Former Worcester Vocational High School Voke Lofts Site Preparation. Craig L. Blais President & CEO Worcester Business Development Corporation

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1 Former Worcester Vocational High School Voke Lofts Site Preparation Craig L. Blais President & CEO Worcester Business Development Corporation

2 Salisbury Street Voke Context Located at the Northern Edge of Main Street Grove Street Voke School Relocated In 2006 To Main Street Adjacent to Gateway Park 1 2 GATEWAY PARK Included in Gateway Master Plan as Housing To 290 West Two petroleum releases beneath newer additions to the building To 290 East Remediation required demolition of non-historic structures

3 Gateway Park Master Plan Keys to Success Identify Partners MOU with City Acquisition & 30B Do the Research Master Plan Market Analysis Environmental Analysis Be Creative with Financing and Leverage Equity

4 Voke Lofts Partnerships City of Worcester Acquisition (MOU) and Financing Partner Worcester Common Ground Marketing and Finance Partner MassDEP Regulatory Partner EPA Region 1 Grant Partner MassDevelopment Grant Partner WinnDevelopment Redeveloper

5 Voke Lofts Research Gateway Master Plan Building & Area Wide Analysis Thorough Market Analysis Updated with Appraisal prior to Acquisition Environmental Analysis Phase I Report Comprehensive Phase II Sub Surface Investigation Regular Testing Updates Prior to Remediation

6 Voke Lofts Remediation Budget Voke Remediation Budget Asbestos, Haz Mat, & Site Prep (Professional Services, Site Security, Chemical Removal, Lights & Ballasts, & mostly Asbestos Removal) $500, Building $300, Environmental Remediation (Excavation, Stockpiling, De-Watering & Disposal) $400, Total $1,200,000.00

7 Voke Remediation Budget Funding Gap $1,200, $1,000, $800, Environmental Remediation Remediation Costs Environmental Remediation & Site Prep $600, $400, $200, Asbestos, Haz Mat, & Site Prep $400,000 $- Total Remediation Costs Funding

8 Voke Capital Strategy $1,200, $1,000, Environmental Remediation $400,000 MassDevelopment Grant Remediation Costs Environmental Remediation $800, & Site Prep $600, $400, $200, $400,000 EPA Grants Asbestos, Haz Mat, & Site Prep $400,000 Funding Sources EPA Grant MassDevelopment Grant $- Total Remediation Costs Funding

9 Voke Capital Strategy Full Funding BUT All For Remediation! $1,200, $1,000, Environmental Remediation MassDevelopment & EPA Fund Remediation Remediation Costs Environmental Remediation $800, & Site Prep $600, Funding Sources $400, $200, Asbestos, Haz Mat, & Site Prep EPA Grant MassDevelopment Grant $- Total Remediation Costs Funding

10 Voke Remediation Budget EPA Eligible Costs $1,200, $1,000, Environmental Remediation Remediation Costs Environmental Remediation $800, Env. Remediation & Site Prep $600, Funding Sources $400, $200, Asbestos, Haz Mat, & Site Prep Asbestos & Haz Mat To Access Contamination EPA Grant MassDevelopment Grant $- Total Remediation Costs Funding

11 Voke Remediation Budget MassDevelopment Eligible Costs $1,200, $1,000, Environmental Remediation Env. Remediation Remediation Costs Environmental Remediation $800, & Site Prep $600, to Access Contamination Funding Sources $400, $200, Asbestos, Haz Mat, & Site Prep EPA Grant MassDevelopment Grant $- Total Remediation Costs Funding

12 Voke Remediation Budget Fills Gaps $1,200, $1,000, Environmental Remediation Env. Remediation Remediation Costs Environmental Remediation $800, & Site Prep $600, Funding Sources $400, $200, Asbestos, Haz Mat, & Site Prep Asbestos Removal Prep Asbestos Removal EPA Grant MassDevelopment Grant $- Total Remediation Costs Funding

13 Voke Remediation Budget Fully Funded $1,200, $1,000, $800, Environmental Remediation WBDC MassDevelopment EPA Remediation Costs Environmental Remediation & Site Prep $600, MassDevelopment Funding Sources $400, $200, Asbestos, Haz Mat, & Site Prep WBDC EPA EPA Grant MassDevelopment Grant $- Total Remediation Costs Funding

14 Voke Before

15 Voke After

16 Case Study Conclusions Identify Partners Memorandum of Understanding (City) Do The Research Master Plan Market Analysis Environmental Reports Be Creative with Financing and Leverage Equity Identify the remediation tasks Match grant or equity sources to the tasks