The financial plan
Built like a castle.
Pencils like a deal.
Funding status
Where the castle stands today
- $929,000received to date
- $6.5Mpending
The projected cost is $30.5 million. Four buckets of money cover it.
29%55%11%5%
Where the money comes from
| Philanthropy | $8.9M | Gifts, grants and sponsorships, including naming gifts. |
|---|---|---|
| Tax credits + easement | $16.9M | Investors buy the tax credits UAA syndicates, such as the 9% housing credit (LIHTC), historic credits (HPTC), sustainability credits and New Markets Tax Credits (NMTC). A historic preservation easement adds more. |
| Public funds | $3.3M | Grants and contributions from public agencies. |
| Loans | $1.45M | The city housing loan request (HDLP). |
Where the money goes
| Homes | $12.8M | 32 affordable homes. |
|---|---|---|
| Chapel | $4.5M | Restoration of the 1904 building. |
| Parking | $4.2M | Two levels of parking. |
| Pre-development | $1.73M | Design, engineering, permits, legal, insurance and owner costs. |
| Sculpture garden + art | $0.43M | Landscape and public realm, plus attraction installation and art. |
| Land | $1.87M | Site acquisition and payoff of the existing mortgage. |
| Contingency | $2.24M | Construction reserve. |
| Solar + battery | $1.06M | Rooftop solar and battery storage for the homes and the art center. |
| Developer fee | $1.0M | Development services for the homes and the art center. |
| Site, furnishings + other | $0.64M | Site work and utilities, environmental assessment, furnishings and a financing reserve, net of materials-tax savings. |
Why gifts come first
Gifts light the first spark. Studies, design and permits come before any tax credit or bond pays out, so gifts and community-development loans fund those first steps. Every naming gift and sponsorship moves the castle forward. Tax credits and bonds step in once construction financing closes.
Join the castle.
Crystal Young
Development Lead, Sterling & Pink
cy@sterlingpink.net
Derek Dyer
Executive Director, Utah Arts Alliance
derek@utaharts.org