Backup — original pdf

Backup

Austin Music Budget Overview Creative Space Bond Contingency Fund HOT Tax Funding What are the Sources? ● $12M approved November 2018 ● Joint Working Group with Arts Commission ● Guidelines from commissions utilized by Economic Development Office ● Will be overseen by ● Administered by AEDC ● When will grants be AEDC offered? American Recovery Plan Act Funds ● Federal Government allocated $188,482,478 to the City of Austin. ● City Council has dedicated: ○ $4M for Music, ○ $6M for Arts, ○ $2M for Nonprofits EDD launched the Austin Arts and Culture Non-Profit Relief Grant, which is funded by the $2M for creative non-profits. EDD contracted with the Austin Better Business Bureau to administer the program, and with the Austin Revitalization Authority and Mission Capital to offer application assistance for non-profits. ● The $4M and $6M for Music and Arts - who will administer? ● When will these grants be offered? ● $2.4M from HOT Taxes allocated. ● $1M of this Dedicated to preservation of iconic venues - will be overseen by AEDC ● Administered by ● When will grants be Whom? offered? ● Live Music Fund ● $2.5-$2.9M available at start of fiscal year (Oct 1) ● $2.5M Budget for FY22 Live Music Fund program cultural contracts ● Administered by Whom? ● Application Portal opens Fall 2021 Notes about control of funds ● Advantages of AEDC - ○ Speed in developing new functions once fully staffed. ○ Skill in real estate negotiation. ● Advantages of Economic Development Office - ○ AEDC not yet staffed up - no capacity to administer programs ○ Lower costs (saving 4-10% administrative fees) ○ Access to City-owned properties ○ Strong in administering established functions. ○ Can draw on EDD and City of Austin’s Staffing Capacity. ● Access to philanthropic donations - ○ People can contribute directly to the AEDC ○ People can also contribute to a city-overseen donation fund (like the Arts Donation fund)