Waterleaf Space Optimization Costs

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1 Waterleaf Space Optimization Costs Board of Trustees Meeting July 16, 2015

2 Waterleaf Space Use Options Option 1: Convert to Classrooms Option 2: a) Lease Space b) Rent for Events Option 3: Convert to Academic Lab Board of Trustees Meeting July 16, 2015

3 Lease Space Board of Trustees MeetingJuly 16, 2015

4 Leasing Assumptions Rental of space for restaurant operation; does not include removable equipment, smallwares, furniture, etc. Best efforts to estimate income and expenses; however, it is likely there could be significant material change once a broker evaluates the property Estimated rental rate ($20/sq. ft) mid-range of current restaurant space for lease in Glen Ellyn Tenant will directly provide and pay for 100% of the following: cleaning service, insurance, licenses and fees, painting and decorating, real estate taxes, telephone/data, and trash removal Board of Trustees Meeting July 16, 2015

5 Waterleaf Space Pro Forma Lease Option INCOME: Gross Scheduled Income $ 120,000 Tenant's Expense Contributions 76,000 Other Income Total Income 196,000 Less Vacancy Allowance (5%) 9,800 Effective Gross Income: $ 186,200 EXPENSES: Electricity $ 24,000 Gas 12,000 Landscaping/Snow Removal 20,000 Legal & Accounting 7,000 Management (On-site) 5,000 Real Estate Broker (5%) 9,310 Repairs & Maintenance 10,000 Security 5,000 Water 10,000 Total Expenses $ 102,310 Annual Net Income $ 83,890 Board of Trustees Meeting July 16, 2015

6 Leasing Considerations Risk of inability to lease based on challenges with location, venue type, anticipated investment, recent publicity, etc. Recent studies indicate approximately 60% of new restaurants fail within the first three years, with the first year having the highest failure rate at approximately 35-40% Current Sodexo contract indicates exclusivity except for College operations in CHC. Lease will require revision to Sodexo contract and negotiation of terms. Current use of kitchen space by Culinary students will need to be accommodated in an alternate space Board of Trustees Meeting July 16, 2015

7 Rental Space for Events Board of Trustees MeetingJuly 16, 2015

8 Event Rental Assumptions Space would be used for event rentals only when not scheduled for use by academic programs Catering for rental events provided by Sodexo per contract (feasible with or without use of Waterleaf kitchen space) No use of kitchen by renting entity Requires collaboration between Conference & Events Services and Culinary program to determine space use protocol Board of Trustees Meeting July 16, 2015

9 Event Rental Fees Client Type Fees (4 Hour Session) Fees Per Day (5-8 Hours) Profit $375 $600 Not for Profit $281 $450 Estimate 5 events per month: 3 x Profit Rate: $ x Not for Profit Rate: $ 900 Estimated Total Monthly Revenue: $2,700 Estimated Total Annual Revenue: $32,400 Board of Trustees Meeting July 16, 2015

10 Event Rental Considerations Balancing of academic needs with rental opportunities a priority All events will require a College Event Supervisor Assessment of kitchen use by Sodexo Evaluation of patio use Board of Trustees Meeting July 16, 2015

11 Conversion to Academic Lab Wheat & Waterleaf Revenue Projections Board of Trustees Meeting July 16, 2015

12 Immediate Student Benefits Expanded academic offerings resulting increased breadth of student preparation in additional facets of the hospitality industry Increased depth of academic preparation as a result of increased challenge related to students serving larger numbers of guests for all class related events Increased opportunity to experience courses in environments comparable to those in their future workplaces Board of Trustees MeetingJuly 16, 2015

13 Immediate Program Benefits - Provide comprehensive curriculum addressing additional facets of the hospitality industry - Raise the profile of the programs and students with increased course related culinary events - Increased opportunity to further develop program awareness and support throughout the district Board of Trustees MeetingJuly 16, 2015

14 Review: 2014 & 2015 Revenue Comparison 2014 Revenue 2015 Revenue Guests Revenue Estimated Costs Net Guests Revenue Estimated Costs Net Wheat Lunch 2,232 26, , , Wheat Lunch 2,297 26, , , Wheat Dinner 1,120 22, , , Wheat Dinner , , , International , , , International , , , Classical , , , Classical , , , , , , , Total Deposit Total Deposit Market 38, Market 52, Total Revenue 138, Total Revenue 134, Board of Trustees MeetingJuly 16, 2015

15 Fiscal Year 2016 Projections Fall 2015 Revenue Projection Spring 2016 Revenue Projection Guests Revenue Estimated Costs Net Guests Revenue Estimated Costs Net Wheat Lunch 1,116 13, , , Wheat Lunch 1,228 14, , , Wheat Dinner , , , Wheat Dinner , , , International 213 7, , , International 234 8, , , Classical , , , Classical , , , , , , , Total Deposit Total Deposit Market 19, Market 21, Total Revenue 69, Total Revenue 75, Total Projected Revenue 145, Board of Trustees MeetingJuly 16, 2015

16 Fiscal Year 2017 Projections Fall 2016 Revenue Projection Spring 2017 Revenue Projection Guests Revenue Estimated Costs Net Guests Revenue Estimated Costs Net Wheat Lunch 1,228 14, , , Wheat Lunch 1,228 14, , , Wheat Dinner , , , Wheat Dinner , , , International 234 8, , , International 234 8, , , Classical , , , Classical , , , , , , , Total Deposit Total Deposit Market 21, Market 21, Total Revenue 75, Total Revenue 75, Total Projected Revenue 151, Board of Trustees Meeting Board of Trustees MeetingJuly 16, 2015

17 Future: Space Utilization Student Special Topics Campus Special Events Event Management Class Projects Student Focused Restaurant Service Board of Trustees MeetingJuly 16, 2015

18 QUESTIONS? Board of Trustees Meeting July 16, 2015

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