LAS VEGAS, Feb. 10, 2013 – The Performing Arts Managers Conference (PAMC) of the International Association of Venue Managers (IAVM) held its annual meeting at the Golden Nugget in Las Vegas, Nev. from Feb. 9 – 12, 2013. Greg Garfield, President of Garfield Public/Private LLC, was a featured panelist at the session Creative Ways to Capitalize Venues and Manage Risk.
Municipalities and arts organizations across the country are seeking to fund, develop and maintain performing arts facilities as a means to improve community culture and prestige and further economic development. Financing and funding are the necessary first hurdles to surmount in proceeding with such developments. Funding venue renovation and new venue construction typically requires significant money from outside the operating budget. From tax credits to bond issuance to private gifts, the day-to-day consequences for managing a venue while accepting these sources of construction capital involves risk. Which is the best solution for a given community’s performing arts facility? What are the pitfalls? An expert panel of venue and cultural district developers at the PAMC meeting explored these topics and shared their experience in getting venues built.
Speaking from his experience in the development of the Durham Performing Arts Center (DPAC), the planned Utah Performing Arts Center, and strategic planning for other proposed performing arts venues, Greg Garfield shared insights into creative funding and financing strategies for development and long‐term capital replacements for cultural facilities, and the impacts of these methods on operations and ownership.
I appreciated the opportunity to participate on this panel of performing arts experts in discussing means and methods of capitalizing cultural facilities,” Greg Garfield said. “Decisions as to ownership, financing, and fundraising can have significant implications for day‐to-day operations and long-term maintenance of performing arts centers. Municipalities and arts organizations should avail themselves of the knowledge of seasoned private experts with lessons learned from past developments in order to successfully navigate these challenges.
Other panelists included Al Milano, AT&T Performing Arts Center (Dallas, Tex.) and Chuck DePew of the National Development Council. The panel was moderated by Patrick Donnelly, Director of Theater Operations, Kauffman Center for the Performing Arts (Kansas City, Mo.) and Philip Jordan, Director, Salt Lake County Center for the Arts.
ABOUT GARFIELD PUBLIC/PRIVATE
Garfield Public/Private is a national development services provider focusing exclusively on public and public/private developments. The company uses innovative and cost-effective financing solutions tailored to the requirements of public sector clients. Garfield employs a “turnkey” delivery method that minimizes client risk and administrative burden, maximizes transparency and accountability, and enables “fast track” delivery of high quality facilities months or even years ahead of when otherwise thought possible. Garfield Public/Private and its executives have developed more than 20 million square feet of all property types nationally and abroad, and have financed more than $7 billion in debt and equity. For more information, please visit http://www.garfieldpublicprivate.com.