Full disclosure
about the rationale, costs, benefits and future potential of Charlestown’s
iconic landmark
By Will Collette
On June 6,
Charlestown voters should plan to go to vote on the town’s annual budget and on
a referendum placed on the ballot through citizens’ petition to authorize
Charlestown to purchase the General Stanton Inn, the heart of our historic
district.
While there
seems to be broad consensus in town that the Inn MUST be saved, there are
questions about this particular choice – that of town purchase and ownership –
and the costs to taxpayers for the acquisition and operation of the facility.
Rather than give
you my analysis, you can read the plan drawn up by the non-profit group that
launched the petition drive, the Friends of the General Stanton Inn.
Their plan
covers the reasons why the Inn is important, why the town should buy it, what
it will cost, what it will provide Charlestown and how the Inn might be used in the future.
Here’s the plan:
Friends of the
General Stanton Inn, Inc. (FOGSI)
Our Plan for
Acquisition and Operation of the
General Stanton
Inn Property and Adjacent Parcel
I.
Introduction:
Why We Want to Preserve and
Re-Purpose
The General Stanton Inn Properties
The General Stanton Inn’s buildings and surrounding
property have unique historical significance as the home of General Joseph
Stanton who served in the Continental Army during the American Revolution and
held numerous local, state and national offices. Besides being owned by the
Stanton family for over 200 years, the Inn is believed to have been visited by
George Washington, Benjamin Franklin and others who shaped America during its
earliest years. According to the Rhode
Island Historical Preservation Commission, it is ”…one
of the most interesting and important historic structures in Charlestown…”
(Historic and Architectural Resources of Charlestown, Rhode Island: A
Preliminary Report (1981) at 46-47).
Highly-visible, centrally located and historically
significant, the Inn Property can serve Charlestown in many different ways and
for many generations to come. Its proposed short-term transformation to a
museum and venue for community events can be a stepping stone to a deeper
integration into the Charlestown community and its historical roots. Beyond its
potential anchoring of a village center, the Inn Property’s prominence and
central location make it a potential future site for the Town’s
utilization. We believe Charlestown’s
acquisition and preservation of the General Stanton Inn will provide it and its
citizens with a truly unique asset that can play an integral role in the Town’s
future.
II.
Summary of
Our Plan
Upon Charlestown Taxpayer approval of the Town’s acquisition of the
General Stanton Inn property and adjacent unimproved parcel of land (the
“Properties”), the immediate focus will be on preparations for a closing on the
purchase sometime in October, 2016. Those preparations include not only normal
tasks associated with the purchase of real estate but also negotiating,
drafting and finalizing a formal agreement between the Town and FOGSI under
which FOGSI will assume responsibility for the management and operation of the
Properties. It is anticipated that such a formal agreement will be in place
prior to an October closing for the Town’s purchase of the Properties.
Once closing takes place and pursuant to the formal agreement with the
Town, FOGSI will promptly assume responsibility for management of the
Properties. As proposed, FOGSI’s immediate goals will then be to:
• Stabilize
and control the operational costs for the Properties;
• Achieve a positive and ongoing operational
cash flow within 12 months;
• Discontinue operation of the Inn as a
bed/breakfast/inn;
• Formalize the operation of the flea
market and streamline its management and administration;
• Continue the rental of the residence that
is located on the main property;
• Finalize plans to establish a museum
using the original Stanton Inn
facilities , the “Indian
Room” and “George Washington’s Cabinet Room” as the museum’s central focus; and
• Launch a formal process to articulate and
execute a long-term plan for the operation and preservation of the Properties
as a venue for community events and for their integration into the evolving
Charlestown village center.
II. Financial Aspects of Acquisition and
Operation of the Properties
A.
Acquisition of the Properties
The Properties will be purchased by using the major portion of the
funds that are the subject of the Referendum vote. The remaining balance will
be available as Maintenance/Capital fund as follows:
Referendum
Proceeds
$1,750,000
Purchase Price for the Properties ($1,488,000)
Remaining–Maintenance/Capital fund
$ 262,000
Operation of the Properties
Based on information that has been made available to and reviewed by
FOGSI, we have prepared an estimate of near-term operating revenue and
expenses. Immediate, short-term revenue from operation of the Properties is
anticipated to be generated from two sources: operation of the Flea Market and
continuing rental of the residential property located adjacent to the main Inn building.
Stabilized and controlled recurring costs necessary to maintain the
Properties and operate the Flea Market are projected to be $32,289 annually.
Those costs should be funded out of revenues as follows:
Revenue
Flea Market
Operations $23,400
Residential Rental $12,000
Total Annual Revenue $ 35,400
Operating
Expenses
Flea Market ($ 3,500)
General
(Includes rental unit) ($28,789)
Total Annual Operating Expenses ($ 32,289)
Net Revenue $
3,111.
III. The FOGSI Management Team
We have assembled a motivated and talented Management Team that will
work with the Town and, through that collaboration ,will be responsible for
shaping and implementing immediate, short-term and long-term plans for
operation, preservation and maintenance of the Properties. This includes, in
the near-term, the proposed establishment of a museum using the original Stanton Inn facilities, “Indian
Room” and “George Washington’s Cabinet Room.” Moving forward, FOGSI will remain
a community organization that will seek grassroots input from the public and
will welcome talented, committed people to join its ranks and work toward the
realization of these collaborative plans.
Our current Management
Team consists of ~25 talented and committed people. Those with particular
expertise and experience important to this effort include
Architect Engineer Accounting Professor/Trust Officer (ret.)
Writers/Editors Historians College History
Professor
Landscape Designer RI Attorney Real Estate Professionals
Former
Town Manager
Trust Officer (ret) Former Town Council Member (NY)
IV. Conclusions
The Town’s acquisition of the Properties provides it with an opportunity
to preserve a unique historic building and insure that it will be available to
serve the citizens of Charlestown for years to come. Preserving and
re-purposing these unique, centrally located and historically significant
Properties not only link Charlestown’s current and future citizens to its
historic beginnings, they provide an asset that can become an integral part of
the Town and its evolving village center. We believe this is a rare opportunity that,
properly managed, can and will provide enduring strategic, educational,
economic and cultural benefits to Charlestown.
