Thursday, March 26, 2009

A shout out from the Mayor!

Mayor Rybak gave his 2009 State of the City address yesterday. I'd heard rumors that he'd mentioned CAFAC in his speech, but couldn't quite believe it. Turns out it's all true! In the section about building a home-grown economy, he mentions three new development projects financed by City loans, including ours. Just one little quibble - he referred to us as the Chicago Avenue FINE Arts Center, when really we're the FIRE Arts Center. But I guess that's better than Fire ANTS Center...

Thanks, Mayor Rybak and the City of Minneapolis!

It occurs to me that I should clarify what the financing arrangements with the City are, so there's no confusion about how our project is proceeding. The City acquired our building last year using its Capital Acquisition Revolving Fund (aka CARF) with the intention of selling it to Artspace Projects, who will in turn lease the building to CAFAC. Artspace is currently in the process of arranging financing for the building acquisition; once that is finalized, that money will be returned to CARF so that it can finance other projects. When will this all happen? Well, we wish we had a firm date, but we don't. We're planning on 3-6 months of renovation once Artspace takes possession of the building, so we are hoping our doors will be open in the fall.

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