COST / FUNDING

Total Construction Costs
(approximately 60,000 square feet)

— minus Historic Tax Credits*       

$8.4 million

$1.4 million   
$7.0 million

— minus Sale of Chancery Building

$1.0 - 1.5 million  
$5.5 - 6.0 million

— minus Grant Potential
     -EDI Grant - 500L (request submitted)
      - MDAH Grants
      - Congressional Earmarks
      - Other

$0.5 - 2.0 million

*Historic Tax Credits based on work on existing building
- not including site development / addition costs
- assumes selling credits for 90 cents on dollar

Canton Redevelopment Authority to develop building to meet County's needs and lease to County.

Money to be borrowed through USDA Community Facilities Load Program (90% guaranteed - 40 yr. max)

• Lease at cost (loan & maintenance)

Estimated at no more than $10 / square foot
With option to buy after 5 years*

• This method of funding adds no additional bond indebtedness to the county.

 

* Tax Credits require same use & ownership for 5 years.