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| (Photo by Carlye Calvin.) |
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Along with getting the usual perks and headaches of ownership, UCAR will save a pretty penny for its sponsors: around $1 million in the next five years and $15 million over 25 years. Beginning this month, these savings will be reflected in the occupancy-pool chargebacks to all UCAR and NCAR programs. Other things being equal, this will result in slightly lower overhead rates.
"We are happy to have the purchase wrapped up after a year-long process," says Dan Wilson, assistant UCAR treasurer. "We believe it's a win-win proposition for UCAR and our government sponsors, as well as for the previous owner, who was paid a fair market price (based on a commercial real estate appraisal) for the building." Bill Rawson, UCAR vice president for finance and administration, adds that the financing for the building included $3.5 million to acquire general-purpose equipment, such as networking and boiler facilities, for all parts of the institution. "These funds were acquired at tax-exempt interest rates, a significant savings over commercial interest rates," notes Bill.
No major changes are expected in the near future to the building or its operating procedures. •BH