|
� l
<br /> v
<br /> ORANGE COUNTY
<br /> ARTS COMMISSION
<br /> MEMORANDUM
<br /> To: Board of County Commissioners
<br /> From: Katie Murray, Director
<br /> Date: March 1, 2021
<br /> RE: Eno Mill Arts Space Update
<br /> February marked one year since the opening of the Eno Mill Artist Studios.The pandemic provided an uncertain start;
<br /> after a preliminary full house going into March 2020, about half of the confirmed tenants decided against joining the
<br /> space due to concerns involving COVID-19. With the partnership of the mill owners, updates and improvements were
<br /> made to the space including a new air filtration system and the creation of two additional studios in what was supposed
<br /> to be open teaching space.
<br /> Throughout 2020,the OCAC slowly filled the studios, which are now on a waiting list. We committed at least two of the
<br /> eleven studios specifically for artists of color. Our current tenants represent a mixture of mediums, and reflect diversity
<br /> of age, race, gender, and career level.
<br /> In summer 2020,the mill owners presented an opportunity to generate additional, risk-free, revenue. In August,the
<br /> OCAC began renting "Suite 29," Phase 2 in the original Eno Mill plan presented in October, 2019.The original purpose
<br /> for this space was events, classes, and exhibits. Until these programs are possible,the OCAC is able to rent Suite 29 to
<br /> several large-scale artists.
<br /> Even in the face of the pandemic,the Eno Mill project is projected to generate a net profit of$6,250 in FY21, out-
<br /> performing projections.The conservative estimate for FY22 revenue is approximately$13K. Revenues will be reinvested
<br /> into the project, building the OCAC's capacity to offer new programs and events and continue to grow the project.
<br /> ENO MILL ARTS INCUBATOR : PC 71390 IYear 1 projection IFY21 PROD. ACTUAL JYear2 projection IFY22 PROJECTED ACTUAL
<br /> REVENUE
<br /> RENT COLLECTED
<br /> Suite 27 Artist Studios $32,400.00 $36,653.00 $33,990.00 $43,500.00
<br /> Suite 29 $11,389.70 $5,700.00
<br /> TOTAL RENT $32,400.00 $48,042.70 $33,990.00 $49,200.00
<br /> EVENTS/CLASSES
<br /> Suite 29 events $700.00 $2,000.00
<br /> Suite 29 classes $12,000.00
<br /> TOTAL EVENT RENTALS $0.00 $700.00 $0.00 $14,000.00
<br /> SALE OF GOODS
<br /> Commission from work sold $1,440.00 $0.00 $1,483.20 $1,440.00
<br /> TOTAL SALE OF GOODS 1$1,440.00 l$0.00 1$1,483.20 1$1,440.00
<br /> TOTAL REVENUE 1$33,840.00 1$48,742.70 1$35,473.20 1$64,640.00
<br /> EXPENSE
<br /> BUILDING RENT
<br /> Suite 27 $32,400.00 $32,670.00 $33,210.00 $33,486.76
<br /> Suite 29 $9,822.30 $17,730.00
<br /> TOTAL RENT $32,400.00 $42,492.30 $33,210.00 $51,216.76
<br /> UTI LITI ES/I NSU RAN CE
<br /> Utilities $1,560.00 $1,606.80
<br /> Insurance $480.00 $494.40
<br /> Other $1,800.00 $1,854.00
<br /> TOTAL UTILITIES/OTHER 1$3,840.00 l$0.00 1$3,955.20 l$0.00
<br /> TOTAL EXPENSE 1$36,240.00 1$42,492.30 $37,165.20 1$51,216.76
<br /> NET REVENUE 00 ii $6,250.40 ii
<br /> ORANGE COUNTY ARTS COMMISSION
<br /> Eno River Mill 1 437 Dimmocks Mill Road I Hillsborough,NC 27278
<br /> 919.245.2335 1 www.artsorange.org I arts4orangecountync.gov
<br />
|