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Implementing inclusive and equitable public development services as a non-profit partner to the City of Austin December 15, 2021 Cultural Trust Update Austin Cultural Trust Austin EDC Cultural Trust | 2 ....it’s just the beginning! Austin EDC Cultural Trust | 3 Program Priorities • Facilitating the acquisition and preservation of existing cultural arts and music venues as well as the creation of new cultural arts and music venues that are affordable and available for use by organizations and the public benefit the City's creative and cultural communities. • Achieve diversity, equity and inclusion, including by addressing past inequities experienced by underserved, under-represented, and marginalized individuals and groups. • Provide permanent affordability for cultural and creative purposes. • Create a sustaining pipeline of Cultural Trust infrastructure as funding sources continue to become available. Austin EDC Cultural Trust | 4 Initial Program Summary-Clarification Current Cultural Trust Funding: To advance acquisition, bricks & mortar projects for permanent affordability Creative Facilities Bond 12 M Iconic Venue (HOT) COA Budget Stabilization (HOT-Iconic Venue Fund) 2.4 M 2.5 M Projects that support the preservation, restoration, acquisition, construction, improvement, enlarging, equipping, repairing, operating or maintenance of facilities that support the arts/culture and music Projects that provide a value to tourism, demonstrate need for assistance to avoid loss of venue, interest in serving as an iconic tourist business success. Austin EDC Cultural Trust | 5 ELIGIBLE USES & FUND APPLICABILITY FINALIZED IN PROJECT DUE DILIGENCE RFP Structure Summary Competitive RFP to fund two types of projects EXISTING OPERATOR VENUE ACQUISITION: NEW SHARED SPACE VENUE DEVELOPMENT: Outcome: Acquire venues with associated qualified operators for long-term ownership by the City of Austin for the preservation of existing creative and iconic venues Priority: Financial and Operating Capacity Outcome: Provide affordable multi-use space for cultural organizations with a focus on diversity, equity, and inclusion. Priority: Policy Goal Alignment Anticipated outcome: 1-2 existing venues saved Potential funding source: Iconic Venue Fund ("HOT") & Creative Facilities Bond (“CFB”) Anticipated Outcome: 4-6 organizations sharing 2 AEDC managed spaces Potential funding source: Creative Facilities Bond ("CFB") Austin EDC Cultural Trust | 6 RFP Evaluation Criteria: RFP Existing Venue 70% Business Capacity: Financial Capacity Operating Capacity Respondent Experience/Mgmt Team Site Control Clustering/Visibility 30% Policy Alignment: Diversity Equity & Inclusion Community Impact New Venue 35% Business Capacity: Financial Capacity Operating Capacity Clustering/Visibility 65% Policy Alignment: Diversity Equity & Inclusion Community Impact Austin EDC Cultural Trust | 7 Key Dates • Registration is OPEN , Request for Proposals is AVAILABLE • Question Deadline: December 17, 2021 • ‘Early Submission’ Deadline: January 7, 2021 For early evaluation, enables beginning on feasibility and due diligence, not guaranteed award, and not ‘first in line’ for awards • Final Deadline: March 31, 2021 It is anticipated that there will be future rounds, and there is a ‘pipeline only’ shortened application, upon request! Austin EDC Cultural Trust | 8 .... all projects/ programs welcome to the pipeline Austin EDC Cultural Trust | 9 RFP Questions? anne@austinedc.org https://www.austinedc.org/cultural-trust Austin EDC Cultural Trust | 10