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1 <br /> THE ARTSCENTER, INC. <br /> SUMMARY OF PROPOSAL Prepared 9 March 1994 2 <br /> The ArtsCenter will embark on a major fundraising campaign begining January 1994 and <br /> continuing through December 1995. The campaign is divided into three individual campaigns: <br /> * $575,000 to purchase the building <br /> * $125,000 annual operating fiords <br /> * $200,000 funds for elimination of construction debt <br /> Commitments to Date: <br /> Building Purchase QWrating Debt <br /> Foundations $75,000 <br /> Corporations $150,000 <br /> Government $10,000 <br /> Individuals $10,000 <br /> $95,000 $150,000 <br /> Requests in Process: Foundations-$400,000, Corporations$75,000 <br /> Local Government Requests: <br /> The ArtsCenter has asked a major foundation to up-front$300,000 for the purchase of the <br /> building. We will then ask the Towns of Chapel Hill]and Carrboro and Orange County to enter <br /> into a service contract with The ArtsCenter. The fiords received for the services provided will be <br /> used to repay the initial investment by the foundation. This option allows the governments to <br /> spread the payments over a tan year period. <br /> Why Purchase: <br /> Current Occupancy Cost After Purchase Cost <br /> Rart $ 44,500 $ 0 <br /> Maintenance 7,400 7,400 <br /> Insurance 3,100 1,000 <br /> Taxes 9,300 9,300 <br /> $ 64,300 $ 17,700 <br /> • Note payment of$132,000 included in purchase and$133,000 debt forgiveness from <br /> Babcock Foundation, if building purchased <br /> • Assessed value of building$1,200,000 and The ArtsCenter has invested$700,000 in <br /> renovations <br /> • Currently operating with no lease,possibility of loss of space or rart increase <br /> 300-G East Main Street, Carrboro,North Carolina <br /> (919) 929-2787 <br />