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Arts center hears financial reports
By Bill Conrad, bconrad@acnpapers.com
Officials from The Arts Center of North Texas want the public to know they are not dead. That being said, they are looking for the big donor to get the product started.
The project, formerly known as the Arts of Collin County, has hired the services of CSL Marketing to help them raise the $16 million needed to begin construction.
"We haven't had that big white knight yet," Executive Director Mike Simpson said. "We are still working on trying to find that person in the Collin, Denton, North Dallas County area, the person that can give $5, $10, $15 million to get this thing started."
CSL was hired at the beginning of September to help raise funds to continue the project. The company is expect to raise $3.5 million to $11 million in the first six months of the contract, or else the organization would go into Phase 2 of the project, which could include abolishing the project and liquidating all of the project's assets.
Bill Rhoda of CSL said in the past two months the company has worked with major corporations to bring money to the arts center.
CSL is attempting to sell the naming rights of the complex for $600,000 annually. Rhoda said a naming rights contract would likely last 20 years. He said the naming rights partners would likely receive tickets to all events, as well as usage of the facility for several times each year and signage at the facility. The naming rights contract could be worth as much as $12 million over 20 years according to Rhoda.
In addition to the major corporate sponsors the organization is seeking for naming rights, it is also seeking founding partners at a less sponsorship level. Rhoda said founding partnerships, which would be sold at a price of $300,000 to $400,000 annually, would include sponsorship and marketing opportunities at events held at the facility.
Rhoda said CSL is looking everywhere for companies to contribute financially to the project, although the focus is on companies located in Collin County.
"Obviously we are targeting companies in Collin County because those are the ones that make the most sense," he said. "But there are companies in Dallas who have business presence in the entire Metroplex that make sense as well."
Simpson said that any donors would be asked to donate a portion of their money up front, in order to help the project break ground. Representatives from CSL said they had met with local corporations such as Dr Pepper and planned on meeting with other companies before the process was complete.
The contract with CSL was signed on Sept. 1, giving the arts center until Feb. 29 to come up with the required money to continue the project.
Simpson also said the center was planning on going with a 2011-2012 budget of $588,104, the amount previously approved by the owner cities of Plano and Allen. The city of Frisco did not approve the budget. According to the organization's bylaws, in the event the budget did not get unanimous approval, the organization could revert to the amount from the prior fiscal year or the average amount from the previous three fiscal years. In that case, the arts center would revert to a budget of $946.242, an amount Simpson said the organization did not intend to spend.
Board swears in two new directors
By Bill Conrad, bconrad@acnpapers.com
At Thursday's board meeting, two new members were sworn in on the board of directors for The Arts Center of North Texas. One of the new directors is Plano resident Bill Shaddock.
Shaddock is the owner and CEO of Capital Title and Willow Bend Mortgage and also serves as a partner in the Shaddock Development Company with his brother, Peter. He said he thinks his business experience will aid him during his time on the board.
"I have been living in the Willow Bend area since 1988 and I have relationships with many people that I hope I can utilize," he said. "I want to bring positive momentum to the board."
Shaddock said the arts center will not only provide enjoyment to the North Texas area, but also help local cities attract national and international corporations.
"I believe that community amenities such as the Arts Center of North Texas are vitally important to the future growth of the North Texas area," he said. "I believe that the arts are an integral part of any great city and will help us retain our current businesses and attract the corporations needed to retain a high-end employment base. We live in a dynamic area and if we don't provide amenities to our local and corporate citizens, they won't stay. That is our responsibility."
As the at-large representative on the board, Shaddock was nominated by the owner cities of Plano, Allen and Frisco and will represent the residents of all three cities. He is taking the place of Sandra Yancey, whose term has expired. He said serving on the board will be exciting and is something he is looking forward to.
"I came to the board primarily because I view the importance of the project and I wanted to make sure that it was built for the people of North Texas," he said. "I got on it in part because I was concerned with the project's future and I wanted to make a significant contribution to make sure it got built. I am all about building it."
Plano's other two representatives are Bobby Baggett, who serves as the board president, and Betty Bell Muns, the board's vice president. Joining Shaddock in his first term on the board is Frisco representative Paul Gosnell, who replaced Jim Minyard.
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