The Torpedo Factory Art Center was included in the FY 2015 Building
Assessment. The Building was rated a Grade “C” and the assessment identified a
total of $13M in capital replacements that will be required over the next ten
years with approximately $690,000 of them required over the next two years
including window replacements, water heater replacement and wiring
replacements. Due to funding constraints, the only source included in the FY
2017 – 2026 proposed CIP for the Torpedo Factory Repairs project is the
remaining project balance of $290,000 at the end of FY 2016 2nd
Quarter to partially address these capital replacement requirements as well as
any unanticipated capital repair needs at the facility. Staff does not
recommend utilizing these funds for the Torpedo Factory Space Planning project.
Once decisions are made regarding the future governance structure of the Torpedo Factory Arts Center, staff will evaluate any appropriate funding for space planning for inclusion in the FY 2018 – FY 2027 CIP.