Backup — original pdf

Backup

Implementing inclusive and equitable public development services as a non-profit partner to the City of Austin Cultural Trust Update Austin Economic Development Corporation 11 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 • Structure of Request for Proposals developed based on type of funds Theater 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 Proposal by Creative Sector 45 Submissions ▪ 0 - 57 Years in existence (18 Avg) ▪ 7 Additional Pipeline Only ▪ 41 Additional ‘Registered’ ▪ Diverse representation ▪ 16 Pipeline only New, No Location New Venue Existing Venue New, Location proposal Theater Culture Music Dance 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 Dance Culture Visual Arts 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 Cultural Trust | 9 "El Sitio" MAS Cultura Not For Profit (501 c 3) 787442AAPI Creative Music Hub ( Asian Music Center Austin) Not For Profit (501 c 3) 787541Antone's NightclubFor Profit 7870110Artisan MercadoFor Profit 787019ArtUs CoNot For Profit (501 c 3) 7875910Asian Music Center AustinNot For Profit (501 c 3) 787541Austin Art Space - AVAA ProgramsNot For Profit (501 c 3) 787577Austin Bat Cave's Classroom and Reading VenueNot For Profit (501 c 3) 787021Austin Body Collective, LLC For Profit 787514Austin Celtic Association / Celtic Cultural Center Not For Profit (501 c 3) 787511Austin Museum of Popular Culture aka South Austin Popular Culture CenterNot For Profit (501 c 3) 787519Austin Playhouse Arts CenterNot For Profit (501 c 3) 787521Austin School of Furniture - Building the Future of Furniture MakingFor Profit 787452Bravo Theater at Balance Dance StudiosFor Profit 787455CAKE - Creativity, Abundance, Knowledge, ElevationNot For Profit (501 c 3) 787534ColdTowne TheaterFor Profit 787519Doris Miller Auditorium RestorationNot For Profit (501 c 3) 787021DUSTY/ANDY'S PLACESole Proprietor787023East Side ShowroomFor Profit 787458Empire Control Room & Garage Real Estate Purchase & RenovationFor Profit 787019Esquina Tango PreservationNot For Profit (501 c 3) 787023Girls Rock AustinNot For Profit (501 c 3) 787413Latin Music Center AustinNot For Profit (501 c 3) 787019Live+MakeNot For Profit (501 c 3) 787023Mosaic Sound CollectiveFor Profit 787241Motion Media Arts CenterNot For Profit (501 c 3) 787231Off Center at 411 Arts CampusNot For Profit (501 c 3) 787023Origin Studio HouseFor Profit 787021Otra X FavorFor Profit 787584Puerto Rican Culture & Indigenous Heritage CenterNot For Profit (501 c 3) 787023Shots With RichieFor Profit 787541Spaceflight RecordsNot For Profit (501 c 3) 787229SPARKSPACE: Austin's Center for Community Arts Education Not For Profit (501 c 3) 787231Splinter GroupFor Profit 787023Tapestry Dance Home for the FutureNot For Profit (501 c 3) 787413The Austin City BalletNot For Profit (501 c 3) 787506The Broken Spoke For Profit 787045The Hole in the Wall Austin Cultural Trust Existing Operator Venue AcquisitionFor Profit 787049The Kenny Dorham Center (working title)Texas Nonprofit Corp, 501 pending787021The MagisteryFor Profit 787239The Millennium Theater RenovationPending non-profit re-instatement787041The Museum of Human AchievementNot For Profit (501 c 3) 787023The VORTEXNot For Profit (501 c 3) 787221UMLAUF Preservation & Expansion PlanNot For Profit (501 c 3) 787048Untitled Art CenterNot For Profit (501 c 3) 787023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!