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LeadingAge NC Building Campaign
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The Case for Support: A LeadingAge NC Office Near the General Assembly


Why be in downtown Raleigh?

Three items will be crucial in our future success as an Association that delivers value to its membership – and an office building in close proximity to the General Assembly enhances all three:
  • Advocacy. The pace and importance of legislation impacting our membership will only continue to grow in the coming years. We are better positioned when we have immediate access to decision makers and the process.
  • Collaboration. The ability to be conveners of stakeholders, regulators, legislators, and other advocacy groups through conference space just minutes from the Legislative Office Building ensures that we can help shape policy through collaboration around our conference table.
  • Presence.Our brand will be enhanced through our close proximity to the General Assembly, with appropriate signage and space conducive to hosting a variety of groups and functions.

What would we build?

While preliminary in nature, we envision an approximately 2,000 square foot building that would include:
  • Five staff offices
  • Conference room with seating for 10
  • Work room (including IT server equipment)
  • Storage room
  • Bathrooms
  • 15% extra square footage for future growth

What would it cost?

We think that our land acquisition costs would be between $1 million and $1.5 million. Construction costs would be approximately $500,000. The total cost for land acquisition and construction would be between $1.5 million and $2 million. We anticipate annual operating costs of approximately $7.50 per square foot, or approximately $15,000 per year. We believe that we can fund the annual operating costs through a combination of existing revenue and revenue growth.

Why own?

Assuming that we are able to successfully fundraise for the costs of land acquisition and building construction, the “lease versus own” calculation is fairly simple. Leasing a building in downtown Raleigh in close proximity to the General Assembly would cost approximately $25 per square foot. Factoring in a 3% lease cost increase per year, at the end of ten years we would have spent $573,194 on lease payments. If we raised the money to acquire and build – and spent approximately $15,000 annually on operating costs (or $150,000 over the same ten-year period), we would be ahead by approximately $420,000 and have an asset on our balance sheet.

Summary

A capital campaign to raise the funds necessary to acquire land and construct a building recognizes the collective power of our Association. By banding together and collectively raising the money, we’re able to amplify our voices far beyond what any member community could do on their own. With no debt, no annual lease payments, and a budget that will sustain annual operating costs, a new office near the General Assembly will strengthen beyond measure our ability to advocate, educate, and collaborate.
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