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Implementing inclusive and equitable public development services as a non-profit partner to the City of Austin Music Commission Austin Economic Development Corporation January 8, 2024 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 Austin EDC Cultural Trust | 1.8.24 2 Cultural Trust Advisory Committee-2023 Theater Culture Dance New, No Location Visual Committee helps inform the process, Arts needs, and helps network the cultural Trust activities to various networks Austin EDC Cultural Trust | 1.8.24 3 Alissa McCainTexas Accountants and Lawyers for the ArtsAnne-Charlotte PattersonMusic CommissionBradford PattersonAEDC BOD/Landmark CommissionCarl SettlesAEDC BOD/Arts CommissionDavid GoujonArchitect, Former MACC BoardDavid W SullivanCongress for New Urbanism Central Texas, Evolve AustinEmmett BeliveauAEDC BOD/Music CommissionErica ShamlyCOA EDDIrene Chang-CiminoMusician Treatment FoundationJaime CastilloFormer Art Commissioner/Art in Public PlacesJohn RiedieAustin Creative AllianceMeghan WellsCOA EDDMichelle PolgarArts CommissionPamela Benson OwensSix SquareRebecca ReynoldsMusic Venue Alliance AustinSharron BowerATX TheaterTina CannonAEDC BOD/LGBTQ ChamberNicole KlepadloRed River Cultural DistrictAustin BertonResident/EntrepreneurRachel MurrayAISD McCallum Fine Arts Cultural Trust Program dedicated to securing affordable space for existing venues, and developing new creative space infrastructure, preventing further displacement of our creative sector Program Priorities In response to challenges/Reflecting initial seed funding • Facilitating the acquisition and preservation of existing as well as the creation of new cultural arts and music venues available for use by organizations and the public benefit • 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 | 1.8.24 5 Cultural Trust Funds Available 12 M Creative Spaces Bond Fund • G.O. Tax Exempt Bond requirements • Acquisition & Development • Publicly accessible • Complex deal structure required for operational management 2.4 M HOT Iconic Venue • Acquisition, development, and means necessary to secure the space • Requires ‘Tourism’ function • ‘Historic Zoning’ for property tax relief • Council approval not required 5.0 M COA Budget – Iconic Venue • 15 M total over many years • More flexible than HOT funds • Council approval not required Additional funds to leverage public funds (eventually): Loans-traditional • Loans-CDFI • • Social impact investments • Grants • AHFC/LITC [NMTC]-future • All of these are being considered, but are not directly applicable to first round investments by AEDC. Austin EDC Cultural Trust | 1.8.24 6 Overview • AEDC Process: Culture Theater ‘Long List’ Projects enter into Feasibility 6.30.22 (Memo to Council) July-October: Initial Project Feasibility Evaluation • RFP issued 11.30.21 • RFP closed 3.31.22 • • • 10.17.22: AEDC Board of Directors approved Feasible Prioritized List • 12.6.22: City Council Worksession • 12.8.22: City Council Approval: PDC & Millenium July 2023: Hole in the Wall/Iconic Venue Fund • Last Year-Now: Continued to work with City, organizations and • property owners to advance projects New, No Location Visual Arts Dance Music Austin EDC Cultural Trust | 1.8.24 7 This Process Program alignment Feasible deal structure-legal projects projects Projects Feasibility due diligence Feasible for all parties: City, Property Owner, Organizations 45 Submissions (+16 Pipeline Only) Long List 14 Prioritized projects for due diligence Shortlist Organized by feasibility and investment size 2-6 Projects/Initial Investments (Bond Projects will support many more organizations) Austin EDC Cultural Trust | 1.8.24 8 Spaces provided by ‘Long List’ is a portfolio of diverse offerings 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 Dance arts studios digital media studios Visual Arts art galleries music recording studios Austin EDC Cultural Trust | 1.8.24 9 PDC- New Creative Center • $2 M Fit Out (Bond) • Design Process started! (10/6) • Facility Manager: Rude Mechs • Program Partner: Austin Bat Cave Hole in the Wall • $1.6M (Iconic Venue Fund) • Operational support/lease guarantee • Capital improvements to help build revenue/increase tourism Austin Playhouse! Vision Austin EDC Cultural Trust | 12.11.23 13 Vision-Information BUILDING FUND | austinplayhouse http://www.austinplayhouse.org/building-fund Austin EDC Cultural Trust | 1.8.24 14 Next Steps Following Council approval of bond funding: • Negotiate and execute transaction documents Ground Lease and Sublease Development, Construction and Funding Agreement Facility Management Agreement Escrow Agreement • Update construction documents • Procure construction services • Construction • Anticipated Occupancy: 4th Quarter 2025 • \\ Austin EDC Cultural Trust | 1.8.24 15 Thank You