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Maures Development Group - Milwaukee Public Library

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Milwaukee Public Library | Mill Road Library
The Team
Development Team:
Maures Development Group, LLC
CommonBond Communities
Architectural Team:
Engberg Anderson Architects
Knowing the Neighborhoods
MPL & Community Vision
Energizing the Community
Creating Growth
Increasing Neighborhood Vitality
Walkable Sidewalks & Paths
Landscaping
Community Involvement
Community Based Design
Creating a Sense of Ownership
Placemaking
The Third Place
Building Identity
Meeting with City/Community
Northwest Side Plan
Community Connections
Project Description
Mill Road Library
Mill Road Library | MPL
Site Plan
Project Costs | Sources
Sources:
First Mortgage
AHP or Other Grant
Library/ White Box
Library Build Out
(Library Controlled Funds)
Deferred Developers Fee
Limited Partner Equity –LIHTC
$765,633
$379,052
$1,500,000
$3,000,000
$500,000
$7,700,705
Total Sources
$13,845,390
Project Costs | Uses
Uses:
Acquisition
$25,000
Construction Interim Costs
$401,967
Construction Costs
$5,336,000
Permanent Financing
$31,934
Contingency
$341,800
Soft Costs
$175,680
General Conditions
$751,960
Syndication Cost
$40,000
Library Shell/ White Box
$1,500,000
Developer Fees
$1,250,000
Library Build-out
$3,000,000
Legal
$100,000
Demolition
$250,000
Reserves
$228,710
Professional Fees
$356,839
FF&E
$55,500
Total Uses/ TCD
$13,845,390
Schedule
Financing & Timeline
Current Timeline is based on the following assumptions:
• Team selected by mid December 2015
• Application to WHEDA on/or before January 30, 2015
• Award of LIHTC in April 2015
• Other Options
• WHEDA High Impact Project Reserve August 2015
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Avoid competing with Forest Home
Apply to WHEDA in January 2016
Consider 4% credit with other bond financing
Determine if a market rate transactions is viable
Schedule sequence remains.
Milwaukee Public Library | Mill Road Library
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