Finance Highlights 2008 0729 - Laserfiche WebLink

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While this study was in progress, our board created an ad-hoc capital campaign committee to prepare for an aggressive fundraising process. The committee is chaired by Gordon Galvan. This is key because the owners of the Teagarden site (Reynolds and Brown) have extended an offer to sell at below market price with the goal that we complete the purchase on or before December 31, 2008. The cost of the FRC is $2.5 million for a 22,257 square foot facility. As of today, the committee has secured a consultant to help us raise funds from major donors, while internally we are submitting proposals to foundations. The entire capital campaign will be $3.5 million. $2.5 million will be the purchase price and the balance will be used to create a restricted building reserve fund and cover the cost of internal improvements to include, space improvements, interior painting, carpeting, furnishings, technology and a phone system. We respectfully ask that you take this opportunity to invest in DSFRC for our community with a grant in the amount of $1.5 million. Recognizing the need to secure your investment today and for years to come, I invite you to consider recording this investment by either owning the building or owning the land. My board of directors is flexible and will work with either scenario. This partnership would ensure the City's investment. For over 36 years DSFRC has provided the poorest residents of San Leandro with a safety net. Our services have enabled people to maintain their self sufficiency, to improve their lives and that of their children. We have met the growing needs of low income seniors, and the working poor who are severely impacted by the increasing gas prices and lack of affordable housing. Our comprehensive services have adapted to the growing and changing population of San Leandro. We work in collaboration with small and emerging non-profits, with other services in the region, with the school districts and the business community to ensure the health of the overall community. With the City's continued support and significant investment we know we can provide the needed services for years to come. We applaud you for your years of service and hope that with your leadership the legacy of your administration can live on in securing a permanent home for the Davis Street Family Resource Center.