047) 40 s0 10 ($415,557) (15OS,0E7) so 50 $0 $0 $0 0 REVENUES JParei In I fNEA,E4EYP IVY tYpAp $`J s2sux $s6,47L5+� 4�"i 46x1 xOS,Mx3 47A f2M'i,1sj4, Teal rlCd+R-t Pw6alnp�$pF,OtEvuDYp &itlp&'I $10,000.. V$WE 42OEg01 R25,G➢'q'gY S�'^5.0f$I' Tut4l R-idle 03 40 $0 $0 s0 SO 0 $0 W 416,000 $7>AOO $40,000 345,300 $91903 SWO00 DEENATING EXPENSES IJ111463F a+n410%:FI'I mpagil. $R 65oxu $SCMJIQ.. $11PE1 VIEW W04 4$,Upp gala nas{A a Ink l,f F 11ei7) 5u1digmminlalaPl.a $1,000 4Imoj.: $1,XTPI &S)m WON $94DO T uIlds.MalnilUPn¢g. $1SA10 42 DM, $2,"079152€AI0 $11" 9FAI4: In91a9P,up 4200. $2100 42IN8l- 62{%19 �4'&lEOD W $27x10+ Tom fvp1ncls 0 $0 0 $0 &1 70 $0 $0 $4,600 $10,500 410;00 6}1,500 812,500 514,560 414,500 NET OPE RATING INCOME 40 $0 0 $0 $I s4 s0 60 ($4500), $24 SEO $24,500 428500 $32.5010 $35,590 $35,503 OVERALL COMPONENT CASH FLOW SO $6 ($404,997) (4579,697) $0 $4 $0 (4416,6511 l$511,I67y 524546 $24,500 $28,500 $32,600 8351600 $35,32'x7 NPV(OVEA A 25 VEAR PE 14100) C4t,3TA,gi5) TOWN SHORTFALL ($1,770,187) PAGE 9 OF 11 GREYSTONE ESTATE PHASING PLAN(DRAFT) CARRIAGE HOUSE YEAR 1 2 3 4 6 8 7 6 9 10 11 12 13 14 is INFRASTRUCTURE COSTS u0ty up'.hp ylm,[.q (IIWAM) S,I,,,,,k lV7,608y F-menL,,,Palkllq,k-s(Pa,t.AQ Terrpuue.;Wallin (P....1p F01y,Ld ..IP41.1) -------M5A—fAv TI01 Costs RO—5. 0 -so :$1 17,ml (s-M (52.,0A0) $0 so 0 *Q $o $O .SO b0 DEWI-OPMENriRE OVATION COSTS S(.bI"n i iEL,d.,Cuda GM F-I SN01,10w, ReaTuniiarns PIL..IPsl.acvala t.b.df (wW)XAA ($250900) Total CapRal CQM $0 so 0 W—(ST. (5250,303) (3259DOD) ----0—$0 $0 IV SOSO $0 TOTAL INFRASTRUCTIlf AND O0AtOPMFNTiRENOVATIOn COSTS $0 (5267,:009 ($4GOPOO) ($470,00E) w 50 $0 SO w SO $0 w SOURCES OF FUNDS FOR INFRASTRUCTUREICAPITAL COSTS I.-FEW,8616,911q, Lm= 'bmlljw Oarraleb LlaV"FOO $;'0"0' "pw SwI.Nnd Fryd-1 .1joll. .0 DOE llm= To,.J S.L11-Af r..1d.f.1 I Ifl.eOUd../U'IN I C.sI. so $0 LO $140 QQQ SLIOM $140SM so so to 90 su 53 so—so TOTAL INFRASTRUCTIR AND DEVELOPMENTIREN—ON SHORTFALL TOTCAA $0 SO $o $0 (5127.500) (52601,003) RJQ(P 9) w SO so 90 $0 $0 so REVENUES V0.009 143L-',L.Y-- vlom $40349 5741 PLO Paa � �� , $50,030 pw 930 LAW R.-I.. $0 so so $0 so $0 000 sm= mm $61900 vx OPERATING EXPENSES 1)h- $1 611m. $49)0 $1 W., JI)m sl,= 51.00 ilpm Q-6 WOO VA� KSCO V" 4509 Tela!E,p..- $0 Lo NO so 50 so 51,w3 $1 57,500 $I= NETOPERATING INCOME SO K) w $O so 55 ($1,COO) 548-r5U 548,5(0 $43,500 540SOD $48500 548,103 $48,IX 548400 OVERALL COMPONENT CASH FLOW to $0 LF jo (5121500) (MOLD) (5331000) $46,500 $46.600 64,600 VOLSCI) $48500 $4B,900 5008,500 $48,500 .HPV(OVER A25 YEAR PERIOD). (814p93y TOWN SHORTFALL (sT30.503) PAGE IOOFII GREYSTONE ESTATE PHASING PLAN(DRAFT) I o Phase III:Chapel and Dormitory(Years_Ten And Beyond) • Objectives: o To allow the stabilized uses created in Phases 1 and II to dictate the development of the Chapel and Dormitory o To save the most capital intensive uses for the later stages of development o To minimize costs to the Town • Uses Created: o Chapel—Under this Phase,the Chapel's exterior could be renovated to be consistent with the Mansion and Carriage House.Potential uses of the Chapel include meeting and banquet facilities,art gallery space,etc.The Chapel could also be demolished at a developers expense to create space for a new structure more consistent with the existing uses at that time. o Dormitory—Under this Phase,the Dormititory's exterior could also be renovated to be consistent with the Mansion and Carriage House.Potential uses of the Dormitory include an inn, office space,art gallery space,etc.Similar to the Chapel,the Dormitory could also be demolished at a developers expense to create space for a new structure more consistent with the existing uses at that time. • Timing/Cost: o Chapel: • Development Period:Likely one year;upon stabilization of the upscale restaurant in the Carriage House. • Development Cost$850,000 or more • Fundraising/Grants: $250,000 or more • Town's Initial Outlay:$600,000 or more o Dormitory: • Development Period:Likely one to two years;upon stabilization of the upscale restaurant in the Carriage House. • Development Cost:$6.OM or more • Fundraising/Grants:$3.OM or more • Town's Initial Outlay:$3.OM or more PAGE 11 OF 11 TOWN OF WAPPINGER SUPERVISOR • \ TOWN COUNCIL JOSEPH RUGGIERO 1l VINCENT BE77INA MAUREEN McCARTHY JOSEPH P PAOLONI ROBERT L-VALDATI SUPERVISOR'S OFFICE 20 MIDDLEBUSH ROAD WAPPINGERS FALLS, NY 12590 (845)297-2744 FAX:(845)297-4558 Routing Slip T Board (copy only) Correspondence log Resolution log Staff Meeting log Project log Committee log Professionals: Chris Masterson Graham Foster Al Roberts Jay Paggi Mike Tremper Don Swartz Jean Gallucci David Stolman Lawrence Bice Sal Pennini Tom Rothman Manny Saris Jim Sedore Marco Caviglia Department Heads: 'Trish Maupin . Mark Liebermann George Kolb Tatiana Lukianoff Phil DiNonno Nancy Cito Ralph Holt Loretta Brunello Other Committees Rules Budget&Finance Elections Highway Library Recreation Dial A Ride Sanitation/Recycle Tri—Muni Public Works Technology Personnel Greenway Airport Insurance Greystone 4 Records Management Master Plan AReview Place original on file Copy Schedule a staff meeting Attorney.draft a resolution Attorney to review&comment Engineer to review&comment J. KENNETH ERASER AND AssocIATES, PE, LS, LA, P.C. Consulting Engineers,Surveyors Landscape Architects&Planners 22 HIGH STREET DATE July 25,2006:�] JOB NO. 26-24.100 RENSSELAER,N.Y.12144 TELEPHONE(518)463-4400 FAX(518)432-6741 ATTENTION: Gina TO: Town of Wappinger RE: Carnwath Farms RR ECEIVED Town Hall JUL 3 12006 20 Middlebush Road SUPERVISORS OFFICE I OWN OF WAPPINGER Wappingers Falls, New York 12590 WE ARE SENDING YOU F Attached F-1 under separate cover via the following items: E]Shop drawings Prints nPians [_JSamples Dspecifications Ej Copy of letter Change order COPIES DATE NO. DESCRIPTION 1 11/25/03 Power Point Report-Carnwath Farm Master Plan 1 01/27/03 Market Analysis-Greystone Estate Master Plan(Note: Date is incorrect on document) 1 03115104 Phasing Plan-Draft 1 03129104 Phasing Plan-Draft 2 1 03129104 Cost v. Revenue by Building Project 1 10/10104 Scenario Spreadsheets-Cost v. Revenue Analysis (Prepared by Ted Kolankowski-Fraser and Associates) I I Ii ............ THESE ARE TRANSMITTED as checked below: DFor approval F Approved as submitted []Resubmit copies for approval Fx- ]Foryouruse 0 Approved as noted []Submit copies for distribution [g]As requested Returned for corrections ❑Return corrected prints F-]For review and comment D FOR BIDS DUE []PRINTS RETURNED AFTER LOAN TO US REMARKS All enclosures are by Ernst&Young unless otherwise noted.. Will have updated architectural rehab 9s next week(Bob is on vacation) 1 st Mailing-7/19/06-Per Gina, not received 2nd Mailing-7/25/06-To Gina-Certified-Return Receipt COPY TO: Vince Joseph Ruggiero SIGNED: TE M. K0LANK 0WSl44-,R+:A If enclosures are not as noted, kindly notify us at once Greystone Estate Master Plan J. Kenneth Fraser & Associates ("Fraser") engaged the Real Estate Advisory Services Practice ("REAS") of Ernst & Young LLP ("E&Y"), to support the planning and redevelopment of the Greystone Estate (the "Project") as a cultural asset that satisfies community objectives and attracts tourist expenditures to the Town of Wappingers, New York and the surrounding areas. The market assessment for program uses and other ancillary uses was conducted as a part of the Scope of Services outlined in the Agreement dated May 2, 2002. Executive Summary The Primary Market Area has positive population and income demographic trends including steady growth in population and disposable income. Dutchess County (the "County") has a vibrant and growing tourism and lodging market as evidenced by the increases in number of overnight out-of-state tourists, length of stay, tourism related expenditures and lodging inventory. Cultural development, as a part of the City of Beacon's (`Beacon") revitalization, may strengthen the potential for cultural and heritage tourism in and around the Greystone Estate ("Greystone"). Planned and recently completed cultural development and transit infrastructure projects in Dutchess County including the $20 million Dia Arts Center in Beacon, the $60 million Bard Center of Performing Arts in Annandale-on-Hudson and the Kaatsban Arts Center in Tivoli, and improvements to the Beacon and Poughkeepsie rail stations may further enhance the growth of tourism market and developing arts and cultural community in the region. Ongoing development of cultural/historic attractions and tourism infrastructure (i.e. lodging and eating & drinking) in Beacon, and potentially at Greystone, will help create the hub of attractions needed to effectively incorporate the immediate local areas of Beacon and the Town of Wappinger into the Routes 9 and 9D tourism corridors between Cold Spring and Hyde Park, and meet the needs of a strong and growing regional tourism market. The Primary Market Area The primary market area ("PMA") for this assessment was considered to be Southern Dutchess and Northern Putnam Counties including but not limited to Hyde Park, Poughkeepsie, the Town of Wappinger, Beacon, Fishkill, and Cold Spring. The PMA was established based on the site's locational attributes, analysis of geographical boundaries, neighboring communities,population trends, proximity to major employment centers, road improvements, mass transit and general development patterns. Economic and Demographic Trend Analysis Using data provided by CACI Marketing Systems ("CACI"), key economic and demographic characteristics of the PMA were assessed. The PMA, has experienced and is anticipated to continue to experience steady growth in population and disposable income. E 1 DRAFT(7125/2008)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Positive population and income demographic trends include a higher population growth rate than the State of New York (`flew York"), and a projected increase in median household income of 6 percent between 2001 and 2006. Eating and drinking expenditures per household for the PMA were also higher than New York. The PMA has experienced a 31 percent growth in eating& drinking and related sales &purchases. Tourism and Lodging Analysis Using data provided by the Dutchess County Tourism Promotion Agency, key tourism and lodging characteristics were assessed. The County continues to have a strong tourism market as evidenced by significant growth in tourism spending and a growth in out-of-state visitors focused in large part on cultural and historic attractions. Tourist visitation to the County increased by 14 percent over the last four years. Tourist expenditures have increased 21 percent since 1997. The county has experienced a 92 percent growth in recreation/entertainment expenditures. The County continues to have a strong lodging market. This is evidenced by a 48 percent increase in lodging expenditures and a 12 percent increase in the lodging inventory between 1997 and 2001. The number of rooms in the County continues to grow, however not at the pace witnessed in 1998. The majority of well established lodging facilities including bed & breakfasts are concentrated in Rhinebeck, Dover Plains, Millbrook and Pine Plains. The Beacon does not have any lodging facilities suitable for leisure travelers. Arts and Cultural Analysis There is a growing demand for"arts space" (i.e. live/work lofts and studios, performance, exhibition, office) in the PMA. The demand for arts space in Dutchess County is generated by the 80 to 87 arts organizations in the Dutchess County region that do not possess a permanent performing space. Due to the high cost of loft space in major metropolitan cities such as New York City, and Boston, visual artists are relocating to affordable spaces in alternative locations that provide reasonable access the art marketplace. Increased cultural tourism activity combined with the growth of cultural attractions and a developing artist community in County may enhance demand for cultural programming and corresponding infrastructure including venues and artist housing. Planned and recently completed cultural development projects in the County include but are not limited to the $20 million Dia Arts Center in Beacon, the $60 million Bard Center of Performing Arts in Annandale-on-Hudson and the Kaatsban Arts Center in Tivoli the Frances Lehman Loeb Art Center at Vassar College in Poughkeepsie, the Barrett Arts Center. E 2 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Summary of Findings Demographic Analysis According to CACI Marketing Systems, a demographic and statistical research company, Southern Dutchess and Northern Putnam Counties including but not limited to Hyde Park, Poughkeepsie, Wappingers, Beacon, Fishkill, and Cold Spring, (identified as the Primary Market Area), has experienced and are anticipated to continue to experience steady growth in population and disposable income. Positive population and income demographic trends include a higher population growth rate than New York State, and a projected increase in median household income of 6 percent between 2,001 and 2006. Eating and drinking expenditures per household for the PMA were also higher than New York State. The PMA has experienced a 31 percent growth in eating & drinking and related sales &purchases. Population Change in the PMA LJ The PMA has experienced population growth of 11.96 percent increasing from 283,980 people in 1.990 to 317,952 people in 2001. During the same period, New York State experienced a lesser population growth increasing at 6.3 percent. 0: According to CACI, population growth in the primary market area is anticipated to exceed national population growth estimates of 0.5 percent annually, with an anticipated population increase of 1.24 percent annually or 6.2 percent between 2001 and 2006 or from 317,952 to 337,731 people, As seen in Exhibit 1 population growth rate of the PMA is higher than the projected growth rate of New York State (2.8 percent between 2001 and 2006). Exhibit 1: Percentage Change in Population, PMA, New York State (1990-2001, 2001-2006) 14,00% 12.00% 8.00% PM:A:: 6.00% !M:N W York state 4X0% IGO% 0.00% 1990-2001 2001-2006 11.96% 6.22% k state 6.30% 2.84% Source: CACI Marketing Systems E 3 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan U Population in the PMA, according to CACI, is becoming increasingly diverse. In 2001, the PMA's population was 85.1 percent white, 8 percent African American, 2.4 percent Asian, and 7.2 percent Hispanic and 4.5 percent other. By 2006, it is projected that the white population will decline to 83,6 percent of the total population, while the African American, Asian, Hispanic and other populations will increase to 8.5 percent, 2.6 percent, 8.9 percent and 5.3 percent, respectively. Aging of the County LJ As show in Exhibit 2, the largest age cohorts in the County in 2000 were the 35 to 44 year old cohort (16%), 45 to 54 (15%) year old cohort and 10 to 19 year old cohort (14%) Exhibit 2: Age cohorts, PMA (2001) ®1Y-4 m5- 14 6% 4%1% 7% 15% 015- 19 23% o20-24 7% 025 -34 m35-44 18% 13% -6% X45-64 [365-74 Source:CACI Marketing Systems LJ As shown in Exhibit 3, between 1.990 and 2001 the PMA experienced positive growth in the age cohort of 75 and above; in the 45 - 64 age cohort; in the 35 - 44 age cohort. A negative growth was experienced in the 20 - 24 age cohort, in the 25 - 34 age cohort. According to CACI, it is projected that the 45 - 64 age cohort will experience the greatest growth of all age cohorts. Exhibit 3: Percentage Change in Age, PMA 1990-2001 and 2001 to 2006) 30 20 "W"Mm I EMI—L 0 si CL 0-4 5-14 15-1920-24,25-34'35-4445-6465-7475-94 85, 7.4 13.4 6.8 T2 18.3 16.8 19.8 5,9 35 1 [M 200'1' 6.6 15 6.7 $.7 12.5 1Ei.3F24-17 6 3.6 1.3 C]21J4 6 6.6 14,3 6.8 5.8 12 16.5 26.6 6.4 3.6 1.5 Age-Groups, Source: CACI Marketing Systems E 4 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Ll Exhibit 4 shows that the median age in the PMA, 36.8 years, exceeds that of New York State, 36.2 years. This is projected to increase by 2.5 percent to 37.7 years by 2006. The elderly population across the nation and in the PMA has experienced significant growth in recent years particularly in the 45-64 age cohort. In 2001, 24.2 percent of the population in the PMA is in the age group of 45-64. Continued strong growth is expected in the PNIA over the next five years, in the 45-64 age cohort. Exhibit 4: Median Age in PMA and the State of New York 38 37,5 37 M PMA,Median Age 36.5 M New York State, 36 Median Age 35.5 35 2001 2006 Source:CACI Marketing Systems Median Household Income and Household Formation LJ Median Household incomes in the PMA are rising. The median household income for the PMA significantly exceeds that experienced in New York State. According to CACI, in 2001 the median household income in the PMA was $58,030, which is higher than the median household income of New York State ($43,742). Exhibit 5: Median Household Income for the PMA and the State of New York (2001 and 2006) Median Household Income so 2006 .......... M I'M A $5M.Q3tD S61-904 N—Y.,k Statt S46,143 Source:CACI Marketing Systerns, E 5 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Ll From Exhibit 5 and Exhibit 6, population and income trends between 2001 and 2006 include: ■ There is significant growth in households in the PMA. Between 1990 and 2001 the households with incomes above $100,000 have grown by 177.85 percent, households with incomes $75,000-$99,000 have grown by 46.9 percent, households with incomes $50,000-$74,999 have grown by 9.8 percent. Betwecen 2001 and 2006, households with incomes above $100,000 are expected to increse at 38.49 percent, households with incomes $75,000-$99,000 are expected to increase by a marginal 0.01 percent. The households with incomes between $50,000-$74,999 are expected to decline by 10.93 percent, households with incomes $35,000-$49,999 are expected to decline by 3.71 percent. Exhibit 6: PMA Households (1990, 2001 and 2006) 70,000 ('0'000 50,000 40.000 30,000 E Z ARC 15,000- $35,4001- $35,000- $50,000- $75,000- Median <$15,000 $100,000+ $24,999 $34,999 $49,99c) $74,999 $99,999 FEI 12,094 9,997 11,602 19,634 24,915 11,502 7,929 $48,2-- 20071 8,586 10,103 10,237 17,152 27,366 1(),896 22,031 $58,430 .--—-,-- I 0 200� 9,996 9,954 11,1!74 t6J15— 24,374 16.897 30,510 $6t,504__J Household Income .......... Source: CACI Marketin.-Systems By 2006, the median household income of the PMA is projected to increase by 6 percent or by 1.2 percent per year to $61,504, which is also higher than the projected median household income level for New York State ($46,343). Household Size El The average household size in the PMA and the State of New York is projected to increase between 2001 and 2006. In the State of New York, average household size is projected to increase from 2.61 to 2.63. In the PMA, average household size is projected to increase from 2.71 to 2.72. E 6 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Exhibit 7: Percentage Change in Household Size, PMA,New York State (1990-2001, 2001-2006) 1.00% 0.50% 0.00% -0.50% .. -1.00% -1.50% _. -2.00°✓a .. I -2.50`✓ t -3.00% . 1 1990-2001 2001-2006 PMA -2.52% 0.37% ®New York state -0.76% _ 0.77% Source:CACI Marketing Systems Retail Expenditures Ll According to DemographicsNow, the PMA has high retail spending potential. Total annual household retail expenditures in the local market area are $26,082 per household as of 2002. Of this, $3,683 is spent on food away from home or at restaurants, $61.3 on alcoholic beverages, $3,:248 on entertainment. 0 According to CACI, the retail expenditures per household in 2001 in the PMA for all. the categories shown in the Exhibit 8 exceed the expenditure for the respective categories for New Fork State. In 2001, the spending on food away from home for the PMA (2,977) was 20 percent higher than New York State (2,483); entertainment in the PMA (1,830) was 28 percent higher than New York State (1,431); alcoholic beverages in the PMA was 20 percent higher than New York State. Exhibit 8: 2001 Summary of Annual Retail Expenditures per Household, PMA, New York State 3,000 2,500- 2,000 lI 1.500 1,000 500 0 A1eu17 lac Itestu�ura��t:; Ezt4ertaii�ia7ent rra-,cul r'eppan*.I 13eweras�s I M A 2,977 55Q 1830 2,391) 3.292 ISP—New York State 2,483 460 1430 1.908 2,794 7 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Source: CACI Marketing Systems Eating and Drinking-Meals at Restaurants and Catering ❑ An increase in total food spending from $92.21 million in 1997 to $121.16 million in 2001. This $29 million increase correlates to 31% growth in food related sales and purchases. The increase in food spending by tourists was partly due to the increase in the number of visitors and the addition of new restaurants in the market. El The primary market area has a variety of food options and offers culinary experiences for every palate and pocketbook. The restaurants in the PMA range from low-priced national fast food and family style chains to high-priced fine dining options. The food chains in the primary market area include amongst others, McDonald's, KFC, Subway Sandwiches & Salads, Pizza Hut, Wendy's and Domino's Pizza. ❑ Family style restaurants that offer casual dining include Applebee's Neighborhood Grill and Bar, and Antonella's. According to Michael Leonard, President of The Dutchess County Restaurant Association, The Quiet Man is representative of a "Pub- Grub"trend in the market where pubs offering finger food like chicken wings etc. are becoming frequently visited places. ❑ Ethnic Dining experiences are offered by restaurants like Cherry Blossom, Carmine's, IL Barilotto, El Bracero. Gino's is.popular for its Italian cuisine. Restaurants like Hudson's Ribs & Fish in Fishkill and Greenbaum & Gilhooley's in Wappinger Falls and Brass Anchor in Poughkeepsie have become popular destinations for seafood, steaks and ribs. These restaurants are an example of a higher priced restaurants with the average entree priced at $15 to $25. ❑ Fine dining establishments include Aroma Osteria, Rex's Fine Dining, Le Chambord, Inn at Osborne Hill, McKinney & Doyle Fine Foods Cafe among others. The Culinary Institute in Hyde Park has 4 restaurants and a bakery cafe. The average entree price at these restaurants is $18 to $3 0. ❑ According the Dutchess County Restaurant Association, the catering business in the PMA appears to be healthy with operators including Mills Mansion; Dutchess Manor Caterers, Beacon; Incredible Caterers, Cold Spring; Nutshell Bakers and Caterers, Fishkill; Hudson Caterers, Fishkill; Chef's Table Caterers, Poughkeepsie; Crystal Caterers At The Best, Poughkeepsie. ❑ Besides the venues like the Poughkeepsie Grand Hotel, Poughkeepsie Tennis club, Casperkill Country club etc. for weddings and special events, there appears to be a demand for historical properties as banquet facilities. Montgomery Place Historic Estate in Annandale-on-Hudson, Villa Borghese in Wappingers Falls, Monteverde at Oldstone in Peekskill are popular venues for special events. Catering facilities are also offered by many restaurants like Gino's in Poughkeepsie, Allyn's Restaurant & Cafe in Milbrook, Mariner's Harbor Inn etc. E 8 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Education LJ Exhibit 9 shows that in the PMA, the level of attainment of education is increasing. According to DemographicsNow, between 1990 and 2002, there has been an increase of 16.7 percent in attainment of College-Associates Degree, 38.9 percent in the attainment of College-Bachelor's Degree, 42.6 percent in the attainment of College- Graduate Degree. The number of high school graduates has also increased by 7.5 percent from 1990 to 2002. These numbers are further expected to increase over the next five-year period at a rate of 5.7 percent, 12.3 percent, 13.23 percent, and 0.6 percent. Exhibit 9: Educational Attainment 70.000 60,00U 50,000 40,000 30.000 MAW 10.000 0 f"eIk" K ml'- khadw Ny- e 13' .=17 19.660 "-171_ 1102002 tV,47 1,1M4 21,01[.... 1,01[ AO,h! 5yzlp ',i 11'17 ?1.7A1 41,L74. Source: CACI Marketing Systems Colleges and universities in Dutchess County include: Bard College A liberal arts college founded in 1860, 600-acre campus overlooking the Hudson River. Has a Center for Curatorial Studies. The museum presents exhibitions of contemporary art. The Jerome Levy Economics Institute hosts conferences and lectures on economic and policy issues. The college also hosts musical performances and summer programs. The Culinary Institute of America The Culinary Institute of America offers Bachelor and Associate degree programs for careers in the culinary arts, baking and pastry arts. Also offers continuing education programs for food service professionals, all year. Dutchess Community College The Dutchcss Community College serves over 25,000 local residents each year through credit and credit-free classes and training for business and industry featuring 52 academic programs and cultural opportunities. Marist College The Marist is a Liberal arts college on the Hudson River. Has 3800 undergraduate and 800 graduate students, and offers professional training to business, government and E 9 DRAFT(712512006)—FOR DISCUSSION PURPOSES ONL Y Greystone Estate Master Plan nonprofit organizations. Marist Art Gallery showcases Hudson Valley artists. It also hosts musicals, plays and lectures in the Nelly Golettl Theatre. Vassar College Vassar is liberal arts, co-ed college founded by brewer/philanthropist Matthew Vassar in 1861. It has a beautiful 1000-acre campus with 200 species of trees, two lakes, outdoor amphitheater, ecological preserve, the state-of-the-art Powerhouse Theater, and the Frances Lehman Loeb Art Center. Employment L) Exhibit 10 shows that, in 2001, the PMA's major employment sectors included manufacturing (15.4%), retail trade (20.0%), FIRE (5.29%), services (35.85%) and government (8.4%). Exhibit 10: Major Employment Sectors, PMA X00% 15.00% 0.00% 5M% 0.00% EINEMM, M100,10k.ring Ko,,irrmde FIRE Sol ices Govenment 15.43% 20.00% 5,291 35.95% 8.40% Source: CACI Marketing Systems Businesses and Taxable Sales L) According to CACI, in 2001, the PMA had a total of 10,401 businesses. The retail trade accounted for 25 percent of the total businesses in the PMA. The highest retail business in the PMA was Eating & Drinking, which was accountable for 27.9 percent of the total retail businesses in the PMA in 2001. Exhibit 11: Total Businesses in Retail Segments, PMA, 2001 Number Percent Home Improvement 167 6.46% General Merchandise Stores 45 1.74% Food Stores 228 8,82% Auto Dealers, Gas Stations, Auto Aftermarket 282 10,90% Apparel &Accessory Stores 158 6.11% Furniture& Home Furnishings 277 M71% Eating& Drinking Places 722 27.92% . eflancous Retail 702 77 14% E Total Retail Trade Sales 2.586 Ino onol- 1 10 DRAFT(712512006)—FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Source:CACI Marketing Systems Retail Trade ❑ There are a total of 10,401 businesses in the PMA with total taxable sales of $23 million. In 2001, the largest segments within retail trade were auto dealers/gas stations (28.4%), food stores (14.29%), miscellaneous retail (14.55%). Eating and Drinking is accountable for 8.17 percent of the total retail trade sales. Exhibit 12: Total Taxable Sales and Purchases in Retail Segments, PMA, (2001 dollars, Thousands) Number Percent Home Improvement 376,095 11.00% General Merchandise Stores 328,906 9.62% Food Stores 488,816 14.29% Auto Dealers,Gas Stations,Auto Aftermarket 971,372 28.40% Apparel&Accessory Stores 130,770 3.82% Furniture&Home Furnishings 347,546 10.16% Eating&Drinking Places 279,300 8.17% Miscellaneous Retail 497,711 14.55% Total Retail Trade Sales 3,420,516 100.00% Source:CACI Marketing Systems ❑ The County's fastest growing retail segments between September 1994 and August 1999 were furniture (45% increase), miscellaneous retail (15% increase), eating and drinking establishments (14% increase) and auto dealers/gas stations (6% increase) (Exhibit 12). Segments with decreasing taxable sales and purchases over the same period were apparel (27% decline), building material (3% decline), and general merchandise (1% decline)- Services Trade ❑ As shown in Exhibit 13, in 2001, the largest segments within the County's services trade were health services (29.7%), other services (42.65%), motion pictures and amusement services (10.42%), hotels and lodging(7.8%). Exhibit 13: Total Taxable Sales and Purchases in Services Segments, PMA, 2001 Number Percent Hotels&Lodging 183,669 7.80% Automotive Services 164,391 6.98% Motion Pictures&Amusements 245,292 10.42% Health Services 700,633 29.75% Legal Services 8,851 0.38% Education Institutions&Libraries 47,549 2.02% Other Services 1,004,316 42.65% Total Services 2,354,701 100% Source:CACI Marketing Systems E 11 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONL Y Greystone Estate Master Plan Dutchess County Tourism and Lodging Analysis The Dutchess County continues to have a strong tourism market as evidenced by significant growth in tourism spending and the number overnight out-of-state visitors attracted by the areas cultural and historic assets. Leisure travel to the County increased by 14 percent over the last four years and with it a 21 percent increase in tourist expenditures since 199Z Correspondingly, lodging room rates and occupancy levels have responded in a positive manner. The county has experienced a 92 percent increase in recreation and entertainment expenditures. The County continues to have a strong lodging market. This is evidenced by a 48 percent increase in lodging expenditures and a 12 percent increase in the lodging inventory between 1997 and 2001. The number of rooms in the county continues to grow, however not at the pace witnessed in 1998. A majority of the well established lodging facilities including the bed & breakfasts for overnight stays are located in Rhinebeck, Dover Plains, Millbrook and Pine Plains. Beacon does not have any lodging facilities to suitable for leisure travelers. Proposed improvements in infrastructure will further enhance the tourism and lodging potential of the PMA. Several projects have been proposed or are near completion including the $20 million Dia Arts Center in Beacon, the $60 million Bard Center of Perfon-ring Arts in Annandale-on-Hudson and Kaatsban Arts Center in Tivoli. Tourism Spending The Dutchess County Tourism board reports that Dutchess County total tourism spending increased significantly from $334.65 million in 1997 to $406 million in 2001, a 21% growth, or $71,35 million increase in spending. Exhibit 14: Total Tourism Spending, Dutchess County (In Millions) $.)OOOU $40000 5300.00 $100'00 $100.00 $0,00 Dcv-2001 5 E E�' $406 Yeir Source: Dutchess County Tourism Promotion Agency Tourism Spending by Segments L1 Exhibit 15 below shows that, from 1997 to 2001, the largest changes in the tourism industry in the county were recreation/entertainment (92%), followed by lodging E 12 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONL Y Greystone Estate Master Plan (36%), transportation (36%), and food (31%). However, shopping and miscellaneous related travel expenditures experienced a decline, 24% and 12%respectively. Exhibit 1.5: Growth in Tourism Segments, Dutchess County (Millions) $t so.00 1 cm $100.00 $50.00 l r $rs.11tr '1"rarasp ortlat M isedlanco I.,odgsr�, Food Shopping R,=el ion on us"f ravel ®A a"97 $47.93 $25.96 $92.21 $120.43 $44.10 ,$4.42 Dce-01 $70.74 1 $35.27 $121.IG $90.94 $94.49 $3.97 Type of Purchase Source: Dutchess County Tourism Promotion Agency Ll The exhibit shows a shift in people's attitude on spending. According to Karen. Woods, Director of the Dutchess County Tourism Promotion Agency, the shift went. from retail shopping to fine dining, which she credits in part to the Tourism. Promotion Agency marketing campaign. Tourism Expenditures by Season The Dutchess County Tourism Promotion Agency reports that tourism expenditures are highest in the fall season. This is indicated by an increase from $104.03 million in 1997 to $151,90 million in 2001. That is a 47.87% increase in spending during the Fall Season.This significant increase is due to the area's scenic beauty with great fall foliage, apple and pumpkin harvests, outdoor recreation, wineries, craft fair, etc. I❑ Winter and summer travel to Dutchess County also experienced increases from 1997 to 2001. While tourism expenditures during the winter season increased 18% or $22.5 million from $122.46 to $144.96, tourism expenditures during the summer increased modestly by 1% or $1.44 million from $108.16 million to $109.6 million. Exhibit 16: Tourism Expenditure by Season (Millions) $200. a $150.00 $100.00 Fall Whiter Summer ..._ ® 1u 47)7 $10403 "$122.46 $IC19.16 is _._ _... � )OC-0 1 $151.90 6144.16 $109.60 Season Source: Dutchess County Tourism Promotion Agency E 13 CRAFT(7125/2006)-FOR DISCUSSION PURPOSES ONL Y Greystone Estate Master Plan Visitor Origin and Purpose of Trip Ll According to the Dutchess County Tourism Promotion Agency, out-of-state visitors increased 27% from 44% in 1997 to 56% in 2001, while in-state visitors declined 21% from 56% to 44% during the sarne period. J There is a steady pattern in leisure travel, and a declining pattern in business travel to the County; there is, however, an increase in visits for meetings and conferences to Dutchess County. This is indicated by a significant 200% increase in attendance from 6% in 1997 to 18% in 2001. Exhibit 17: Dutchess County-Trip Purpose ........... 60% 50% 40% 30% 20% 10% 0% eel ing3/Conferences Z lAu .............. I J_r cc 45% 37% 'Fri p Pijrlx)se ........... .................1 Source: Dutchess County Tourisin Promotion Agency LJ While growth in the conference center business suggests that the County is becoming a more desirable getaway or retreat destination for business travelers and corporate executives, three hotels opened since 1998 in the PMA did not built any conference center facilities due to a perceived increase in competition from Westchester County and Albany. For example, the newly added Garden Hotel in Poughkeepsie only offers a 30-person boardroom. Tourism Employment Ll Based on the Dutchess County Department of Tourism, full-time jobs related to tourism increased significantly to 47% or 3,515 jobs from 7,556 to 11,071 jobs from 1997 to 2001. Tourism related jobs account for 9 percent of the jobs in Dutchess County. Ll Without the current levels of tourism expenditures local resident taxes would have increased by $186 per household to maintain the government services at the current levels. Government revenue generated by tourism at the state level totals $51.2 million and at the local level totals $18.5 million. 14 E DRAFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Tourism Infrastructure 0 Lodging • The: County continues to improve its tourism infrastructure relative to surrounding counties. The increase in lodging was a response to the increase in the number of visitors which went from 3.1 million in 1997 to 3.6 million in 2001. • As shown in Exhibit 18, below the County increased the number of rooms by 285 or 12% from 2,438 rooms in 1997 to 2,723 rooms in 2001. • As shown in Exhibit 19 below, the average annual occupancy of the hotel rooms has increased by 6 percent from the period 1997 (64%) to 2001 (68%). • As shown in Exhibit 20 below, the average daily room rate has increased by 17 percent from the period 1997 ($91.76) to 2001 ($107.38). Exhibit 18: Hotel Rooms in Dutchess County MOO 2.7 C 0 2.600 2,500 2.40,0 2.300 2,200 Aog-97 Dec-01 �M f I lot C 1 2,438 2.723 Rooms Year Source: Dutchess County Tourism Promotion Agency Exhibit 19: Average Occupancy in Dutchess County 68% 67% - 65% 64% 63% - 62% Aug-97 M, vin;cArImwl 64% 68% Occupancy R"110 Yenr Source: Dutchess County Tourism Promotion Agency E 15 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Exhibit 20: Room Rates in Dutchess County $110.00 $105.00 $1 ci0M m $95M x $90.00 $65M S80-00 Aug-97 I7ec_0C N Average Daily Room $01.76 $1.07,3$ Rafe Year Source:Dutchess County Tourism Promotion Agency Exhibit 21: Length of Stay-Dutchess County z N Aug-97 Dec-0 k ---------- ��L n�yY1t eif Sf,ay �24 3.03 _.._.... .m_........m_ Year Source: Dutchess County Tourism Promotion Agency ■ As shown in Exhibit 21, above the length of stay for tourists visiting the county and staying in the hotel rooms has increased by 35 percent from the period 1997 (2.24 nights) to 2001 (3,03 nights). ■ As per the Dutchess County Tourism promotion Agency, in 2000, Dutchess County had 35 hotels and motels with a total room capacity of 2,396 and 58 bed &breakfasts with a total room capacity of 245 rooms. • The addition of rooms came primarily from Poughkeepsie with the construction of Alka Inn in 1999 with 60 roams and the Hampton Inn and Main Stay Suites in Fishkill with over 200 rooms in 1998. ■ A 99-room Sleep Inn in. Fishkill and a 144-room Amerisuites Hotel at the site of the Red Bull Motor Inn are expected to break ground. According to Karen Woods, Director of the Dutelless County Tourism Promotion Agency, most of the tourism and tourism related infrastructure is in the northern and middle part of the County. "True tourism" exists along the intersection of haute 9 and Route 84 in Fishkill to the south and north of Poughkeepsie where most of the historic 1(7 DRIFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan sites are located. She believes the Beacon/Wappinger area has potential that can be capitalized on by creating lodging and attractions for tourists. 0 Lodging Facilities The lodging market in the PMA has different products to suit the purposes of different types of travelers (personal,business and leisure). ■ Some of the leading lodging facilities available for the business traveler include Courtyard by Marriott, Fishkill/ Poughkeepsie, NY (152 rooms, 12 suites, 2 meeting rooms, indoor pool, meeting/conference facility); Fishkill Residence Inn by Marriott, Fishkill, NY (136 suites, fireplace, outdoor pool, spa, meeting /conference room); Hilton Garden Inn, Poughkeepsie/ Fishkill, NY (111-rooms, 24-hour business center with executive style boardroom with seating capacity for 30, indoor pool); Mainstay Suites, Fishkill, NY (mid-priced extended stay hotel with 107-rooms); Holiday Inn Express, Poughkeepsie, NY (121-rooms, conference/meeting facility); Poughkeepsie Grand Hotel, Poughkeepsie, NY (175-rooms full service hotel, conference/meeting facility). A large segment of the leisure tourists to the region are catered to by inns and bed & breakfasts that have increasingly grown over the last ten years. A representative list of such facilities in the market includes: Old Drovers Inn, Dover Plains,NY - Old Drovers is ideally located nearby cultural and educational sites, vineyards, antiques and scenic views in the Hudson Valley. This inn is now a member of the exclusive Relais & Chateaux, and is a popular destination for weekend gateways. - Midweek rates for two people per night vary from $150 to $225. - Weekend rates, which include dinner for two is priced between$325 to $415. Beekman Arms/Delamater Inn, Rhinebeck, NY - Located at the center of Rhinebeck on Route 9; the inn claims to be the oldest in continual operation in America and has become a popular inn in Dutchess County. The Beekman has 10 small buildings and is located in the center of the village of Rhinebeck in the Historic Hudson Valley. In a courtyard adjoining the Delamater House is a private conference center that provides a relaxed but professional atmosphere for meetings. The inn is priced between $105 and $160 and the motel is priced between$95 to $125. Troutbeck,Amenia,NY - This inn provides luxury accomodations and multiple facilities including, weddings, corporate conferences, and fine dining. It is surrounded by major attractions in the foothills of the Berkshires - Summer Theater, antiques, historic homes, and beautiful New England villages, as well as an 18-hole golf course. Weekend rates range between$650 to $1,050 a couple. E 17 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Inn at the Falls, Poughkeepsie,NY - This inn, which is a 36-room facility with a view of Wappingers Creek and the falls is particularly attractive to the business traveler with its close proximity to Dutchess County Airport and IBM. Rates range from $140 to $175. The Mansakenning Carriage House, Rhinebeck,NY - This it part of a 150-acre estate whose walking trails can be enjoyed by the guests. It is nestled in the hills of the Hudson River Valley just minutes Rhinebeck's historic downtown district. Rates range from$125 to $375. The Mill at Bloomvale Falls,Millbrook,NY - Located in Route 82 at Route 13 in Salt Point, this magnificent property sits on 24 acres of land on which people canoe, fish, swim, and hike and in winter cross-country ski. It has 4 bedrooms that overlook the waterfall. The rooms are reasonably priced from $85 to $115 a night with and without minimum stay depending on the season. The Peekskill Inn, Peekskill,NY - This inn is located on the junction of Route 9 and Route 6. It has 53 rooms and 1 suite. Has a panoramic view of the Hudson River, Oliver's Restaurant, lounge, outdoor pool, banquet facilities. The rooms are priced from $90 to $110 a night and the suite at $160. The Pig Hill Inn, Cold Spring,NY - Located in the heart of historic Cold Spring. It has nine rooms, some with private bath, woad-burning stoves and fireplaces. Weekend rates for a room are $170 for a room w/private bath, $150 for a room w/shared bath. Weekday rates are $145 for a room w/private bath, $120 for a room w/shared bath. Space is available for conferences and private parties. Major Attractions in Dutchess County The Dutchess County Department of Tourism tracks attendance figures for 18 of the top tourist destinations in Dutchess. Please refer to Appendix 2, for a description of the major tourist Attractions in Dutchess County. As shown in Exhibit 22, the most frequently visited attractions in Dutchess County include the following: E 18 DRAFT(7/25/2006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Exhibit 22: Top Attractions in Dutchess County(2001 Season) Venue Attendance Municipality/ Approximate Travel Town/City Time from Gre stont Clermont State Historic Site 106,200 Clermont 59 Minutes Frances Lehman Loeb Art Center 33,211 Poughkeepsie 17 Minutes Franklin D. Roosevelt, Eleanor Roosevelt National 128,220 Hyde Park 20 Minutes Historic Site, Library&Museum and Retreat Hyde Park Historical Society Museum 200 Hyde Park 25 Minutes Locust Grove, The Samuel Morse Historic Site 5000 Poughkeepsie 14 Minutes Mills Mansion State Historic Site 28,977 Staatsburg 38 Minutes Mount Gulian Historic Site 9,012 Beacon 12 Minutes Museum of Rhinebeck History 100 Rhinebeck 50 Minutes Old Rhinebeck Aerodrome Museum X Rhinebeck 50 Minutes Quaker Museum 600 Pawling 40 Minutes Springside National Historic Site 250 Poughkeepsie 18 Minutes Van Wyck Homestead Museum X Fishkill 13 Minutes Vanderbilt Mansion National Historic Site 85,569 Hyde Park 20 Minutes Total Source:Duthcess County Tourism Promotion Agency E 19 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Exhibit 23:Major Tourist Attractions in. Dutchess County , I T I D PJ IWIVI r � 1 � X11 1 R`�dpry1AMNltl IIF � ... . l �I r � . ........ r.. s� liana p4M�wwr YPepwi& %�' tlrrrmarurGBa+aY 1 , Mrrnrar^G 35 Madam Brett Homestead 56 Cle7nont State Historic Site 80 Mount Gulian Historic Site 37 Mount Beacon 57 Clinton Exhibit Center 81 Museum of Rhinebeck History 45 Barrett House Art Center 58 Clinton House 83 Old Rhinebeck Aerodrome 46 Dia Center for the Arts 60 Eleanor Roosevelt historic Site 86 Quaker Museum 47 Howland Cultural Center 62 Francis Lehman Loeb Art Center 89 Springside National Historic Site 50 Bard College 63 Franklin D.Roosevelt Library/Museum 90 Stoney Kill Envirommnetal Cente 51 Culinary Institute of America 68 Hyde Park Historical Society Museum 91 Tallix Art Foundry 52 lDutchess Community College 74 locust Grove,the Samuel Morse Historic Site 93 Van Wyck Homestead'Museum 53 Marist College 78 Mills Mansion State Historic Site 94 Vanderbilt Mansion 54 Vassar College 79 Montgomery Place 97 Wilderstein E 20 DRAFT(7/25/2006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Proposed Lodging and Tourism Related Developments Given the increase in tourism in the County and the lack of significant development of major extended-stay attractions over the last decade, it is expected that the recent and planned development of additional attractions stimulate the need for additional lodging particularly in or near Beacon on waterfront locations. ❑ In Beacon, the Poughkeepsie-based environmental group Scenic Hudson Inc. is planning to develop 23 acres on 3 parcels. The developer plans to build a$30 million hotel, conference center and restaurant complex on part of a 23-acre site that did not exist as land before the 19th century. Development can cover about nine acres; 14 acres will be parkland. The hotel will have about 90 rooms, with a possible second phase. About 170,000 square feet of space will be built, mostly two-story on stilts to create parking and protection against flooding. ❑ Beacon Terminals Associates, L.P., Beacon's largest landowner, a real estate investment and redevelopment company and local developers plan to develop a destination theme restaurant with bed and breakfast rooms. It is called The Round House, and will be located at the site of a semi-circular brick building, footed in the Fishkill Creek, Beacon, with spectacular views of a waterfall and the Mattewan Dam. ❑ A spa facility offering a wide range of traditional and alternative wellness and health care options are planned in the Craig House, an 1859 gothic revival estate home on 64 acres, in Beacon along with a variety of senior retirement and assisted living housing and possibly an inn and catering facility. ❑ An effort has been underway since 1996 to restore the Mt. Beacon Incline Railway by a local grass roots organization. This one time unique experience brought thousands of visitors to Beacon to ride the steepest incline railway in the world. ❑ Metro North is planning to make improvements to the Beacon Station ($9 million) and Poughkeepsie station ($4 million). The Beacon station is proposed as a combined visitor's center with approaches to the planned Hudson River Estuary Trail, Beacon Landing and Dia. ❑ In Poughkeepsie, a Newburgh based developer has been selected to develop 18 waterfront acres with a mix of commercial, retail, and recreation uses. E 21 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Arts and Cultural Organizations Analysis There is a growing demand for arts space in the primary market area. The demand for Arts Space in Dutchess County is generated by the 80 to 87 arts organizations in the Dutchess County region that do not possess a permanent performing space. Due to extremely high cost of artist space in the major metropolitan cities such as New York City, and Boston, artists are looking for alternative locations with convenient access to the art marketplace. An emerging are community will attract the attention of artists who would like to be close to other artists and major arts centers and organizations such as the DIA Arts Center in Beacon and the Bard Performing Arts Center. Increased tourism activity in the region and the developing artist community in Beacon also strengthen the demand for arts and cultural space and related infrastructure in the region. The existing and planned infrastructure to cater to the growing arts and cultural community in Dutchess County include. the Dia Arts Center, Bard Performing Arts Center, Barrett Arts Center, Howland Cultural Center and the Frances Lehman Loeb Art Center (Appendix 3). The supply of live-work space in the region tends to be located in Poughkeepsie, Beacon and Rhinebeck. In Poughkeepsie and Beacon, the supply of space tends to be a studio space or a renovated commercial space. In Poughkeepsie, a work pace cost s between $75 to $500 a month. In Beacon, on Main Street a 800 SF space costs $12 PSF or$800 a month for a three-year lease term. Demand Assessment ■ According to the Dutchess County Arts Council, out of the 160 to 175 arts organizations registered, at least half or about 80 to 87 of the total do not possess a permanent performing space. These 80 to 87 groups tend to rent space on a project-by-project basis which is not cost effective. ■ Working artists priced out of New York City and other traditional, urban art colonies by sharply rising prices and a low inventory of space, artists from New York City are seeking affordable space in other cities or boroughs. ■ For example, in Peekskill, NY, there is a new development of live-work space for artists. In Bridgeport, CT, there will be a 52-units of live-work space in a formerly vacant department store. ■ The Metropolitan Transit Authority's plan to expand the Metro North train to Beacon and renovate the Poughkeepsie station will enhance regional access to the major urban markets. ■ A Minneapolis-based organization called Artspace Projects, which develops and manages live-work space for individual artists and groups, investigated the E 22 DRAFT(7/2512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan possibility of acquiring sites in Bridgeport, Connecticut and Poughkeepsie, New York. In a survey, fifty percent of potential users were New York City zip codes. Supply Assessment The arts space in Poughkeepsie tends to be a typical studio or a renovated commercial space. A typical renovated commercial space would be the Schwartz building on Main Street, which is going under renovation currently. Ego Riverview, the landlord estimates that the 6,000 SF space would be rented out for $8 PSF and there is a growing interest from a number of arts organizations that wish to share the space in the following way: 2000 SF would be set aside for exhibits on the ground floor, and the rest would serve as office, and workshops. This demand for that type of space indicates the desire for arts organizations to consolidate their efforts and share space whenever suitable. 0 Pou ce sie The following table shows the cost and types of space available for different types of artists: Exhibit 24: Size and Cost of Space in Poughkeepsie Space Type Low End/Small Studio Hi End/Full Scale Studio Space* $75-$250 per Month $500 per Month Theatre $200 $2000 (Bardavon) Dance Studio Space $50 per Hour Source:Dutchess County Arts Council * Studio space for Visual Arts - In Poughkeepsie, studio space tends to be subsidized space by the Dutchess County Arts Council (DCAC) or privately owned, or a stage at the Bardavon theatre. - Visual Arts studio range from a low $75 when subsidized by the DCAC to $500 per month when privately owned. - Theater performing studios range from $200 for small performances to $2,000 at Bardavon, one of the oldest continuously operating theatres in the State and in the nation. - Dance studio spaces are typically in the neighborhood of$50 per hour. 0 Beacon The following table shows certain available commercial spaces that would be suitable for artist space in Beacon. E 23 DRAFT(7/25/2006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Exhibit 25: Sizes and Rental Rates in Beacon Location Size (SF) Rent per Annual Listing Date Term Month Rent PSF Main Street 800 $800 $12.00 September, 2002 3 years Main Street 1,200 $1,000 $10.00 September, 2002 3 years _Main Street 350 $500 $17.14 August, 2002 3 ears Source: Sam's Realty - In Beacon, the supply of studio space tends to be a renovated commercial space on Main Street. - An 800 SF studio which would be suitable for a small dance class or individual artist would be about $12 PSF or $800 a month with a three year lease term. - A 1,200 SF studio space on Main Street which would be suitable for a dance or performing arts group would be about $10 PSF or $1,000 a month based on a three year lease term. Proposed Arts and Culture Related Developments Given the growth of art and culture in Dutchess County development of major cultural centers and artist space in the county are proposed or near completion. It is expected that the development of these cultural centers will further develop the potential of the region as a hub of arts and culture. ❑ The Dia Center for the Arts, the innovative contemporary arts institution based in Chelsea is expected to open in Spring 2003 the largest contemporary art museum in the north east and will attract 60,000 visitors a year to Beacon. The International Paper Company is donating the 292,000-square-foot factory off Walcott Avenue and 26 surrounding acres to Dia. The cost for restoration is $20 million dollars. State and regional government support for the project is estimated at $2.8 million. The $20- million museum, an hour's drive from Manhattan, will feature works by artists like Richard Serra, Dan Flavin, Joseph Beuys and Donald Judd, and will include 160,000 square feet of gallery space. That is roughly four times the exhibition space of the Whitney Museum of American Art and a little less than twice the exhibition space now in the Museum of Modern Art, which is about to undergo an expansion. Preliminary studies conducted on behalf of Dia indicate that the new center will generate nearly$1.7 million annually in revenue, and create 23 jobs. ❑ Among the projects that are following the Dia Center of Arts is the Beacon Art Society, a 150,000-square-foot complex of six buildings being transformed into fancy storage spaces, including a 20,000-square-foot exhibition area. On site will be a E 24 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan registrar, an art handler, a conservator and a restorer. William S. Ehrlich, a New York-based real estate developer and contemporary art collector, is developing the project. Another project along Main Street in Beacon, is the Beacon Project Space, which serves as an exhibition and office space. Mr. Ehrlich also plans to transform the former Dibble Opera House into a nonprofit space for contemporary dance, music, theater and media arts. ❑ Beacon Terminals Associates, L.P., plans to renovate abandoned industrial buildings in the pursuit of art, commerce and affordable living. Highlighting their plans are to build a 600-seat theater, studios for individual artists a small art museum and an inn all to be located at a former hat and textile factory also on the Fishkill Creek called Beacon Terminals. Adjacent to the property crossing the creek is one of the two remaining bow bridges in the United States which were built during the Civil War and the Scenic Hudson Madam Brett Trail. ❑ The former High School in Beacon was sold to the Beacon Terminal Associates for $4.25 Million and will become the Decorative Arts and Design Institute. The building is expected to be fully operational in three years. The museum will display decorative art collections that include furniture, quilts and other items for sale and use. Along with the decorative arts, there will also be educational courses for students and adults, employment opportunities and the possibility of internships. ❑ In Annandale-on-Hudson, New York, the Bard College Performing Arts Center is scheduled to open in 2003, which would position the Hudson as one of the nation's leading cultural centers. Befitting its role as an internationally distinguished performance site and the home of Bard's academic programs in theater and dance, the Richard B. Fisher Center for Performing Arts, will be a landmark. Architect Frank O. Gehry has designed the 109,000-square-foot building. ❑ In the fall of 2002 Beacon will have a new state of the art high school complete with computer labs, a performing arts center and community rooms. The school features an array of educational advances for students, including a television and music recording studio, a six-lane swimming pool, a complete fitness center, computer access in numerous classrooms and an art gallery. Some of the facilities will be open to the community. E 25 DRAFT(7125/2006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan APPENDIX-1 Major Employers in Dutchess ConAly NAME OF BUSINESS NUMBER OF PRODUCT EMPLOYEE IBM Poughkeepsie 6400 Computers/Computer Service IBM East Fisbkill 5400 Semi-conductors Health Quest(Vassar Hospital) 2400 Local Hospital Datchess Co.Government 2044 Local Government St.Francis Hospital 1950 Local Hospital Taconic Developmental Disabilities 1800 NYS Dept.of Corrections Services Offices Wappingers Central School District 1700 Local School District Vassar College 1224 Ivy League College NYS Dept.of Transportation 1150 NYS State Office NYS Fishkill Correctional Institute 1050 NYS Dept.of Corrections Marist College 1014 College GAP,Old Navy 1000 Clothing Distribution Philips Semiconductor Corp. 950 Semi-conductors NYS Green Haven Correctional Institute 850 NYS Dept.of Corrections NYS Husdon River Psychiatric Center 800 NYS Hospital NYS Downstate Correctional Institute 750 NYS Dept.of Corrections Poughkeepsie City School District 700 Local School District Hyde Park Central School District S00 Local School District USPS Fishkill Remote Encoding Center 650 Regional Service Center Dutchess Community College 640 Community College Beacon City School District 580 Local School District Bard College 520 College Central Hudson Gas&Electric Corp. 500 Regional Utility(HQ) Culinary Institute of America 500 Nationally Renowned School Hudson Valley Federal Credit Union 480 Financial Astor Home for Children 460 Local Health Care Facility FerncliffNursing Home 460 Local Helatb Care Facility Pawling Corporation 335 Mfr.Plastic Parts(HQ) Laerdal Medical Corporation 247 Mfr.Medical Training Aids(HQ) Cbemprene,Inc. 175 Mfr.Conveyor Belts(HQ) E 26 DRAFT(7/25/2006)--FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan APPENDIX-2 Tourist Attractions In Dutchess County ■ Clermont State Historic Site Description: Restored mansion,visitor center, exhibit galleries, formal gardens, carriage trails,picnicking. Country estate of seven generations of the prominent Livingston family. Location: 1 Clermont Avenue, Clermont,NY. Located off Woods Road. Hours: House open Apr. 1-Oct. 31, Tues.-Sun., 11 am-5pm. Weekends through mid-Dec. Grounds open all year 8:30am- sunset. ■ Eleanor Roosevelt National Historic Site/Val-Kill Cotta e Description: Restored home of Eleanor Roosevelt features film biography of "First Lady of the World," guided tours of home, 180 acres of grounds, hiking trails. Location: Rt. 9G, Hyde Park. Hours: May-Oct., 9am-5pm;Nov.-Apr., Thursday-Monday. ■ Frances Lehman Loeb Art Center Description: The college's permanent collection spans the history of art from ancient Egyptian to contemporary American. Special exhibitions are offered throughout the year. Location: Vassar College, 124 Raymond Ave., Poughkeepsie. Hours: Tues.-Sat., 10am-5pm; Sun., 1-5pm. ■ Franklin D.Roosevelt Home National Historic Site Description: Lifelong home of President Franklin D. Roosevelt, including gravesite and Rose Garden area. Location: 4097 Albany Post Rd., Rt. 9, Hyde Park. Hours: 9am-5pm ■ Franklin D. Roosevelt Library and Museum Description: Contains extensive displays on the lives and careers of Franklin and Eleanor Roosevelt and exciting interactive exhibits. Location: Rt. 9, Hyde Park. Hours: Museum Apr.-Oct., gam-bpm;Nov.-Mar., 9am-5pm. Closed Thanksgiving, Christmas and New Year's Day. Research library Mon.-Fri., 8:45am-5pm. • Franklin D. Roosevelt's Retreat Top Cotta2e Description: Designed in 1938 by FDR to be handicapped accesible,his private retreat was a place to meet with political allies and friends. Location: Rt. 9, Hyde Park. , Hours: Tours depart at 10am, fpm & 3pm from the home. Thurs.-Mon. E 27 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan ■ Hyde Park Historical Society Museum Description: Artifacts from Hyde Park's past including the voting machine with FDR &Hoover on the ballot from 1933. Also, tours of The Little Red School House on the grounds of North Park Elementary School off Rt. 9G by appt. Contact: 845/229-9029 Location: 4389 Albany Post Rd., Hyde Park. Hours: Jun.-Oct., Wed. & Sun., 1-4pm and by appt. ■ Locust Grove, The Samuel.Morse Historic Site Description: Home of Samuel F. B. Morse, designed by A.J. Davis. Extensive furniture collection, china, art, walking trails,picnic grove. Morse Gallery features telegraph exhibits and art. Location: 2683 South Rd., Rt. 9, Poughkeepsie. Hours: May-Thanksgiving, 10am-3pm. Year-round by appt. ■ Madam Brett Homestead Description: Built in 1709, Dutchess County's oldest homestead; 17 rooms of furnishings,porcelain, paintings,books,tools and gardens. Owned for seven generations by the Brett family. Location: 50 Van Nydeck Ave., Beacon. Hours: First Sun. of each month May-Dec., except July&Aug., 1-4pm and by appt. ■ Mills Mansion State Historic Site Description: The country home of Ogden and Ruth Livingston Mills,built in 1895-96 and furnished in the styles of Louis XIV, Louis XV and Louis XVI. Location: Old Post Rd., Staatsburg. Hours: Apr. I-Labor Day, Wed.-Sat., 10am-5pm; Sun. noon-5pm. Labor Day- late Oct., Wed.-Sun., noon-5 pm. Special Christmas tours. ■ Mount Gulian Historic Site Description: Reconstructed 18th century Dutch homestead on 44 acres with unique 1740's Dutch barn and restored garden. Revolutionary War Headquarters of General von Steuben, birthplace of the Society of the Cincinnati. It is listed on the National Register of Historic Places and hosts special events, changing exhibits. Location: 145 Sterling St., Beacon. Hours: Apr.-Oct., Wed.-Sun., 1-5pm; Nov.-Dec., Wed. & Sun. 1-5 pm. ■ Museum of Rhinebeck History Description: Local history exhibits. Location: Rt. 9, 1798 Quitman House, Rhinebeck. Hours: Jun.-Oct., Sat.-Sun., 2-4pm; Wed.by appt. E 28 DRAFT(7/25/2006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan ■ Old Rhinebeck Aerodrome Museum Description: Antique aircraft and automobiles on display and in action, air museum. Location: Stone Church Rd., Rhinebeck. Hours: May 15-Oct. 31, 10am-5pm. Weekend airshows,mid-Jun.-mid-Oct., 2pm. Open cockpit bi-plane rides available before and after shows. ■ Quaker Museum Description: Museum displays of early Quaker utensils, costumes, furniture and artifacts. Location: Akin Free Library, 2nd Fl., Quaker Hill, Pawling. Hours: Mid-May-mid-Oct. Tours Sat.-Sun. 2-4pm. ■ Spring side National Historic Site Description: Recognized as the last surviving example of America's first native- born landscape architect, Andrew Jackson Downing. Stroll 20 acres of old carriage roads and first site in the City of Poughkeepsie given federal recognition for its historic importance. Location: 185 Academy St., Poughkeepsie. ■ Stony Kill Farm Environmental Education Center Description: Open to the public, Stony Kill Farm is an education center dedicated to enhancing environmental awareness and appreciation of the natural world. Its 756 acres of rolling countryside, farmland and woodlands in southeastern New York State offer a special setting where visitors discover the delicate interweaving of all living things. Location: Route 9D,Wappingers Falls. Hours: Admission is free of charge and open year-round. Annual visitation is 25,000. ■ Van W ck Homestead Museum Description: 1732 Dutch Colonial homestead. Revolutionary War Hqtrs. 1777- 83, Hudson Valley portraits, changing exhibits and events. Location: Rts. 9 &I-84, Fishkill. Hours: Memorial Day-Oct. weekends, 1-4pm and by appt. Local history library Wed. & Sat., 10am-noon. ■ Vanderbilt Mansion National Historic Site Description: Home of Frederick and Louise Vanderbilt,built between 1896 and 1898, representative of the "Gilded Age." Grounds, trails, formal gardens and a spectacular view of the Hudson River. Location: Rt. 9, Hyde Park. Hours: 9am-5pm. E 29 DRAFT(7/2512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan APPENDIX 3 Arts and Cultural Or anizations in Dutchess County According to the Dutchess County Council for the Arts (DCAC), there are between 160 and 175 arts organizations in the county that are registered with the DCAC. Eleven of those experience attendance of 300,000 people, 110,000 of which are young people. The arts and cultural organizations are mainly located in Poughkeepsie, Beacon, and Rhinebeck. The arts/cultural organizations in Dutchess County include the following; Dutchess County Arts CouncilJoughkeepsie Non-profit Arts service organization that promotes and coordinates cultural organizations in Dutchess County; provides grants, events, programmatic support for arts and cultural organizations. The Council envisions the Mid-Hudson Valley as a place where all people are informed about the Arts and have access to varied and high quality Arts, and where artists and arts organizations are supported and integrated into the community. Through the New York State Arts Council Decentralization Grant Program, the DCAC provide funds for about 40 arts and cultural organizations and provide general operating support for 11. Hudson Valley Artisans Guild (HVAG) Founded in 1981, the Hudson Valley Artisans Guild (HVAG) is a non-profit educational organization. The Guild supports new artisans and seasoned professionals to further develop their artistic and business skills. It also works with tourism organizations, arts councils and other groups to feature and promote arts and crafts made in the Hudson Valley. The Guild is a member of. Dutchess County Arts Council. Cultural Centers in Dutchess Coun Dutchess County has a wealth of cultural diversions. Performing arts venues stage theatrical, dance and music performances all year long, including Hudson Valley Philharmonic concerts. Fine art is on exhibit at fine college art galleries and soon to open, Dia Center for the Arts Museum. Dutchess boasts the oldest operating theater in New York State, the Bardavon, as well as the up to date Center for Performing Arts at Rhinebeck. The Barrett Art Center The Barrett Art Center is an 1830's Greek Revival house in Poughkeepsie and is the home of the Dutchess County Art Association (DCAA.) Three national exhibitions are sponsored annually, "Photowork," "Printwork," and "New Directions." Eminent art professionals jury all shows. It features exhibition of contemporary art and works of historic merit. Art school for adults and kids, educational programs, lectures, and gallery talks for the general public. It supports regional artists, mounts exhibits of national caliber, and features quality exhibitions of contemporary as well as historic art in its formal galleries. E 30 DRAFT(712512006)—FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan The Mill Street Loft The Mill Street Loft is a multi-arts educational center, offers creative arts programs and classes to children and adults. As a multi-arts center, the organization is committed to fulfilling community needs through the visual arts, sculpture, design arts, music, drama, dance, poetry, storytelling, etc through its year round art classes. The organization participates in economic revitalization of the community through its innovative entrepreneurial programs, such as Project ABLE, and also in social programs such as the PASWORD Program assisting young girls who are socially and economically disadvantaged, through mentoring, arts and creativity, and life skills training. The Howland Cultural Center,Beacon Richard Morris Hunt designed the Howland Cultural Center in 1872 as Beacon's first circulating library in the recently restored end of Beacon's Main St. It is an arts center for the visual and performing arts, with art exhibits and music programs. The Howland Chamber Music Circle and others fill the vaulted interior with the sweet strains of classical music. Omega Institute for Holistic Studies, Rhinebeck The Omega Institute for Holistic Studies is a non-profit organization and an internationally recognized institute focusing on personal and professional development. They hold various-length workshops to encourage personal and professional development, principally on the arts, health and wellness, psychological development, spiritual understanding, nature, and society. The County Players Falls Theater County Players is an all-volunteer, nonprofit community theater located on W. Main Street in the heart of the Village of Wappingers Falls. The theater accommodates 398 patrons and includes one main stage and two side stages. The County Players Falls Theater has undergone several cosmetic makeovers, including a new marquee and roof, state-of-the-art theatrical technology, new seats, efficient heating, air conditioning, electric and plumbing. The theater also supports its productions with annual memberships, grants, fundraisers, and donations from such companies as Reader's Digest and IBM. Bardvaon Theater, Poughkeepsie The oldest continuously operating theatre in New York State and among the oldest in the nation, the Bardavon has long been considered the cultural jewel of the region. Legends such as Sarah Bernhardt, Enrico Caruso, Mark Twain, the Barrymores and many presidents have trod the boards at the Bardavon Theater, in Poughkeepsie. Built in 1869 as a symbol of Poughkeepsie's stature as a Mecca for culture, the Bardavon, has been entertaining audiences for 130 years. The beautifully restored theatre is a National Historic Site is its own right, and from fall to spring, offers a full season of theater, music, dance, children's shows, opera and special events. The Bardavon is also the home of the Hudson Valley Philharmonic, the region's only symphony orchestra. Maestro E 31 DRAFT(712512006)-FOR DISCUSSION PURPOSES ONLY Greystone Estate Master Plan Randall Craig Fleisher conducts six symphony concerts from October through May, and special guests light up the holidays at their pops concerts. DIA Center for the Arts,Beacon The DIA Center for the Arts, the innovative contemporary arts institution based in Chelsea, announced it would open a massive museum in Beacon in Spring 2003. The $20-million museum will feature works by artists like Richard Serra, Dan Flavin, Joseph Beuys and Donald Judd, and will include 200,000 Square Feet of gallery space. The Dia Center is hoping to attract 50,000 to 60,000 visitors a year, and generate $1.7 million annually in revenues. Bard Performing Art Center,Annandale-on-Hudson The Richard B. Fisher Center for Performing Arts will open in Spring 2003 at Bard College a stunning performance venue designed by renowned architect Frank Gehry and will contain two multipurpose theaters: a principal theater and a black box theater. The center's principal theatre will include seating from 400 to 1,000 with a standard capacity of 800, in the principal theater's orchestra and two_balcony sections; 200 seats in the black box theater. The center will offer a wide variety of cultural events, including music, drama and dance. A summer arts festival, as well as the annual Bard Music Festival, with the American Symphony Orchestra in residence, will be presented in the new Performing Arts Center, as will other orchestral and chamber music, opera, contemporary and classical dance, theater, and other special events. The black box theater's 200 seats are retractable; allowing the theater to be reconfigured into a large, open performance space. Marist College Marist Art Gallery showcases Hudson Valley artists, musicals, plays, and lectures in the Nelly Goletti Theatre. Vassar College The Vassar College is home to Frances Lehman Loeb Art Center, an active cultural resource that supports learning in and out of the classroom for members of the Hudson River Valley, the Vassar community and beyond. E 32 DRAFT(1/2512006)-FOR DISCUSSION PURPOSES ONLY