Item 9 - Updates on the Austin Economic Development Corporation Cultural Trust — original pdf

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Implementing inclusive and equitable public development services as a non-profit partner to the City of Austin Cultural Trust Update Austin Economic Development Corporation 18 July 2022 – Music Commission AEDC BOARD & TEAM Standing Committees • Executive • Governance • Finance • Strategic Planning • Real Estate Project Committees: • Cultural Trust Advisory Committee • Urban Renewal Board Partnership Working Group • + future projects Overview • Cultural Trust program administration was identified by City Council in our June 2021 Interlocal Agreement, Addenda 4 & 5 Theater • Structure of Request for Proposals developed based on type of funds Culture available, as well as based on input from 2020 RFI, and 2019-20 joint working group recommendations Dance • This is a unique and new process—it is not a grant program, it is a real Music estate investment program. • The process has provided great insight into the needs of the New, No Location culture/music/arts ecosystem, and that data will be communicated to help inform future resources/funding. Real estate/space is just one aspect to what supports an organization to thrive. Visual Arts Austin EDC Cultural Trust | 3 Cultural Trust Funds Available 12 M Creative Spaces Bond Fund • Acquisition & Development • Publicly accessible 2.4 M HOT Iconic Venue • Acquisition, development, and means necessary to secure the space • Requires ‘Tourism’ function • May require ‘Historic Zoning’ to provide property tax relief 2.5 M COA Budget – Iconic Venue • 15 M total over many years • More flexible than HOT funds Additional funds to leverage public funds: • Loans-traditional • Loans-CDFI • Social impact investments • Grants • CDBG funds • [AHFC/LITC] • [NMTc] Austin EDC Cultural Trust | 4 Efforts To Date Request for Proposal: Nov 2021-March 2022 Website program page-updated weekly Office Hours § Approximately 30+ hours Learning Hours/Open Sessions § 9 Presentations & Videos § 225 Views of Videos Direct Outreach and Reminders § Group emails (500+ distribution) § Newsletter inclusion § Commission Announcements § Direct emails (recruiting) § Word of mouth Cultural Trust - RFP Evaluation Criteria 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 | 6 This Process Program alignment Feasible deal structure-legal projects projects Projects Feasibility due diligence Feasible for all parties: City, Property Owner, Organizations 2-6 Projects/Initial Investments (6+ Organizations) 45 Submissions Long List Prioritized projects for due diligence Shortlist Organized by feasibility and investment size Program Update—Early Results 45 Submissions § 0 - 57 Years in existence (18 Avg) § 7 Additional Pipeline Only § 41 Additional ‘Registered’ § Diverse representation § 16 Pipeline only Proposal by Creative Sector Theater Culture Music Dance New, No Location New Venue Existing Venue New, Location proposal Visual Arts Culture Dance Education Visual Arts Maker Music Theater Austin EDC Existing Venue New With Proposed Location Cultural Trust | 8 45 Submitters § New ventures and displaced organizations § § Estimated timelines: Yesterday to 2-4+ years out Square Footage: 250,000 SF existing, 500,000 SF+ needed Theater $100-150 M of needs § Rents: $0-40/SF (rent+property taxes) Music 3M/Year!!! Rents New, No Location 18 16 14 12 10 8 6 4 2 0 0 0-20 20-30 30-40 Austin EDC Culture 2 78744 "El Sitio" MAS Cultura Not For Profit (501 c 3) 1 78754 AAPI Creative Music Hub ( Asian Music Center Austin) Not For Profit (501 c 3) 10 78701 Antone's Nightclub For Profit 9 78701 Artisan Mercado For Profit 10 78759 ArtUs Co Not For Profit (501 c 3) 1 78754 Not For Profit (501 c 3) Asian Music Center Austin 7 78757 Austin Art Space - AVAA ProgramsNot For Profit (501 c 3) 1 78702 Not For Profit (501 c 3) Austin Bat Cave's Classroom and Reading Venue 4 78751 For Profit Austin Body Collective, LLC 1 78751 Not For Profit (501 c 3) Austin Celtic Association / Celtic Cultural Center 9 78751 Not For Profit (501 c 3) Austin Museum of Popular Culture aka South Austin Popular Culture Center 1 78752 Not For Profit (501 c 3) Austin Playhouse Arts Center 2 Austin School of Furniture - Building the Future of Furniture Making For Profit 78745 5 78745 For Profit Bravo Theater at Balance Dance Studios 4 78753 Not For Profit (501 c 3) CAKE - Creativity, Abundance, Knowledge, Elevation 9 78751 ColdTowne Theater For Profit 1 78702 Doris Miller Auditorium RestorationNot For Profit (501 c 3) 3 Sole Proprietor 78702 DUSTY/ANDY'S PLACE 8 For Profit East Side Showroom 78745 9 For Profit 78701 Empire Control Room & Garage Real Estate Purchase & Renovation 3 Not For Profit (501 c 3) 78702 Esquina Tango Preservation Dance 3 Not For Profit (501 c 3) 78741 Girls Rock Austin 9 Not For Profit (501 c 3) 78701 Latin Music Center Austin 3 Not For Profit (501 c 3) 78702 Live+Make 1 78724 For Profit Mosaic Sound Collective 1 78723 Motion Media Arts Center Not For Profit (501 c 3) 3 78702 Off Center at 411 Arts Campus Not For Profit (501 c 3) 1 78702 Origin Studio House 4 78758 Otra X Favor 3 78702 Puerto Rican Culture & Indigenous Heritage Center 1 78754 Shots With Richie 9 78722 Spaceflight Records 1 78723 SPARKSPACE: Austin's Center for Community Arts Education Visual 3 78702 Splinter Group 3 78741 Tapestry Dance Home for the FutureNot For Profit (501 c 3) Arts 6 78750 Not For Profit (501 c 3) The Austin City Ballet 5 78704 For Profit The Broken Spoke The Hole in the Wall Austin Cultural Trust Existing Operator Venue Acquisition For Profit 9 78704 1 78702 Texas Nonprofit Corp, 501 pending The Kenny Dorham Center (working title) 9 78723 The Magistery For Profit 1 The Millennium Theater RenovationPending non-profit re-instatement 78704 3 78702 The Museum of Human AchievementNot For Profit (501 c 3) 1 78722 Not For Profit (501 c 3) The VORTEX 8 78704 Not For Profit (501 c 3) UMLAUF Preservation & Expansion Plan 3 78702 Not For Profit (501 c 3) Untitled Art Center For Profit For Profit Not For Profit (501 c 3) For Profit Not For Profit (501 c 3) Not For Profit (501 c 3) For Profit Cultural Trust | 9 Program Update—Submitter Update Meeting- 5.19.22 Theater Culture Music Dance New, No Location Visual Arts Austin EDC Cultural Trust | 10 Common Challenges Rent increases (commercial landlord) Theater NNN leases & property tax increases New, No Location Music Diversified income sources & business operating costs Covid Geographic location/ audience Culture Affordable housing Dance Space tenure, professional operations Rehearsal/ Visual Working space Arts Capacity/ Utilization Austin EDC Cultural Trust | 12 Program Update—’Long List’ § Iconic Venues: 4 § Existing Venues: 5 § New Venues: 5 § 5 Council Districts § Most arts disciplines represented, existing and new venues will be Theater Culture Dance Music considered as hosts for additional organizations in pipeline § Organizations represent a diversity of communities in programming, New, No Location audiences, and leadership/board Visual Arts § Each project has unique real estate needs, may not all be feasible § We will make announcements when negotiations are complete. § Many projects that we want to see happen are on the pipeline. Austin EDC Cultural Trust | 13 Spaces provided by ‘Long List’ multi-use theater venues: 99 -500 seats New, No Location Creative shared workspaces music performance venues: 300- 2300 capacity Theater Culture Rehearsal spaces: music, dance, theater Music digital media studios Visual Arts art galleries Dance education classrooms music recording studios Austin EDC Cultural Trust | 14 Next Steps: • Additional Communications—balance transparency/updates with the potential negotiations that will be a part of the process Theater • Feasibility Culture • Project Clarification • Sizing the formal project with funding stipulations • Assuring a pro-forma that provides affordable/stabilized rent Dance Music • We anticipate future rounds, we want to improve process to Visual Arts • Feedback on process New, No Location achieve program goals. • Future convening Austin EDC Cultural Trust | 15 Thank you!