At its September 15 meeting, District of Muskoka Council approved entering into a contract with BNP Inspire to raise funds toward the estimated $135 million cost to redevelop the Fairvern nursing home.
The multi-year fundraising initiative is expected to cost about $396,000. According to the staff report, the funds will be part of the capital redevelopment cost, and it is anticipated that the fundraising initiative will cover the cost and add a significant amount of funding towards the overall Fairvern redevelopment project over the next 2-5 years.
According to staff, the request for proposal (RFP) targeted a return of 2% or $2,700,000 throughout the project. However, through interviews with the proponent, staff were informed that a 5-10% return, or $5 to $10 million in funds raised, could be achieved.
District staff were tasked with identifying opportunities for savings, adding additional value, and generating additional revenue – any way to try to mitigate the cost of the Fairvern redevelopment project, which includes an Early Learning and Child Care Centre.
Suzanne Olimer, Commissioner of Finance and Corporate Services, told council that staff collaborated with County of Simcoe staff to review the fundraising campaign that they had undertaken to help support the Simcoe County Simcoe Village, a redevelopment and campus of care comprising of a long-term care facility and seniors’ homes initiative in the county, which she said led to the District of Muskoka’s RFP.
Olimer said the company undertaking the fundraising initiative would not retain a percentage for the work but a fee for service. Councillor Guy Bury noted it is illegal to charge a percentage.
“The campaign services provider is expected to develop a strategic plan, set realistic fundraising targets, and implement a robust campaign to engage individuals, corporations, government bodies, and foundations. Key planning deliverables include forming a campaign team and steering committee, creating a compelling case for support, developing collateral and donor appreciation strategies, and providing guidance on online fundraising platforms and campaign policies,” stated Olimer in her report.
Councillor Heidi Lorenz asked whether there is really room for people to contribute towards the project, given all of the other demands.
Olimer said the company will undertake a comprehensive evaluation to ensure there is capacity to be able to raise the funds, “and what we’ll be doing is we’ll be paying a monthly amount to be able to complete that first initial phase of the project and if that first initial phase of the project is indicating that there is not capacity within the District of Muskoka or surrounding areas that will be taking advantage of this redevelopment opportunity that we would have to reevaluate how we proceeded.”
District Chair Jeff Lehman said council will be eager to receive updates. “Certainly, at the scale of this facility, there will be lots of opportunities for sponsorship and naming rights through this process.”
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Very encouraging!
A coffee shop/used books/meeting space might prove to be lucrative..