Savenko’s idea for Binford Middle School

 At Melissa Savenko’s Richmond Real Estate Review there’s a proposal about Binford Middle School that deserves a look: PROPOSAL TO RENOVATE BINFORD MIDDLE SCHOOL: Transfer the property to a public/private entity, which will hold legal title to the school property; Move the existing Binford students to Albert Hill Middle, located at Patterson and Nanesmond in the Museum District, […]

January 20, 2009; 9:55 PM • by FTRea

 At Melissa Savenko’s Richmond Real Estate Review there’s a proposal about Binford Middle School that deserves a look:

PROPOSAL TO RENOVATE BINFORD MIDDLE SCHOOL:

1. Transfer the property to a public/private entity, which will hold legal title to the school property;
2. Move the existing Binford students to Albert Hill Middle, located at Patterson and Nanesmond in the Museum District, for the duration of the renovation;
3. Have the Principals of Hill and Binford, both of whom are doing an outstanding job, by all accounts, co-manage Albert Hill during the transition time;
4. Use state and federal historic tax credits to completely renovate the building.  This will return $.45 on every $1.00 of eligible renovation expense as a bottom-line tax credit;
5. Seek additional state and/or federal funding, if available;
6. Lease the property back to the City of Richmond Schools for the five (5) year time period required for the federal tax credits to fully vest.

Click here to read Savenko’s entire post.

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January 20, 2009 9:55 PM 0