The Polk Bros. Foundation Grant

The Polk Bros. Foundation has supported IFF’s Real Estate Consulting program for many years. Thanks to a special grant from the Foundation, IFF is pleased to make available three opportunities to assist Polk Bros. grantees with planning for new or renovated space.

Real estate projects are a major undertaking and a significant milestone for a nonprofit, yet often outside the scope of expertise of senior management or boards of directors. IFF’s team of real estate professionals guide and assist nonprofits to achieve their real estate goals and avoid costly pitfalls, while allowing organizations to remain focused on their mission.

IFF is pleased to offer the following subsidized services to Polk Bros. grantees on a first-come, first-served basis—please call Robin Toewe at 312 596 5141 for details:

Feasibility study

To help an organization determine whether a real estate development project is financially and operationally feasible, IFF staff will:

Interview key senior management and board members to understand the organization’s current space needs and long-term goals,
Evaluate current facility to understand space constraints and challenges,
Perform a financial assessment to determine whether a project is viable,
Present to agency leadership a range of options (type of space, location and/or cost) and the level of feasibility for each.

The Foundation’s grant will provide a $1,250 subsidy toward IFF’s fee to perform a feasibility study. IFF’s fee for a feasibility study typically ranges from $7,500 to $10,000.

Site search, evaluation and due diligence services

To ensure an organization ultimately secures the right facility at the right price under the best possible terms, IFF staff will:

Identify site search parameters including size, cost, target location(s), and other requirements based on current needs and long-term goals,
Identify and evaluate sites for programmatic, structural, and cost fit,
Rank each site across identified parameters and recommend best options,
Manage all due diligence related to site control including: conduct final inspection, prepare preliminary architectural drawings, and negotiate lease or purchase contract.

The Foundation’s grant will subsidize up to $7,500 of IFF’s standard fee for this service. IFF’s fee for site search, evaluation and due diligence is typically $15,000.

Project management/owner's representative services

To help an organization with the construction of a real estate development project, IFF staff will:

Manage site control, environmental remediation, architect selection and general contractor selection,
Oversee design and construction,
Coordinate project financing; set-up and monitor the construction escrow and payment services ,
Assist with permitting, zoning and other public approval process.

The Foundation’s grant will subsidize up to $7,500 of IFF’s standard fee for this service. IFF’s fee for project management/owner’s representative services generally ranges from 3% to 5% of the cost of the construction project depending on the size, scope, and complexity of the work.

If your organization is planning a facility project, IFF would enjoy the opportunity to learn more about your project and provide a proposal for services to help ensure your project’s success—please call Robin Toewe at 312 596 5141 to discuss your project.