New Details, Plans, Costs For Academy School Property

MADISON, CT — Some new details have been released concerning the town's plan to redevelop the former Academy School site, which has been much discussed over the past few years.

According to a detailed report prepared by the The Ad-Hoc Academy School Community Design Committee here are some known facts.

Key Findings By The Committee
The Academy building is eminently feasible for conversion to a community center
∗ The cost to Madison taxpayers for renovation of the building could potentially be reduced by millions of dollars through tax credits and grants
∗ The use of energy efficient and green energy systems could greatly reduce the operation and maintenance costs of the building
∗ Program revenues could potentially pay for the staffing, operation, and maintenance costs of the building
∗ If enough profits were generated from program revenues, they could potentially be applied to pay down the capital expense of the building, i.e., bond costs
∗ Creation of a community center in the Academy building could make Madison a more attractive community in which to live, and could potentially stimulate considerable additional patronage of downtown businesses

"As previously indicated in our Final Report of April 8, Colliers estimated that the renovation cost to convert the Academy Building to a community center to be $13.9 million. Per our charge from the BOS, we have worked diligently to research cost offsets for renovation expenses."

Local officials plan to seek out state and federal grants in an effort to reduce the cost to local taxpayers.

"Together with these nearby “neighbors” we can potentially advance the idea of creating an “historic campus” in the area which would be a cultural and tourism addition to the west end of downtown, and would hopefully stimulate some economic activity," the committee said in its report.

Potential Cost to Taxpayers

∗ Cost per Median Assessed $350,000 home:
∗ Case 1: $14,000,000
Increase in annual taxes $110/year

∗ Case 2: $10,000,000
Increase in annual taxes $77/year

Additional Staff Annual Salary Benefits Description

Event Coordinator $74,767 salary and $37,383 benefits

Custodians (2) $74,767 salary, $37,383 benefits

Grounds Maintainer? $59,467, salary and $29,734 benefits

Totals $209,001 salary and $104,500 benefits

Total Salaries $313,501

Utilities (Senior Center X 3) $105,801

Maintenance (Senior Center X 3) $30,000

Estimated Additional Operating Cost $126,948

Supplies, etc. (Senior Center X 3)

TOTAL OPERATION/MAINTENANCE** $567,250

Projected Revenue

*Sports Camps (indoor &outdoor)

*Baseball, basketball, lacrosse & soccer clinics

*Theater Rentals

*Comedy tours, lyric & choral troupes

*Kitchen/Catering Space

*Teen Dances

POTENTIAL REVENUE 100% OCCUPANCY
Potential Annual Revenue $2,262,870
(12 hours/day – without weekends)

POTENTIAL EXPENSES

Community Center Expenses Without Weekends $850,875
(Salaries, Operation and Maintenance)
(12 hours per day - $567,250 X 1.5)

POTENTIAL NET REVENUE $1,351,995

POTENTIAL RENTAL REVENUE $675.998 50% OCCUPANCY

OTHER POTENTIAL REVENUE TO BE DETERMINED

May 2020 Referendum Planned

Prepare for a May 2020 Referendum
• Present a solid case study for The Academy Community Center
• Making the case that a Community Center will allow our citizens… to Choose Madison to Live Well

>>>You can read the full report here.