Community Proposals Matrix
The Academy Building Guidance Committee has selected three (3) options to be presented to Madison residents on the upcoming GreatBlue poll and survey for the Town’s continued ownership of Academy for community purposes.
Two (2) of the options are for restoration and adaptive reuse of the Academy School building and one (1) for demolition of the existing building and creation of a town park.
|Town Park||Community Center||Town Hall|
|Proposed Use||Building demolished to create an open space park||Hub for activities and meeting space, performing arts, theatre, gym, classes, market, lectures, Beach and Rec Depts on site||Town government would return to Historic District; existing Town Campus converted to community center|
|Legal||Town retains ownership||Town retains ownership||Town retains ownership|
|Total Project Estimates||$1.5-$2.5 million||$14 million (may be reduced by $2-4 million with historic tax credits)||$19 million (may be reduced by $2-4 million with historic tax credits)|
|Project Cost to Taxpayer Annually (based on 20 year bond)||$6 per $100k assessment, or $24 per average household*||$35 per $100k assessment, or $140 per average household*||$47 per $100k assessment, or $188 per average household*|
|Estimated Annual Operating Costs||TBD; similar to other town parks||TBD; partly offset with revenues from programming and activities||TBD; similar to Town Campus|
|Financing||Town Referendum on Bond||Town Referendum on Bond||Town Referendum on Bond|
|Notes||Town may be subject to litigation arising from demolition of an historic building|