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<br /> with other creative organizations.The OCAC is currently discussing monthly rental options and shared
<br /> class/event space with the following community organizations:
<br /> • Art Therapy Institute • Music Maker Relief Foundation
<br /> • Bull City Music School • NC Mosaics
<br /> • Chamber Orchestra of the Triangle • Occaneechi Tribe
<br /> • Hillsborough Arts Council • Orange County Artists Guild
<br /> In the event that local organizations do not occupy all six spaces,they will be offered to local artists as
<br /> additional studio space or explored for additional OCAC programs such as the membership-based community
<br /> dark room
<br /> Potential Economic Impact:
<br /> • Class participants, parents of children participating in youth programs, event attendees and artists will regularly
<br /> visit the mill, creating a built-in customer base for nearby restaurants and shops.
<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. Following restoration work at ERM, property tax grew from $26,800 in 2015 to$52,600
<br /> in 2o18.
<br /> Financial Impact:
<br /> Conservative budget projections predict Suite 17 will be self-sustaining and profitable, continuing to support additional
<br /> accessible programs and space.An initial upfit expense of$70,000 will be needed to install additional doors and a small
<br /> kitchenette.The OCAC has incorporated this cost, as well six-months operating expense, into a larger proposal
<br /> requesting allocation of American Rescue Plan funding to the arts industry. Hedgehog Holdings has offered to pay for
<br /> any upfit expense in excess of$70,000 as well as the expense of paint, ceiling repair, and improved lighting. Hedgehog
<br /> Holdings has also offered to pay for the cost to move the OCAC from the current office and Suite 2g into Suite 17.
<br /> Five-year budget forecast:
<br /> ENO MILL 17 A&B Annual Budget YEAR ONE NOTES
<br /> REVENUE Year 1 Year 2 Year 3 Year 4 Year 5
<br /> CLASS REVENUE
<br /> Large Room $33,600.00 $35,280.00 $37,044.00 $38,896.20 $40,841.01 1 class per week,3 hours/$35 pp/20 pp
<br /> TOTAL CLASS REVENUE $33,600.00 $35,280.00 $37,044.00 $38,896.20 $40,841.01
<br /> GALLERY REVENUE
<br /> Work sold $60,000.00 $63,000.00 $66,150.00 $69,457.50 $72,930.38 Gross
<br /> Donations $1,200.00 $1,260.00 $1,323.00 $1,389.15 $1,458.61 $100/mnth
<br /> TOTAL GALLERY REVENUE $61,200.00 $64,260.00 $67,473.00 $70,846.65 $74,388.98
<br /> Rent Revenue(arts organizations or artist studios)
<br /> Large Classroom Rentals $21,600.00 $22,680.00 $23,814.00 $25,004.70 $26,254.94 2 per week/$75 per hour x 3
<br /> Small Classroom Rentals $8,640.00 $9,072.00 $9,525.60 $10,001.88 $10,501.97 3 class per week/$30 per hour for 2 hour
<br /> Gallery/Event Rentals $9,600.00 $10,080.00 $10,584.00 $11,113.20 $11,668.86 2 per month @$100/hourfor4 hours
<br /> Space $7,800.00 $8,190.00 $8,599.50 $9,029.48 $9,480.95 Interested tenants:
<br /> Art Therapy Institute
<br /> Space B $7,800.00 $8,190.00 $8,599.50 $9,029.48 $9,480.95
<br /> Chamber Orchestra of the Triangle
<br /> Space C $7,200.00 $7,560.00 $7,938.00 $8,334.90 $8,751.65 Bull City Music School
<br /> Space D $6,600.00 $6,930.00 $7,276.50 $7,640.33 $8,022.34 Orange County Artists Guild
<br /> NC Mosaics
<br /> Space E $6,600.00 $6,930.00 $7,276.50 $7,640.33 $8,022.34 Occeneechee Tribe
<br /> Space F $6,600.00 $6,930.00 $7,276.50 $7,640.33 $8,022.34 Several individual artists
<br /> TOTAL RENT REVENUE 1$82,440.00 1$86,562.00 1$90,890.10 1$95,434.61 1$100,206.34
<br /> GROSS REVENUE $177,240.00 $186,102.00 $195,407.10 $205,177.46 $215,436.33
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