Fort Lewis College Program Plan for New Student Housing

Transcription

1 Fort Lewis College Program Plan for New Student Housing August 1, 2007

2 Table of Contents Overview a. Executive summary Section 1 b. Affected institutional function c. Relationship to Facilities Master Plan Page Number Section 2 Section 3 Section 4 Justification a. Existing conditions b. Changes and projections c. Total space requirements d. Alternatives analysis Implementation and design criteria a. Spatial relationships and room specifications b. Site improvements and requirements c. Design requirements d. Project schedule, cost estimates and financial analysis Appendices a. Supporting documents b. Third party review Fort Lewis College August 1, 2007 ii

3 Section 1: Overview 1.a. Executive summary Following the October 2005 completion of a Facilities Master Plan, Fort Lewis College (FLC) has recently completed a strategic plan to address the replacement, renovation and re-location of its student housing. Consistent with the Facilities Master Plan, FLC is focused on (1) the creation of separate academic and residential cores of campus by locating all housing facilities on the east side of campus and (2) addressing the poor condition of its existing residential facilities through new construction and renovation. The proposed new residence hall is an important first step in the renewal of FLC s housing stock as it will allow the flexibility to address needs of older facilities and establish the eastern edge of campus as the sole residential core. The project will also establish a higher level of privacy and sustainable design than is currently available on campus, both of which are desirable and attractive to prospective students. Further, by the inclusion of an intentionally designed living learning community, the new residence hall has the ability to positively impact student engagement and retention. The project will increase the diversity of available housing options and quality of life for residents ultimately enhancing the overall FLC student experience. The program plan describes a self-funded, capital construction project to provide a new 168- bed student housing facility. The proposed residence hall will include entirely four-person occupancy suite-style units with 72 single occupancy beds and 96 double occupancy beds. Each unit will contain two double occupancy bedrooms or four single-occupancy bedrooms, two bathrooms, a common living room and kitchenette area containing a small refrigerator and microwave. The facility will include both ancillary resident support space (lounge, front desk, laundry room) and provide a living learning community environment (multi-purpose room, facultyin-residence apartment). At a minimum, the facility will be constructed to Silver LEED certified standards, with the intention of both creating a sustainable living environment and reducing the long-term life cycle costs of the project. It is expected that the project will be funded using $11,179,000 in revenue bonds issued by the Board of Trustees of Fort Lewis College. The project has a projected completion date of August b. Affected institutional function FLC currently operates 1,486 beds of student housing in nine residence halls with sixteen (16) separate structures. Capacity in these buildings ranges from 188 beds (Cooper Hall) to 41 beds (Bader A and Snyder A). There are 1,052 residence hall beds (including traditional halls with community bathroom and West Hall semi-suite units) and 434 apartment beds. Approximately 82% (1,212) of all beds are in shared bedrooms. Based on FY campus-wide occupancy of 87.0%, the housing function generates room revenue of approximately $4,869,000 annually. A review of the Summary of Auxiliaries Building Data from 2004 Building Audit reveals that seven of the sixteen structures scored a Facility Condition Index (FCI) score below 60.0 the cut-off for demolition or significant renovation and eight of the remaining nine structures scored below 63.1 indicating a need for renovation. Only one facility, West Hall, achieved an FCI score above 75.0 indicating it has no need for renovation or remodeling at this time. Fort Lewis College August 1,

4 The east side residential area currently includes two living learning communities: the Outdoor Experience Hall and Hungry Mind House. The Bader-Snyder Outdoor Experience Halls are designed to provide opportunities for students interested in outdoor activities including camping, hiking, biking and skiing. The Hungry Mind House is designed to provide opportunities for students interested in academic endeavors including lectures, films, concerts, plays and other enriching activities and events. The on-campus apartment communities are also located in the east side residential area. There are no living learning communities in the west side residential area; however it does include West Hall, a semi-suite style residence hall and the newest housing facility on campus. The Student Housing and Conference Services Office provides management and administration of student housing functions for all residence halls, including communications/marketing, assignments, billing, collection, custodial and residence life. This office works in collaboration with Physical Plant Services to complete capital planning and projects. 1.c. Relation to Facilities Master Plan FLC completed its most recent Facilities Master Plan in October of 2005, updating the master plans completed in 1997 and A main focus of the Facilities Master Plan is establishing separate academic and residential cores by locating all residential functions on the east side of campus. Currently, there are several residence halls on the west side of campus whose function must be moved to accommodate the academic core. The proposed new residence hall represents the first phase in creation of separate academic and residential cores. As contemplated, the proposed new residence hall directly relates to the following goals and objectives of the Facilities Master Plan: General Issues Establish a plan that can support up to approximately 5,000 full time equivalent students. Increase student retention and recruitment by providing amenities outside their academic lives. Give students an exciting and vibrant atmosphere to mature within. Sustainable strategies shall be incorporated to reduce energy consumption, reduce maintenance, operating and capital costs, and to help increase student comfort, performance and employee productivity. Use the appropriate US Green Building s Council s Leadership in Energy and Environmental Design (LEED) program as design guidance for physical improvements. Image/Identity Assure that the campus continues to be an inviting place for both first time and daily visitors. Strive for a collegiate atmosphere that is indicative of a high quality liberal arts college. Endeavor to be a leader in higher education as it relates to sustainability. Fort Lewis College August 1,

5 Open Space and the Landscape Maintain a good relationship of open space to developed space. The campus plateau is limited. Increase density in strategic areas in order to preserve comfortable open spaces in the educational core. Land Use Improve the distribution of programs to bring order to the campus. Keep academic programs centrally located. Non-student support spaces should be located at the perimeter of campus. Centralize the student services at the front door to campus. Improve access between housing land uses and academic zones. Building/Architecture Assure buildings include appropriate support spaces. Increase utilization of housing by replacing obsolete housing and improve the quality of housing to remain. Efficient Use of Resources Incorporate a rigorous facilities repair & replacement program. Plan for life cycle investments. Do not let initial costs drive facility investments over life cycle costs. Use materials sensitive to the local environment, and when possible, obtain materials produced locally to support the economy. Fort Lewis College August 1,

6 Section 2: Justification 2.a. Existing conditions The proposed new residence hall represents the first phase in establishing separate academic and residential cores of the campus, consistent with the Facilities Master Plan. The new residence hall will be located adjacent to existing housing on the east side of campus (the residential core) and presents an opportunity to begin the renovation and/or replace existing residence hall facilities on the west side of campus (the academic core). The new residence hall will also serve as a recruitment and retention tool, increasing the desirability of the Fort Lewis College experience among prospective students and providing an intentionally designed living learning community for its residents. The building will seek Silver LEED certification, at a minimum, and its location is prominently featured from the student center. In addition, the inclusion of sufficient ancillary space for classroom function and faculty-inresidence apartment will lead to an intentional living learning community. National data indicates, and FLC has experienced on its campus, that students residing in such communities tend to achieve better grades than their counterparts, have a greater sense of connection to the campus, participate in more co-curricular activities, and both persist and graduate at a higher rate. Through the new residence hall, FLC will open the living learning community experience to more students. Finally, the new residence hall provides an opportunity to address the physical needs of FLC s existing residence hall stock. The Summary of Auxiliaries Building Data from 2004 Building Audit indicates that seven FLC residence hall facilities (out of 16) received a composite Facility Condition Index (FCI) score below 60.0 indicating a need for demolition or significant renovation. Of the nine remaining residence hall facilities, only one, West Hall, achieved an FCI score above 75.0 the cut-off for renovation or remodeling. In fact, the other eight facilities scored no higher than The increased campus capacity created by the new residence hall will provide an opportunity to renovate, demolish or otherwise take off-line existing facilities consistent with the Facilities Master Plan. Among the seven residence halls scoring below an FCI score of 60.0, the most prevalent typical facilities and life safety issues include: roof repair boiler replacement addressing ADA concerns fire detection upgrade fire suppression system installation replacement of doors and hardware asbestos abatement and/or new carpeting in lieu of asbestos abatement new electrical system emergency lighting upgrade plumbing, HVAC and other infrastructure concerns Fort Lewis College August 1,

7 In addition to addressing prevalent facilities and life safety concerns, other quality of life improvements include: additional laundry facilities creating community kitchens new student room and lounge furniture additional bathroom facilities and/or conversion to semi-private bathrooms 2.b. Changes and projections The Strategic Housing Planning Analysis submitted by Scion in August 2006 projects that FLC had a demand for 1,475 total student beds in the academic year, although up to 2,829 students may express some interest in on-campus student housing. Student interest is based on interviews with FLC housing officials, who indicate that 90% of all first-year freshmen apply to live on-campus (due to a one-year live-on requirement), along with student survey data indicating that 72% of non-first-year students (continuing and transfer students) would be interested in oncampus student housing if cost were not a factor. Separating demand for first-year students from continuing and transfer students results in a 76% overall interest in on-campus housing. Notably, the student survey data also revealed a 76% interest in student housing among all students. Knowing that FLC cannot provide the ideal mix of location, unit type, amenities and cost for every interested student, a capture rate of 33% was used to estimate demand for 1,475 total beds. A graphical summary of this methodology follows: Student Cohort ( ) Current Enrollment Interest in On-Campus Housing Interest Reduction for Capture Rate (66%) Total Demand First Year Freshmen Continuing & Transfer Students % ,821 72% 2,031 (1,354) 677 TOTAL 3,708 76% 2,829 (1,354) 1,475 Scion estimated that demand exists for 967 residence hall beds and 508 apartment-style beds. Demand for residence hall beds is calculated by combining FLC s institutional priority to keep all first-year students in residence hall beds with the estimated 25% of continuing and transfer students (mainly sophomores) who would choose to live in residence hall style rooms. The 25/75 split of residence hall to apartment demand for continuing and transfer students is based on FLC student focus groups and survey data. A graphical summary of this methodology follows: Fort Lewis College August 1,

8 Student Cohort ( ) Total Demand Unit Type Interest Unit Type Demand Residence Hall Apartment Residence Hall Apartment First-Year Freshmen Continuing & Transfer Students % 0% % 75% TOTAL 1,475 N/A N/A FLC s current surplus of 11 beds includes a surplus of 85 residence hall beds and shortfall of 74 apartment-style beds. These figures are based on total designed capacity of 1,486 beds, including 1,052 residence hall beds and 434 apartment beds, and also assume that overflow spaces are not used ( doubles as triples ), because such spaces are not desirable to students. A graphical summary of this methodology follows: Unit Type Current Demand Existing Beds Current Unmet Demand Residence Hall 967 1,052 (85) Apartment TOTAL 1,475 1,486 (11) In 2003, FLC adopted an enrollment plan that contemplates increasing enrollment by 2% to 3% annually such that it reaches 5,000 students by the academic year. However, enrollment decreased from 4,182 students in Fall 2003 to 3,946 students in Fall 2005 and to 3,708 students in Fall 2006 a reduction of 11.3%. Nonetheless, FLC s enrollment management plan contemplates total enrollment remaining steady in the near-term, and then beginning to increase over the next ten years. With FLC enrollment management objectives in mind, and applying the previous methodologies, Scion has calculated long-term demand by cohort and unit type under the following moderate enrollment scenario: Enrollment remains steady at Fall 2006 level through Fall 2009, it then sees a 2% annual increase beginning in Fall 2010 through Fall 2014 Fort Lewis College August 1,

9 Academic Year Enrollment Scenario: 2% Annual Growth Beginning in 2010 Total Enrollment Total Demand 1 st Year Student Demand Continuing & Transfer Student Demand Res. Hall Demand Apartment Demand ,708 1, ,859 1, , ,015 1, , At current enrollment, the addition of the new residence hall creates the opportunity to renovate, demolish or take off-line up to 179 beds (11 beds over over-capacity plus 168 new beds). However, it is important to note that the window for addressing these obsolete facilities becomes significantly smaller as soon as enrollment begins to increase in the academic year. Further, consistent with its Facilities Master Plan, FLC intends to alternate new construction on the residential core with the elimination of residential facilities that are currently on the academic core. 2.c. Total space requirements The program for the new residence hall has been developed based upon the following goals: Provide a ratio of 60% single occupancy rooms to 40% double occupancy rooms Provide a 2:1 resident to restroom ratio Provide a living area with refrigerator/microwave in each suite Provide a living/learning environment with classroom capability and a faculty residence Provide standard amenities in a basic residence facility (lounge, laundry rooms, desk, ADA accommodations) 2.d. Alternatives analysis Given the FCI score of existing residence hall facilities, the student service needs of a primarily lower-division (freshman and sophomore) housing facility and the availability of land controlled by FLC, few viable alternative options exist for significant renovation or construction to meet demand with desirable housing. Among the options considered to address student demand and desirability: Renovate existing facilities. The renovation of existing facilities to address only the most prevalent concerns is cost-prohibitive. It is estimated that the cost to address these concerns in each of the U-shaped buildings alone (Escalante, Crofton and Camp Halls) would approach $1.5M per building. Further, the result of a capital renewal plan to eliminate facilities that have reached the end of their useful life and address both prevalent concerns and student desirability would require the elimination of approximately 485 beds. Fort Lewis College August 1,

10 Lease or acquire existing nearby apartment communities. The College has explored the purchase of the two rental apartment communities located across College Drive from campus; however these acquisitions are not viable for a number of reasons. First, the construction of these communities is not on par with the institutional quality demanded by FLC and the CCHE, and the additional costs to address construction quality concerns are prohibitive. Further, both national data and FLC student life professionals indicate that apartment communities are not conducive to providing the services that engage and ultimately retain lower-division students; campuses with apartment housing for lowerdivision students often find lower rates of persistence and graduation. Finally, FLC s examination of one of the apartment complexes indicates that its foundation is not solid, which would require a significant investment to stabilize or remediate this condition. Fort Lewis College August 1,

11 Section 3: Implementation and design criteria 3.a. Spatial relationships and room specifications See attached floor plans. The attached floor plans are an example of how the new residence hall could look. Final floor plans will be developed during the design stage of the project. 3.b. Site improvements and requirements See attached site plan. The attached site plan is an example of how the new residence hall could be situated on the identified site. The final footprint and orientation of the building will be developed during the design stage of the project. 3.c. Design requirements The elements of FLC s architectural design standards are individually summarized as follows: Order A regular or recognized arrangement of the structure shall be maintained. Buildings that house significant college functions and activities, such as library and union, shall be given prominence. Other structures should complete the architectural fabric of the campus. Structures such as service buildings should support the integrity of the principal structures. Form To maintain consistency, the shape and structure of the buildings should normally be rectangular. Introduction of other shapes shall be limited and utilized only when justified on a function basis. Roofs shall be exposed above exterior walls. Roof pitches of 4/12 shall be maintained except when constructing an addition to an existing structure. In such cases, the slope of the existing roof system shall be utilized. Scale Proportions of structures shall be maintained at a human scale. Buildings shall be kept low to maintain the vistas. Scale is an important element in maintaining the order of the campus. A maximum height of three stories above the lowest exterior grade of the site will be permitted. In no case shall a structure diminish the prominence of the library. Consistency The fabric of the campus as a whole shall be maintained. Relationships with other structures shall be developed to enhance consistency. Key structures designed by James M. Hunter shall be the basis for design parameters. Those structures are Berndt Hall, the College Union, McPherson Chapel, Miller Student Center and Reed Library. In addition, Fort Lewis College is a signatory to the American College & University Presidents Climate Commitment. One option to comply with the commitment is to strive for all new campus construction to be built to at least the U.S. Green Building Council s LEED Silver standard or equivalent. To achieve this status the design must contain elements of the following that qualify for LEED credits: Fort Lewis College August 1,

12 Sustainable Sites 14 Possible Points Prerequisite 1: Erosion and Sedimentation Control Required Credit 1: Site Selection 1 Credit 2: Urban Redevelopment 1 Credit 3: Brownfield Redevelopment 1 Credit 4: Alternative Transportation 4 Credit 5: Reduced Site Disturbance 2 Credit 6: Stormwater Management 2 Credit 7: Reduced Heat Island Effect 2 Credit 8: Light Pollution Reduction 1 Water Efficiency 5 Possible Points Credit 1: Water Efficient Landscaping 2 Credit 2: Innovative Wastewater Technologies 1 Credit 3: Water Use Reduction 2 Energy and Atmosphere 17 Possible Points Prerequisite 1: Fundamental Building Systems Commissioning Required Prerequisite 2: Minimum Energy Performance Required Prerequisite 3: CFC Reduction in HVAC&R Equipment Required Credit 1: Optimize Energy Performance 10 Credit 2: Renewable Energy 3 Credit 3: Additional Commissioning 1 Credit 4: Ozone Protection 1 Credit 5: Measurement and Verification 1 Credit 6: Green Power 1 Materials and Resources 13 Possible Points Prerequisite: Storage and Collection of Recyclables Required Credit 1: Building Reuse 3 Credit 2: Construction Waste Management 2 Credit 3: Resource Reuse 2 Credit 4: Recycled Content 2 Credit 5: Local/Regional Materials 2 Credit 6: Rapidly Renewable Materials 1 Credit 7: Certified Wood 1 Indoor Environmental Quality 15 Possible Points Prerequisite 1: Minimum IAQ Performance Required Prerequisite 2: Environmental Tobacco Smoke (ETS) Control Required Credit 1: Carbon Dioxide (CO2) Monitoring 1 Credit 2: Ventilation Efficiency 1 Credit 3: Construction IAQ Management Plan 2 Credit 4: Low-Emitting Materials 4 Credit 5: Indoor Chemical and Pollutant Source Control l 1 Credit 6: Controllability of Systems 2 Fort Lewis College August 1,

13 Credit 7: Thermal Comfort 2 Credit 8: Daylighting and Views 2 Innovation and Accredited Professional Points 5 Possible Points Credit 1: Innovations in Design 4 Credit 2: LEED Existing Building Accredited Professional 1 TOTAL POINTS AVAILABLE 69 In addition, it is the intention of FLC to award the architecture and engineering work to a firm (or firms) utilizing LEED trained architects and consultants. Consistent with the Presidents Climate Change Commitment and the Facilities Master Plan, FLC is also considering providing incentives based on the ability to reduce lifecycle costs through design. 3.d. Project schedule, cost estimates and financial analysis Project Schedule The following schedule highlights the significant milestones for a academic year opening. Construction is expected to begin in May 2008 with full FF&E and a Certificate of Occupancy obtained by August Program Plan Completion 7/31/2007 Board of Trustee Approval of 8/16/2007 Program Plan CCHE Review/Approval of 9/16/2007 Program Plan/ SB 202 Approval Process Design selection RFQ issue date 8/17/2007 RFQ close date 9/17/2007 Selection 10/1/2007 Contracting 10/15/2007 Design phase complete 4/15/2008 Contractor selection RFQ issue date 11/1/2007 RFQ close date 12/1/2007 Selection 1/10/2008 Contracting 2/10/2008 Construction Begins 5/1/2008 Ready for Occupancy 8/15/2009 Fort Lewis College August 1,

14 Financial Analysis The financial analysis for the project results in an $11,179,000 total project cost (in 2007 dollars) with hard construction cost of $8,636,000. Debt service coverage of 1.00 is achieved in year one and increases incrementally through the life of the project. The primary assumptions in the financial analyses are as follows: 1. The facility is 168-beds with entirely suite-style units (defined as one or more bedrooms sharing a bathroom and living room), each with a small microwave and refrigerator of the beds are in shared bedrooms and 72 in private bedrooms. By comparison, over 80% of existing housing stock is in shared bedrooms. 3. Ancillary functions include a social lounge, community kitchen, laundry room, resource room, multi-purpose room, vending area and public restroom. 4. Assignable square footages are increased by 25% to accommodate for such areas as stairwells, corridors, electrical closets and mechanical areas (referred to as loss factor ). 5. There will be five resident assistants, each given a private bedroom as compensation. In exchange for these spaces, these students (who will generally be upper-division) will assist in creating and operating the building s residence life function, as well as supporting operational needs such as performing administrative functions (e.g. incident reporting, move-in functions, health & safety inspections, etc). 6. There is a two-bedroom apartment for each the live-in resident director and the faculty-inresidence. 7. All figures are in 2007 dollars. 8. The scenario assumes institutional quality construction of a Silver LEED certified building with hard construction costs of $170 per square foot. 9. Land is contributed or subordinated at no cost. 10. Student rental rates include all utilities and furniture. The double bedroom rate is 12% higher than a comparable bed in West Hall (the newest residence hall), and the single bedroom rate is 30% more than the double bedroom rate. The annual West Hall rate for FY is $4, It is required that all students select academic year contracts. It is also assumed that the building will be 45% occupied during 15 weeks of the summer, at a nightly rate of $20. Projected summer occupancy is based on historical summer occupancy for West Hall, which has steadily increased from 33% to 47% from 2004 to The contemplated facility does not include a dining facility, or the cost of operating such a facility. As contemplated, dining functions will be consolidated in the new Student Union building. 13. A traditional financed scenario is assumed, and financing terms are assumed to be a 30- year amortization at 4.6% of 100% of the total development budget. This is based on the assumption that FLC s underlying bond rating is an A3, utilizing current interest rates. Fort Lewis College August 1,

15 14. Self-reported student rental rates suggest that rates can not be pushed higher, and Scion believes the suggested rates will enable an appropriate combination of student affordability and desirability. 15. The pro-forma analysis reflects some in-kind services provided by FLC, including: a. Subordination of land to the project at no cost b. Access to campus teledata c. Inclusion in campus security jurisdiction d. FLC management of the project, including residence life, custodial, physical plant and rent collection FLC Debt Structure As previously stated, the new residence hall will be a bond-funded capital construction project. In addition to the residence hall, Fort Lewis College is in the planning stages of a new fee funded Student Union building. The college recently hired a new financial advisor and plans on pursuing a more efficient debt structure by combining all debt into one issue with a payment pledge that includes all Auxiliary Facilities revenues and fees. Outstanding debt with current balances, primary pledged revenue sources and maturity date include: 1998 Series A $4,820,000 Auxiliary facilities revenues 10/1/ Series $ 790,000 Auxiliary facilities revenues 10/1/ Series B $3,490,000 Student Life Center Fee 10/1/ Series C $3,090,000 Student Life Center Fee 10/1/2019 The 2003 Series Bonds will be legally defeased (retired) on the next principal payment, October 1, 2007 using the reserve fund for the issue and cash on hand. In FY , total debt payments were $1,819,065. Net pledged revenue before debt payments for the same period was $2.5M with a debt coverage ratio of 188%. It is anticipated that the College will refund all outstanding debt and issue approximately $51.4M in refunding and new money bonds between December 2007 and January Total annual debt payments are estimated to be $3.7M. Net pledged once the new residence hall is completed is estimated to be $5M, with a debt coverage ratio of 135%. Fort Lewis College August 1,

16 Section 4: Appendices 4.a. Supporting documents Financial Analysis Potential Site Plan Potential Floor Plan and Room Layout 2004 Facility Condition Audit 4.b. Room utilization addendum N/A 4.c. Third party review This section of the program will be provided through Fort Lewis College at a future date. Third party review of the program will be completed by RM Bell & Associates. Fort Lewis College August 1,

17 Fort Lewis College Project Program Units Single Beds Double Beds Assignable Size Gross Size Total Area 1. Student Housing 2-Bedroom Quad Occupancy Suite ,025 24,600 4-Bedroom Quad Occupancy Suite ,088 19,575 2-Bedroom, 1-Bath Apartment ,125 2,250 Lobby Front Desk Office Public Restroom Vending Area Laundry Room Resource Room Multi-Purpose Room Social Lounge ,000 1,000 Community Kitchen Total ,800 Total Beds: 168 SF/Bed: 302 Copyright 2007, The Scion Group LLC

18 Fort Lewis College Program Residential Retail Parking Dining Total New Residence Hal 50, ,800 Total Size 50, ,800 Rental Schedule Units Single Beds Double Beds Annual Rent/Bed Aggegate Rent 2-Bedroom Quad Occupancy Suite $ 5,286 $ 507,494 4-Bedroom Quad Occupancy Suite $ 6,872 $ 494,807 Subtotal $ 1,002,301 Total Beds: 168 Rents Include: Gas, Electric, Water, Cable and Internet Service are Included All Units are Furnished SF/Bed: 302 Term Length: 100% Academic Year Weighted Avg Rent: $5,966 Copyright 2007, The Scion Group LLC

19 Fort Lewis College Project Development Budget GSF PSF Cost Total Per Bed Cost 1. Land Acquisition 50,800 $ - $ - $ - Demolition, Sitework 50,800 $ 1.97 $ 100,000 $ Sub-Total 50,800 $ 1.97 $ 100,000 $ Hard Costs New Building Construction 50,800 $ $ 8,636,000 $ 51, Sub-Total 50,800 $ $ 8,636,000 $ 51, Soft Costs A & E Fees 50,800 $ $ 604,520 $ 3, Reimbursable Expenses 50,800 $ 1.19 $ 60,452 $ Surveying / Soil Testing / Construction Testing 50,800 $ 0.98 $ 50,000 $ Consultants 50,800 $ 1.48 $ 75,000 $ Retail Brokerage 50,800 $ - $ - $ - Legal, Title (.5%) 50,800 $ 0.94 $ 47,630 $ Misc. (.5%) 50,800 $ 0.94 $ 47,630 $ Sub-Total 50,800 $ $ 885,232 $ 5, Additional Costs Residential FF&E 50,800 $ 5.79 $ 294,000 $ 1, Residential Teledata 50,800 $ 2.95 $ 150,000 $ Contingency (3% of hard+soft costs) 50,800 $ 5.62 $ 285,637 $ 1, Sub-Total 50,800 $ $ 729,637 $ 4, Sub-Total 50,800 $ $ 10,350,869 $ 61, Financing Costs Capitalized Interest 50,800 $ $ 517,543 $ 3, Debt Service Reserve 50,800 $ - $ - $ - Cost of Issuance 50,800 $ 6.11 $ 310,526 $ 1, Working Capital 50,800 $ - $ - $ - Sub-Total 50,800 $ $ 828,069 $ 4, TOTAL 50,800 $ $ 11,178,938 $ 66,541.30

20 Fort Lewis College Annual Operating Expenses Projected PSF Cost Total 1. Utilities Heating Fuel / Gas $ 0.43 $ 21,844 Electricity $ 0.50 $ 25,400 Water / Sewer $ 0.23 $ 11,684 Cable Television / Internet / Telephone $ 0.72 $ 36,576 Miscellaneous $ 0.11 $ 5,588 Total $ 1.99 $ 101, Maintenance Expenses R & M Wages / Benefits $ 1.17 $ 59,436 Elevator Contract Service $ 0.04 $ 2,032 Elevator - Other $ - $ - HVAC Repairs $ 0.04 $ 2,032 HVAC Contract Service $ 0.04 $ 2,032 Electrical Contract Service $ 0.04 $ 2,032 Electrical Material and Supplies $ 0.04 $ 2,032 Small Tools and Equipment $ 0.04 $ 2,032 Interior R & M $ 0.07 $ 3,556 Exterior R & M $ 0.02 $ 1,016 Plumbing Contract and Service $ - $ - Plumbing Material and Supplies $ 0.02 $ 1,016 Fire / Life Safety $ 0.04 $ 2,032 Trash Removal $ 0.04 $ 2,032 Uniforms $ 0.02 $ 1,016 Exterminator $ 0.02 $ 1,016 Common Area Signs $ 0.01 $ 508 Interior Painting / Turnover $ 0.27 $ 13,716 Keys and Locks $ 0.04 $ 2,032 Cleaning and Supplies $ 0.04 $ 2,032 Telephone / Walkie-Talkie $ 0.02 $ 1,016 R & M Miscellaneous $ 0.11 $ 5,588 Landscaping / Snow Removal $ - $ - Janitor Wages / Benefits $ 0.54 $ 27,432 Janitor Contract Cleaning $ 0.05 $ 2,540 Janitor Window Cleaning $ 0.04 $ 2,032 Other Expenses / Misc. $ 0.05 $ 2,540 Total $ 2.81 $ 142, Staff Housing Expenses Resident Director Apartment $ - $ - Resident Advisor Rooms (6) $ 0.68 $ 34,362 Total $ 0.68 $ 34,362

21 Fort Lewis College Annual Operating Expenses, Page 2 Projected Cost Total 4. Residence Life Expenses Resident Directors' Salary (w/30% taxes, benefits) $ 0.77 $ 39,000 Accouting/Administration $ 0.14 $ 7,112 Room Assignment/Administration $ 0.09 $ 4,572 General Administration $ 0.13 $ 6,604 Security $ - $ - Credit Processing $ - $ - Marketing $ 0.07 $ 3,556 Entertainment $ - $ - Programs/Workshops $ 0.04 $ 2,032 General Residence Life / Admin. $ 0.04 $ 2,032 Supplies $ 0.04 $ 2,032 Total $ 1.32 $ 66, Mgmt. Fee, Insurance and Reserve Expenses Administrative Overhead / Support $ 0.39 $ 20,046 Insurance $ 0.72 $ 36,576 Reserves $ 0.54 $ 27,432 Total $ 1.65 $ 84,054 Aggregate Operating Expenses $ 8.45 $ 429,196 Copyright 2007, The Scion Group LLC

22 Fort Lewis College Traditional Financing Year Revenue & Expenses Escalation 0.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% REVENUE Gross Rental Income $ 1,002,301 $ 1,032,370 $ 1,063,342 $ 1,095,242 $ 1,128,099 $ 1,161,942 $ 1,196,800 $ 1,232,704 $ 1,269,685 $ 1,307,776 Less Vacancy/Bad Debt - (5%) $ (50,115) $ (51,619) $ (53,167) $ (54,762) $ (56,405) $ (58,097) $ (59,840) $ (61,635) $ (63,484) $ (65,389) Less Staff Housing $ (34,362) $ (35,392) $ (36,454) $ (37,548) $ (38,674) $ (39,835) $ (41,030) $ (42,260) $ (43,528) $ (44,834) Ancillary Revenue - (0.5%) $ 5,012 $ 5,162 $ 5,317 $ 5,476 $ 5,640 $ 5,810 $ 5,984 $ 6,164 $ 6,348 $ 6,539 Summer Revenue (45% Occ., $20/Night) $ 160,650 $ 165,470 $ 170,434 $ 175,547 $ 180,813 $ 186,237 $ 191,825 $ 197,579 $ 203,507 $ 209,612 Projected Total Revenue $ 1,083,486 $ 1,115,991 $ 1,149,471 $ 1,183,955 $ 1,219,473 $ 1,256,058 $ 1,293,739 $ 1,332,551 $ 1,372,528 $ 1,413,704 OPERATING EXPENSES Maintenance $ 142,748 $ 147,030 $ 151,441 $ 155,985 $ 160,664 $ 165,484 $ 170,449 $ 175,562 $ 180,829 $ 186,254 Utilities $ 101,092 $ 104,125 $ 107,249 $ 110,466 $ 113,780 $ 117,193 $ 120,709 $ 124,330 $ 128,060 $ 131,902 Administrative Overhead $ 20,046 $ 20,647 $ 21,267 $ 21,905 $ 22,562 $ 23,239 $ 23,936 $ 24,654 $ 25,394 $ 26,156 Residence Life Expenses $ 66,940 $ 68,948 $ 71,017 $ 73,147 $ 75,342 $ 77,602 $ 79,930 $ 82,328 $ 84,798 $ 87,342 Real Estate Taxes $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Insurance $ 36,576 $ 37,673 $ 38,803 $ 39,968 $ 41,167 $ 42,402 $ 43,674 $ 44,984 $ 46,333 $ 47,723 Reserves $ 27,432 $ 28,255 $ 29,103 $ 29,976 $ 30,875 $ 31,801 $ 32,755 $ 33,738 $ 34,750 $ 35,793 Projected Total Operating Expenses $ 394,834 $ 406,679 $ 418,879 $ 431,446 $ 444,389 $ 457,721 $ 471,452 $ 485,596 $ 500,164 $ 515,169 NET OPERATING INCOME $ 688,652 $ 709,312 $ 730,591 $ 752,509 $ 775,084 $ 798,337 $ 822,287 $ 846,955 $ 872,364 $ 898,535 Debt Service $ 687,698 $ 687,698 $ 687,698 $ 687,698 $ 687,698 $ 687,698 $ 687,698 $ 687,698 $ 687,698 $ 687,698 Debt Coverage Net Cash Flow $ 954 $ 21,613 $ 42,893 $ 64,811 $ 87,386 $ 110,638 $ 134,588 $ 159,257 $ 184,666 $ 210,837 Cumulative Cash Flow $ 954 $ 22,567 $ 65,460 $ 130,271 $ 217,656 $ 328,295 $ 462,883 $ 622,140 $ 806,806 $ 1,017,643 Total Project Cost: $ 11,178,938 Total Debt: $ 11,178,938 Amortization (Months): 360 Interest Rate: 4.60% Copyright 2007, The Scion Group LLC

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26 Fort Lewis College Building Valuations and Conditions - Auxiliaries Based upon 2004 Facilities Audit Updated 09/06/04 Current Replacement Value ($) Facilities Condition Index Estimated Renewal Cost*** ($) Building Number Building Name Gross Square Feet Targeted Backlog** ($) FL04 Camp Hall (fka Camp/Snyder Hall) 27,453 5,628, ,384,594 2,228,858 FL06 West Residence Hall 42,350 6,688, ,852 FL07 Miller Student Center 21,250 4,450, ,234 1,345,789 FL16 McPhearson Chapel 1, , , ,860 FL17 Crofton Hall (fka Crofton/Mears Hall) 27,453 5,628, ,311,424 2,153,967 FL19 Escalante (fka Escalante/Palmer Hall) 27,947 5,621, ,326,644 2,171,296 FL23 Pine Hall (fka Child Development afka 2, , , ,260 FL26 Cooper Hall 34,206 5,461, ,151,827 2,968,979 FL29 Bader Hall A 12,430 2,180, ,618 1,076,643 FL30 Bader Hall B 7,691 1,466, , ,670 FL31 Bader Hall C 7,691 1,466, , ,781 FL32 Snyder A (fka Sheridan Hall A) 12,430 2,180, ,377 1,083,359 FL33 Snyder B (fka Sheridan Hall B) 7,691 1,466, , ,578 FL34 Snyder C (fka Sheridan Hall C) 7,691 1,466, , ,261 FL35 College Student Union 69,555 14,409, ,371,835 5,594,605 FL38 Centennial A 26,830 4,350, ,029 1,619,581 FL39 Centennial B 26,830 4,350, ,780 1,641,122 FL40 Centennial C 26,830 4,350, ,369 1,604,089 FL41 Centennial Service Bldg 2, , , ,844 FL44 Mears A (fka Anasazi Apts 4000) 34,062 5,439, ,247,888 2,063,963 FL45 Mears B (fka Anasazi Apts 5000) 34,636 5,526, ,306,412 2,135,126 FL52 Student Life Center 48,967 9,110, ,900 Auxiliaries Totals 509,973 92,726,328 19,493,902 31,873,383 New in 2004 Campbell Child and Family Center 12,546 2,372, ** Targeted Backlog is estimated cost to restore building to an FCI of 85 *** Renewal Cost is estimated amount to restore building to an FCI of 100

27 Fort Lewis College Building Valuations and Conditions - General Fund Based upon 2004 Facilities Audit Updated 09/06/04 Current Replacement Value ($) Facilities Condition Index Estimated Renewal Cost*** ($) Building Number Building Name Gross Square Feet Targeted Backlog** ($) FL01 Berndt Hall 81,334 18,000, ,284,044 6,641,287 FL02 Gymnasium 47,426 9,546, ,831 1,683,557 FL03 Geology Field Lab (fka Art Annex) 4, , , ,017 FL05 Water Systems (fka Pump House) 1, , ,706 FL12 Equipment Shed 3, , FL13 Kroeger Hall 5,724 1,151, , ,281 FL14 Juniper Hall (fka Career Services) 1, , , ,079 FL15 Theater Building 13,541 3,110, ,470 1,439,260 FL18 Concert Hall 27,098 8,399, ,169 FL20 Aquatic Center (fka Natatorium) 25,934 6,301, ,671 FL22 Recreation Complex Pavillion 2, , ,834 FL25 Press Box , ,152 68,434 FL27 Physical Plant Building 34,800 5,295, ,781 1,722,199 FL28 John F Reed Library 67,486 11,969, ,786,998 3,582,874 FL36 Sage Hall 39,979 10,174, ,378 FL46 Noble Hall Building 29,499 5,815, , ,404 FL47 Art 29,499 5,815, ,905 FL48 Center of Southwest Studies 49,825 9,322, ,288 FL49 Chemistry Hall 38,372 9,966, ,185 FL50 Skyhawk Hall 5,067 1,599, ,622 FL51 Education/Business Hall 55,352 10,275, ,361 FL53 Chemical Storage ,013 FL54 Custodial Services , ,470 FL55 Aspen Hall (fka Project Management) 1, ,309 45,127 General Fund Totals 566, ,045,516 8,792,641 20,206,121 ** Targeted Backlog is estimated cost to restore building to an FCI of 85

28 *** Renewal Cost is estimated amount to restore building to an FCI of 100