Agenda - 03-15-1994-X-D - Laserfiche WebLink

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THE ARTSCENTER, INC. 10 ORANGE COUNTY APPLICATION EXHIBIT F (DETAILED REQUEST) 11 MARCH 1994 SOURCES OF CAPITAL CAMPAIGN FUNDS 1. Foundations: Expected income from North Carolina and National Foundations is $195,000. 2. Corporations: Small, medium and large businesses and corporations in RTP, Durham, Orange and Wake Counties are expected to provide$250,000 from their marketing, advertising and corporate giving funds. 3. Local Governments: The campaign will ask that the towns of Carrboro, Chapel Hill and Orange County enter into a service agreement for a ten year period. The agreement will stipulate that The ArtsCenter provide arts programming in Orange County. The ArtsCenter will use this service contract as a guarantee to local Foundation for repayment of its equity. 4. Other Government: The North Carolina Arts Council(NCAC),National Endowment for the Arts(NEA), Southern Arts Federation(SAF), Change County Arts Commission(OCAC) are expected to continue their support and increase grants over the next two years. This section will bring $25,000 to the campaign. 5. Grassroots Individuals: This portion of the campaign is community support. We expect to launch this portion in April 1994. $130,000 is expected from the community. 6. Foundation Equity: A local Foundation has agreed to front $300,000 toward the purchase of the building. This equity will be repaid through an agree-meat among The ArtsCenter, the three local governments and the foundation. This agreement will include a service contract which will be expected to continue over a ten year period, thus allowing The ArtsCenter to repay the equity advanced by the foundation. The ArtsCenter is working with the three local government attorneys to draft a contract. 300-G East Main Street, Carrboro,North Carolina (919)929-2787 6