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� 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 />