November 30th, 2017: After spending a couple months researching some key feasibility issues with the guidance of the structural engineer, architect, and a construction firm, the school submitted a Letter of Intent to the owner of the building. Our purchase offer of $5,050,000.00, or about $150 a square foot, was accepted by the owner. With an accepted offer the next couple of months were spent working with a financial advisor to finalize our funding terms, draw up more detailed plans, pursue contractor preliminary bids, and work through the land use application.
February 26th, 2018: In the course of working through the Land Use application it was revealed that this building appeared to be in the 100-year flood plain and that triggered some expensive waterproofing requirements because of FEMA flood plain standards that weren't in place at the time this building was constructed. Those requirements included the construction of a flood wall around the entire perimeter of the building, which would not have been reasonable or affordable for the school. The team asked all vendors who were working on the project to stop work while we researched this issue further. After lots of research and a meeting with the City we concluded that we needed to pull out of this contract before the school's earnest money was lost. As a last-ditch effort a Flood Elevation Survey was ordered to confirm that this building was in the 100 year flood plain as indicated by the flood maps. We were surprised and excited when the results of the survey showed the FEMA flood elevation map numbers to be off by nearly 2.5 feet, and showing this building to no longer be in the flood plain. With this news in hand a new purchase and sale agreement was drafted. The next couple of months were spent working through tasks related to funding, title, surveys, inspections, engineering, and land use.