Groundbreaking in Sight
COLLIN COUNTY, TEXAS – (FEBRUARY 24, 2010) – The Arts of Collin County and its Owner cities are working diligently to toward the ground breaking of Phase I. During the City of Allen City Council meeting on February 23, 2010, the Council voted to proceed as the guarantor of a line of credit from a financial institution to support the gap in fundraising related to pledges not to exceed $5M. In any 501(c-3) organization’s capital campaign project, like building a new church, pledges are a large part of individual and corporate donations. Pledges allow donors to pay out their gifts over a period of years or utilize planned giving vehicles such as life insurance policies, estate trusts and other resources. The Arts of Collin County has received a total of $10.4M in private donations. Of the $10.4M in private donations, pledges yet to be received are $8.1M. Of the pledges, 82% is in pledges from businesses which we are confident will be paid out over the construction period.
“All three owner cities in the Arts for Collin County - Allen, Frisco and Plano, have worked together during the past several years to craft a project that will have a significant economic impact to our region and serve as a cultural icon that will benefit generations to come. With the Allen City Council’s approval to guarantee a bridge loan, we are closer than ever to getting the shovels in the ground,” states Mayor Stephen Terrell, City of Allen. “The City of Allen is making this step forward because ACC will have an Allen address. Land donation and infrastructure development for the project have occurred and fundraising efforts to date have been successful. It’s time to make the project a reality,” continues Terrell.
“The guarantee by the City of Allen, allows the Arts of Collin County to move forward with the process of awarding the guaranteed maximum price contract to the Hunt Construction Group,” states Mike Simpson, executive director of the Arts of Collin County. “The next step is to finalize the contribution agreements between the Owner cities of Allen, Frisco and Plano; gain approval of each Owner cities council along with our Board of Directors and then the award the guaranteed maximum price contract which will allow us to announce a date for groundbreaking in early 2010,” continues Simpson.
The initial guaranteed maximum price for construction of Phase I has been estimated at $69.9M by Hunt Construction Group which is a cost reduction of $16M from the estimated costs of $86M in March 2009. The final maximum price will be presented by Hunt on February 26th which may result in additional savings.
As a public/private partnership, it is required that 100% of funds are committed in order to move forward on construction.
To date the following funds can be applied towards Phase I construction: $19M from each Owner city: Allen, Frisco and Plano; $850K from Collin County and $2.3M in private donations which have been received. (The remainder of private funding is in the form of pledges which will be paid out over time.). The land which has been donated by Briar Ridge Investments was not included in the original cost estimates and at the time of the donation in 2005 had a market value of $22M, which is the largest donation ever received in Collin County.
“The Allen City Council’s directive has been very clear to proceed with a funding mechanism that would facilitate construction for the Arts of Collin County. In order to take advantage of lower construction costs which represent a cost savings of about $16 million, the time to act was immediate,” states Peter Vargas, Allen City Manager.
The Arts of Collin County will continue to fundraise to complete the gap and plan for the future phases of development and operations. The Phase I construction process will span across two and a half years, and fundraising and programming events will continue as the performance arts hall and arts park are brought to life. The most prominent opportunities to meet these goals is a naming rights partner for the 100+ acre arts park, performance arts hall which and the theater itself, plus many other valuable sponsorship components.
About The Arts of
The Arts of Collin County (ACC) is a nationally recognized, innovative, public-private partnership to develop a 100+ acre arts park. Co-owned by the cities of Allen, Frisco and Plano, with operational support by member cities, Fairview and Melissa, the development of the arts park is supported with $57 million in bond monies, up to $3 million in Collin County Open Space Grant funds, and an additional $10 million financial support from private individuals, corporations and foundations. Located at Sam Rayburn Tollway/State Highway 121 and just east of
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- MEDIA CONTACTS:
- Mike Simpson, Executive Director