Paying off the Gateway Facility
In order to eventually tear down and build a new, modern chapter home; first the gateway facility needs to be paid off. This may be accomplished solely through the rental revenue stream. The gateway facility will be able to house 5 undergraduate members. The rental income will be able to sustain not only the operational expenses of the property, but also be able to put money away into maintenance reserves and make additional payments on the principal. In all, it will take 10 years or less to own the gateway facility free and clear. Once this goal is close to being achieved, the AVC will be in a position to consider the tearing down of the existing structure and building a brand new modern chapter home.
To see more information on the finances of the gateway facility, please consult the business plan here (requires an account and login):
Completing the Capital Campaign
Paying off the gateway facility is just one piece of the puzzle to allow the building of a new chapter home. It will also take the generous support of our alumni, volunteers, friends and family to accrue the required capital to build a new chapter home that will be able to meet the needs of the chapter for decades to come.
The chapter has been able to sustain 7-10 residents very reliably over the chapter’s history. This would require a facility with 8 bedrooms that are flexible to accommodate this number of resident brothers. This would sustain a mortgage of around $400k that would be amortized over 15 years. This means a capital campaign would need at least $500k in gifts in order to build compete the vision of building a new chapter home that is appropriate for Platteville.
The capital campaign structure and giving levels have already been determined. Work is already starting in preparation of asking for gift commitments. The Campaign Committee will be asking for gift commitments to be made over 5 years with hopefully reaching goals by year 7 when collection would be completed.
The initial stages of the capital campaign are set to kickoff in April of 2021 with the public phase beginning some time in quarter 3 of 2021.
To learn more about the different giving opportunities or learn about Phase 3: Rising; please click on the appropriate link below.