- Brownfields Cleanup Sub-Grant from Southern Maine Planning and Development Commission ($200,000)
- Private foundation funding including the Quimby Family Foundation, Elmina B. Sewall Foundation, and the Morton-Kelly Foundation
- A community 2013 community fundraiser ($12,000)
- Biddeford Ball 2014 ($14,400)
- Biddeford Facade Grant Program ($6K)
- In-kind contributions made by Caleb Johnson Architects and Joe Hemes Architecture
Use of funds have gone toward:
- Completion of Part I of the Historic Preservation Application to the National Park Service
- Demo to the facade coverings to reveal the original building structure
- Establishing new electrical service to the property
- Inspections and initial existing conditions drawings
- Sprinkler inspection
- Historic preservation consultants
- Architectural conceptual renderings for new facade
- Ongoing carrying costs of approximately $10-15K annually (snow removal on roofs, gutter repair, vacant building insurance)
No more work can be done to the facade until Part II of the Historic Preservation Application can be completed (which will cost another $20-30K roughly for final architectural drawings and historic preservation consultants).
- Financial modeling for the development, based on projected uses of both commercial space and Engine’s space. Because this is currently planned to be a Historic Tax Credit project, a nonprofit can occupy <50% of the 18,000 sf. Engine is looking to lease space itself in the development, and attract commercial tenants to generate rent revenue to support the operating costs of such a large structure. Financial modeling should be done in the next two weeks. The fact that commercial rents are still very low on Main Street is not helpful to this type of project. We will have a substantial capital campaign heading our way in the very near future. The financial modeling will take into account the tax credits which MBRC or Engine cannot use as a nonprofit but will need to syndicate (read as, “to pay very expensive tax credit lawyers”) to the open market to some entity that has a tax credit liability.
- Structural analysis of the building to determine the integrity of the shell, specifically the marble facade. We already know that one of the 3 roofs is not stable and will impact construction costs.