Questions/Answers
RadioShack Corporation Complex
What is the purchase price for this facility?
The purchase price is $238 million and we plan to spend approximately $80 million on renovation. The combined costs of buying and renovating RadioShack and completing the facilities on the south side of the river are the same cost as if we completed our facilities on the north and south sides of the river. With this decision we achieve cost certainty, gain more than 300,000 additional square feet and acquire 1700 additional parking spaces.
What programs will actually be offered at the new campus?
The campus will be a full, comprehensive community college, as originally planned. It will include a full transfer program, including core courses (English, history, government, etc.), developmental studies and courses in English for Speakers of Other Languages, and the new Associate of Arts in Teaching. A business program and selected information technology and computer science courses will be offered.
Career and employment programs offered will include Health Information Technology, Long-Term Care, Physical Therapist Assistant, Radiological Technology, Respiratory Care, Sign Language Interpreting, and Surgical Technology. An expanded nursing program will be added within three years.
A health and wellness center for physical education transfer requirements and continuing education programming will also be offered. These two components had been scheduled for implementation in Phase II, but due to escalating construction costs were eliminated. They will now be offered when the campus opens in fall 2009.
What will the renovation entail?
According to Chuck Nixon, AIA, a principal in the Fort Worth office of Jacobs Carter Burgess Inc., and the architectural consultant for the RadioShack facility study commissioned by the College, the RadioShack facilities are uniquely suited for a college campus. We will add some heating, air conditioning and ventilation to generate more air flow, retro-fit existing space for laboratories and increase the number of restroom facilities in certain areas in addition to other minor changes. All in all, TCC is purchasing facilities ideally suited for its mission.
What are you purchasing for this amount?
We are purchasing the entire RadioShack complex which will eventually provide us with 929,000 square feet, a large covered parking garage with over 2,300 spaces, 35 acres of land, furniture, fixtures and equipment, and future mineral rights.
When will TCC move into its new campus?
We plan on classes beginning September 2009 at which time we will be using three buildings. The remaining two buildings are scheduled for TCC use in 2011 and 2013, respectfully.
How will you pay for it?
It will be paid in cash. The College District will use its pay-as-you-go funding strategy, as approved by the Board of Trustees a number of years ago, to purchase this facility. This strategy has and continues to save the taxpayers of Tarrant County hundreds of millions of dollars in interest. This purchase will not require a property tax increase for homeowners and will not delay expansion and extensive improvements on TCC’s other four campuses. Importantly, TCC reserve funds will remain strong.
Why did you decide to purchase this facility?
Because it’s a great fit and helps us further our mission. This campus will be bigger than our initial Trinity River site would have been. The facilities are better, featuring more state-of-the-art equipment than was planned at our initial Trinity River site. This campus will be ready quicker—we plan to hold classes in September 2009 at this new site. Our new campus will bring cost certainty.
What will happen to those currently in the facility?
The College District will allow RadioShack to stay in two buildings for three years and can be extended to a maximum of five. As part of the this transaction, RadioShack will pay no rent the first three years and will pay market value the last two, if they choose to extend.
Will the College District be responsible for the economic development incentives, such as tax abatements, that were provided to RadioShack by the taxing entities in Tarrant County?
No.
Will the RadioShack complex now be taken off the property tax rolls?
Those issues are being sorted out. It is possible that at least the RadioShack buildings we occupy in 2009 will be removed from the tax rolls at that time. It is also possible that once we occupy the two remaining buildings they will be removed from the tax rolls.
If any of TCC’s downtown property is deemed excess property not directly benefiting our mission, the board will consider disposition of that property. It is likely that property will go back on the tax rolls.
What about security at the RadioShack location?
The location has state-of-the-art security technology, emergency call locations throughout the campus and space for an expanded TCC security force. We also plan to have a direct security liaison with the sheriff and the Fort Worth police department. We are planning an outside security audit of the entire complex.
Why didn’t you take this action sooner, instead of spending millions of taxpayer dollars on the other site?
We first explored the idea of leasing the RadioShack complex for office space in December 2006. We began considering the possibility of purchasing the complex in September 2007 when we were first made aware a purchase of the complex was possible. We were not presented an opportunity regarding the RadioShack complex before December 2006.
Were you looking at other options besides the RadioShack complex?
We were examining other opportunities and options. This is standard operating procedure on all of our real estate activities.
Will the new TCC campus at the current RadioShack complex have a president and administrative organization like the other campuses?
Yes. The president will be Dr. Tahita Fulkerson, who is currently TCC’s associate vice chancellor for teaching and learning.
