FACTS & FIGURES AT A GLANCE

 

Millage Rate:  0.98 mills

Term: 20 Years (Reduced 5 years from November 2, 2021)

Estimated Base Construction Cost Prepared by Fishbeck:  $5,284,204

(Construction & Builder’s Costs)

Owner’s Other Costs:  $831,800

(Architect, Furniture, Fixtures & Equipment (FFE), Legal, Insurance, Material Testing, IT, etc.)

Estimated Total Project Cost: $6.1 M

 

USDA RDA Loan Amount: $6.1 M

(ICL is Preapproved for a USDA Loan)

USDA Current Interest Rate: 2.125%

USDA Interest:  $1.5 M (Reduced $492,933 from November 2, 2021)

USDA Total Principal & Interest Over 20 Years: $7.6 M

 

First Year Estimated Millage Collection: $426,000

20 Year Total Estimated Collection: $8.5 M (Reduced $2 M from November 2, 2021)

Total Estimated Millage Collection Over USDA Loan P&I for 20 Years: $900,000

 (Use to operate a much larger facility than the Hall-Fowler Home)     Per Year: $45,000

 

Hall-Fowler Home - Future Museum

A new non-profit organization (NNPO) will be formed to operate and maintain the Hall Fowler Home (Home) as a museum celebrating Ionia’s history.   If approved by the City Council, the City of Ionia will lease the Home to the NNPO.  After the millage is passed, the NNPO will have approximately two years before the Ionia Community Library vacates the Home (after construction is complete at the Mercantile building) to raise money and apply for grants to fund the museum.