By Tom Hyatt (Eta Omega/Chico-1998) and Jeremy Reither (Eta Omega/Chico-2000)
The Eta Omega house at 630 West 5th Street is beginning to match quality of the chapter that lives within its walls. "The first floor of the house looks more like a sorority house than a fraternity house", said House Corporation Treasurer Jeremy Reither, "and I mean that in a good way."
"The remodel was so extensive it's hard to recognize the place in some of these photos" said Reither,
"Again, that is a good thing. This wasn't just some superficial interior remodel - the first floor was totally gutted, the foundation was jacked up and leveled, a fire sprinkler system was installed - major work."
$400K Loan from The Norwich Housing Corporation
This project would not have seen light of day without the $400,000 loan from The Norwich Housing Corporation and the guidance of Director of Alumni and Real Estate Jereme Grinslade. By helping us to refine our application and gather the required documentation, Jereme's help was critical.
How the Loan was Used
- $175,000 was used to payoff the existing 11.00% mortgage (yes, 11.00%) from Gary Foster and 5th & Ivy Partners.
- $65,000 for life safety repairs (including new fire rated doors, sprinklers, fire alarms, etc...)
- $230,000 to remodel the first floor interior and some exterior (including full kitchen, functional living room, real dining room, new windows and doors, first floor bedrooms and bathrooms; and extending the main staircase to the basement).
How Will We Pay Back the Loan?
Overall monthly expenses will go up about 50% so the Eta Omega Alumni House Corporation raised dues and rent accordingly for the chapter so that the house corporation can afford the new higher loan payments.
Why Remodel Only the Interior of the 1st Floor?
"Because that is the area that needed the most love and also because the current loan wouldn't afford us much more than that," said Brother Reither.
"The plan is to carry out a multiyear capital campaign to pay for Phase 2 of the house renovation. Phase 2 will include the second floor, attic, basement, and exterior. It may even be a two or three phase project when it is all said and done...but the plan is to renovate the whole house within the next five years. The plan is to start Phase 2 the summer of 2012.
Renovation was a Team Effort Spanning Over 10 Years
This project took on many forms and had many different participants of whom all carried the water at different times. This is an incomplete listing of the brothers who have been key to getting us to where we are today and we apologize to anyone who was left out.
The execution of this project was led by House Corporation President Tom Hyatt who spent countless hours with the architect and contractor to work out all of the project details.
Jeremy Reither was a huge part in this and should be given credit for all his work with the finances, including flying to Tennessee to meet with The Norwich Housing Corporation and securing the funds, without him we would have never received the financing.
John Crenshaw, Torrey Sullivan, and Rob Wurgler for their work on the Board of Directors prior to the current Board. Their stewardship kept Eta Omega from drowning during the reorganization and financial turmoil in the earlier half of this decade as well as the "early" work on on the renovation plan. They also coached the post-reorganization chapter back to stable ground.
Current House Corporation Board of Directors, the previous Board, and all the volunteers who have donated time and energy since the reogranization to make it possible for Theta Chi to continue to thrive and survive.
And of course, James Suver for basically acting as the one man Board through the 80's, 90's and into the 21st century.
Architect Greg Peitz who helped us come up with a new floor plan that was truly designed for "fraternal living", contractor John Bakke of Chico Home Improvement who was patient through our countless financial scenarios, and Reese McClure who did the tiling.
Many other dedicated alumni put in countless hours on conference calls as well as the countless emails in the planning and execution of this renovation. You know who you are and we thank you and hope you continue to serve in years to come.
Editor's Notes:
The Norwich Housing Corporation, formerly the National Board of Trustees, was formed in 1927. Norwich assists house corporations by making loans available to Theta Chi house corporations for the purchase or repair of chapter houses