|
6
<br /> • The presence of artists and creative space will continue to grow the property value of ERM, and therefore tax
<br /> revenue for the county.
<br /> Implementation plan:
<br /> 1. Revenue generated from the Mill Studios, outside grant support, and county support would provide seed
<br /> funding to cover Year i expenses, after which the space will become self-sustaining.
<br /> 2. A part-time venue manager would be hired manage scheduling, events, and rentals.
<br /> Five-year budget forecast:
<br /> Income(Assumes a 3%annual increase) Per month-Year 1 Notes YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
<br /> Rent
<br /> Large artist studio 1 $ 400.00 $ 4,800.00 $ 4,944.00 $ 5,092.32 $ 5,245.09 $ 5,402.44
<br /> Large artist studio 2 $ 400.00 $ 4,800.00 $ 4,944.00 $ 5,092.32 $ 5,245.09 $ 5,402.44
<br /> Total Rent $ 800.00 $ 9,600.00 $ 9,888.00 $ 10,184.64 $ 10,490.18 $ 10,804.88
<br /> Programming
<br /> OCAC Class space:100%of fees $ 800.00 2 class per mnth @$20/20 ppl $ 9,600.00 $ 9,888.00 $ 10,184.64 $ 10,490.18 $ 10,804.88
<br /> Rental Class space:30%of fees $ 360.00 1 class per wk @$30/10 ppl $ 4,320.00 $ 4,449.60 $ 4,583.09 $ 4,720.58 $ 4,862.20
<br /> Event Rental:$100/hr $ 800.00 2 events per month @$400 $ 9,600.00 $ 9,888.00 $ 10,184.64 $ 10,490.18 $ 10,804.88
<br /> Total Programming $ 1,960.00 $ 23,520.00 $ 24,225.60 $ 24,952.37 $ 25,700.94 $ 26,471.97
<br /> Sales
<br /> Commission of sold work:30%of price $ 300.00 $1k sales per month $ 3,600.00 $ 3,708.00 $ 3,819.24 $ 3,933.82 $ 4,051.83
<br /> Total sales $ 300.00 $ 3,600.00 $ 3,708.00 $ 3,819.24 $ 3,933.82 $ 4,051.83
<br /> Total Income $ 3,060.00 $ 36,720.00 $ 37,821.60
<br /> Expense(Assumes 3%annual increase in expense)
<br /> Rent $ 2,000.00 With 5 year lease $ 24,000.00 $ 24,600.00 $ 25,215.00 $ 25,845.38 $ 26,491.51
<br /> Utilities $ 130.00 Based on past history $ 1,560.00 $ 1,606.80 $ 1,655.00 $ 1,704.65 $ 1,755.79
<br /> Insurance $ 40.00 $ 480.00 $ 494.40 $ 509.23 $ 524.51 $ 540.24
<br /> Other $ 150.00 $ 1,800.00 $ 1,854.00 $ 1,909.62 $ 1,966.91 $ 2,025.92
<br /> Part-time venue manager(10 hrs/wk) $ 617.50 $ 7,410.00 $ 7,632.30 $ 7,861.27 $ 8,097.11 $ 8,340.02
<br /> Total Expense $ i $ 35,250.00 $ 36,187.50
<br /> NET $ 122.50 $ 1,470.001 $ 1,634.101 $ 1,806.121 $ 1,986.38 $ 2,175.20
<br /> PHASE 3: THE ARTS MILL
<br /> The Eno Mill holds at least three additional spaces ranging in size from 5,000- �� ■
<br /> 7,000 square feet, making them ideal for a wide variety of uses, allowing the
<br /> OCAC to expand its offerings to the community while also generating revenue.
<br /> Potential uses for the space include:
<br /> • Mid-size performing arts space for live music and community theater. r
<br /> • Large rehearsal space, allowing the development of new community-
<br /> based performance programs, as well as space for existing groups.
<br /> • Membership-based maker space, including a possible woodworking
<br /> studio, ceramics studio,foundry, and/or metals lab.
<br /> • Art supply retail space.
<br /> • Expanded class space.
<br /> The activation of the rest of the mill will align with the creation of loft apartments by Hedgehog Holdings,which has
<br /> committed to offer some of the units to artists at a reduced rent.This unique opportunity for artists to live, create, and
<br /> sell work in the same space will transform the ERM into a destination for artists and arts patrons. In addition, it will
<br /> further brand Hillsborough as a hotbed for the arts within the Triangle.
<br /> To understand how best to utilize the remaining space,the OCAC will work with ArtSpace out of Minneapolis, MN, a
<br /> nonprofit developer of art spaces throughout the country. OCAC staff will work with ArtSpace to conduct a Sustainable
<br /> Facilities Analysis, including the development of multiple concept scenarios for the vacant spaces, a draft capital
<br />
|