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Legacy Vision PolicyRestructuring the Owned Inventory Faced with insufficient capital to maintain its existing inventory, GSA is undertaking a comprehensive review of its public buildings to best align the portfolio with its mission. Known as The Portfolio Strategy for Restructuring and Reinvesting in the Owned Inventory, this initiative will restructure the owned portfolio to consist primarily of strong income-producing properties generating sufficient funds to meet their own capital reinvestment needs. The ultimate outcome is to provide quality workplaces, increase customer satisfaction, and enhance the asset value of our real estate portfolio for the benefit of the taxpayer. Stewardship to Preserve Historic Buildings Along with fiduciary responsibilities driving the portfolio restructuring initiative, GSA has a significant stewardship responsibility to preserve historic buildings and legal obligations under the National Historic Preservation Act (NHPA) and Executive Order 13006. Both the law and Executive Order call on the federal government to choose historic buildings first and to make every effort to put historic buildings to government use and to keep them viable. Under NHPA, “historic buildings” are those buildings that meet the criteria for listing in the National Register of Historic Places. Age (50 years or older), along with architectural and historic significance, is the primary criterion. NHPA gives equal consideration to properties that have already been included in the National Register as well as those that have not been included, but meet the National Register criteria. GSA-Owned Portfolio Facts
Although 436 buildings are subject to special consideration under NHPA, not all buildings warrant the same amount of investment and stewardship effort. Priority should be given to the most significant buildings. Of the 436 historic buildings in our inventory, about 250 are considered monumental or legacy buildings designed to serve a symbolic and ceremonial, as well as functional, purpose for the government. Integration of A Federal Legacy Vision with Restructuring the Owned Portfolio Both GSA’s portfolio restructuring initiative and its stewardship responsibilities must be performed in an integrated fashion. Given the constraints on capital, it is clear that strategic use of limited funds requires GSA to make choices that will benefit some properties more than others. The Restructuring Initiative involves reviewing and categorizing buildings as performing, under-performing, and non-performing using quantitative measurement methods. Qualitative criteria or less tangible values (like historic or architectural significance) are not considered at this point. Non-performing and under-performing buildings are placed on a watchlist. Each watchlisted-building will then be examined and a workout strategy selected. At the point in time when a strategy is developed for a non- or under-performing building, intangible values, such as stewardship and legacy principles come into clear focus and influence decision-making. Strategies must be explored to ensure that GSA’s historic buildings are positioned to be the strongest financial performers possible. Asset-specific strategies, addressing the asset’s financial condition, market conditions, customer needs, and hold period, have been drafted and captured in Asset Business Plans. Asset Business Teams should partner with Historic Preservation Offices to refine these strategies, pursue reuse, and ensure that GSA’s historic buildings are given the priority required under NHPA. Asset Business Plans and asset-specific strategies should be developed in context of Local Portfolio Plans. Specific considerations include:
Last Reviewed 5/8/2008
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