News
Dear Brother:
I am happy to report that the Alumni Housing Corporation has officially purchased the former Chi Omega sorority house for Sigma Phi Epsilon at Drake University. It's been a long process, but 1234 34th Street is now in Iowa Delta's hands.
As an alumnus and stakeholder in this important turning point in our fraternity's history, I want to provide you with some background information and discuss with you our plans for moving forward.
You may remember that ten years ago we sold our former home at 1215 34th Street. After the chapter re-chartered in 2002, we knew we needed a permanent house for them.
Since 2000, we have been renting the former Chi Omega house, but home ownership was always in our sights. In 2003, our home was officially declared a Residential Learning Community ("RLC") through a rigorous and highly innovative program of the SigEp National Headquarters. This focus on academics and leadership and the quality of our undergraduate brothers has enabled them to prosper while living and working from 1234 34th Street. Consider some of their recent accomplishments:
- 75 SigEps will return to campus in the Fall.
- A SigEp has served as Student Body President or Vice President for the past three years, and Brother Johnathan Brendemuhl will serve for the 2006-07 school year.
- SigEp had the highest grade point average of all fraternities last Spring with a 3.35.
- SigEp has garnered first or second place finishes in intramural football, doubles racquetball, singles racquetball, doubles tennis, badminton, basketball, and soccer.
- Iowa Delta was recognized by SigEp National at the Carlson Leadership Academy for best membership development program, best chapter home and best in manpower.
- Brother Nick Chapin was named the National SigEp Zollinger Outstanding Senior for his commitment to academics, the fraternity and Drake University.
- Iowa Delta won its second Buchanan Cup from Sigma Phi Epsilon last summer, the highest honor the national fraternity bestows.
As you can see, our undergraduate brothers are doing all that we expect of them and more. They are truly living the balanced man ideals of a SigEp with strong performances in academics, athletics, campus involvement and community service.
Knowing the chapter has been and is in strong shape, the alumni board and other alumni leaders set our sights on securing our housing situation. Last Fall, we made a formal offer to purchase the Chi Omega house. After months of negotiating a purchase price and receiving approval from Chi Omega to sell the house, we reached an agreement. Iowa Delta could buy the house for $385,000 and be responsible for making an additional $50,000 worth of critical improvements. The purchase price includes the land, house, all kitchen equipment, furniture and property within the facility.
Our renovation plans are extensive and will cost between $550,000 and 800,000 depending upon the level of renovations we choose to make. Some of the plans include:
- Increasing the capacity from 29 to 36 men by adding more living space in the basement,
- Installing a soon-to-be mandated fire sprinkler system throughout the house,
- Renovating all bathrooms,
- Updating all flooring,
- Upgrading all electrical wiring,
- Adding air conditioning to the second floor and
- Purchasing a new boiler.
We know that we can manage a mortgage of between $400,000 and $500,000, but any more will make it nearly impossible for the chapter to operate or recruit members. To help, we hired a consulting company, Omega Financial, to conduct a feasibility study and determine how much, if anything, we could raise from alumni if we began a comprehensive capital campaign. Omega has worked with many, many fraternities across the country. The results of the feasibility and planning study they conducted in 2005, showed that we could likely raise at least $800,000 from our alumni.
The National Housing Corporation has already issued to us a letter of credit for the purchase price of the house. However, before they loan any more money, they want to be sure that we have at least $400,000 worth of commitments from alumni and friends who want to support the project. Seeing $400,000 in pledges will provide the National Housing Corporation with the confidence and reassurance they need to loan us the additional money we need to make the additional renovations. However, as I said, we'll need to raise much more than $400,000 in order to properly manage the debt and turn the house into a first-class facility.
Our hope is to spend the 2006-07 academic year raising money. We are in the early stages of organizing this comprehensive and much-needed capital campaign. You'll hear more about it in the days and weeks to come. Assuming fundraising is as successful as we expect it to be, we will begin construction next summer. Thanks to the hard work of many alumni brothers, we now have a clear vision and plan to move forward. Once renovations are complete, the SigEp residential learning community - our home - will be the envy of every fraternity at Drake. You'll be proud to return there with your family and call it home.
In the coming weeks you'll hear more about our plans - including the ambitious fundraising campaign in the works. To accomplish these objectives, we need great participation from all interested parties. The campaign will be one opportunity for you to participate. Working together, we can all secure Iowa Delta's future as one of Drake's great fraternities and leadership communities for generations to come.
Fraternally,
Gary D. Ordway '64
Alumni Board Presiden
|
