2.A - AEDC update - presentation — original pdf

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Implementing inclusive and equitable public development services as a non-profit partner to the City of Austin October 25, 2021 Organization and Program Update In August 2020, Council Directed Staff to Initiate Creation of EDC “to complement the City's vision and programming for inclusive economic development through the formation of public-private partnerships and facilitation of resulting projects that generate additional resources or revenues for the City”…. Austin EDC Overview | 2 AEDC Board Austin EDC Overview | 3 Interlocal Agreement: Organization Scope Scope of Services (Sec. 6.2) • • • Real estate transactional services: brokerage and transactional services, acquisition and leasing, land valuation and best use analyses, marketing and solicitation services. Real estate management and administration: property management, lease management, operation and maintenance Public development services: planning, promotion, negotiation, financing, and development of public development projects as identified from time to time by the parties. • Additional services: consulting, technical advisory or other professional services; administration of economic development or grant programs. Austin EDC Overview | 4 AEDC Focus and Roles AEDC is working with the City of Austin to support several future objectives. Implement the South Central Waterfront TIRZ Design and develop the Cultural Trust Manage the public pipeline assets Negotiate future real estate transactions Austin EDC Overview | 5 Austin Cultural Trust Austin EDC Cultural Trust | 6 Cultural Trust Background and Goals INITIAL GOAL OF CULTURAL TRUST In 2018, the City resolved to support "a community arts stabilization trust, the ‘Austin Cultural Trust’, that creates, through purchase and long-term lease, affordable spaces that supports artists and arts organizations, preserves historic and iconic cultural buildings and spaces for creative and cultural uses, and functions in a way that provides for cultural assets to exist in all parts of the city" - Resolution 20201001-055 In 2020, the City identified “To support acquisition and preservation of cultural spaces within the City of Austin,” as a function of AEDC. - Resolution 20201001-055 Austin EDC Cultural Trust | 7 Initial Program Summary-Clarification UPDATE 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 | 8 ELIGIBLE USES FINALIZED IN PROJECT DUE DILIGENCE Cultural Trust 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 sustainable pipeline of Cultural Trust projects as funding sources continue to become available. Austin EDC Cultural Trust | 9 Cultural Trust Request for Proposals Round 1 - Pipeline Accelerator SEP OCT NOV DEC JAN 2022 FEB MAR APR MAY Launch Oct 18 Workshops 2 1 3 4 5 First Review Dec 17 Second Review Mar 31 Repeat…. 7 6 8 App Dev Structure Workshops Communications Original RFI Responses Registration Open Application Open STAFF EVAL-DUE DILIGENCE CTAC EVAL 1 1 Shortlist 1 SPACE EVALUATION Negotiations Matchmaking FIRST INVESTMENTS IDENTIFIED* STAFF EVAL-DUE DILIGENCE CTAC EVAL 2 2 Shortlist 2 Austin EDC WORKING SCHEDULE DRAFT-SUBJECT TO CHANGE Cultural Trust | *subject to final due diligence, and approvals process **Please register for all schedule updates Negotiations 10 RFP Step 1 - Registration UPDATE Registration: http://www.austinedc.org/cultural-trust  Contact information  Selection of ‘track’—Existing or New Venue, Just interested  Brief paragraph of project and goals  Identification of Technical Assistance needs, if any  Anyone who has applied for funds through ‘Submittable’ before (Long Center/Saves)—same log in All Registrants intending to apply will receive an online application invite, and updates to all scheduled technical assistance sessions. RFP will be available on project website for other interested parties. Austin EDC Cultural Trust | 11 Questions? anne@austinedc.org https://www.austinedc.org/cultural-trust Austin EDC Cultural Trust | 12