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Council approves Midtown Visual Arts Center ground lease; MRA plan, $28M redevelopment plan outlined
Summary
Council approved a ground‑lease and development agreement with Midtown Arts & Design Alliance for the Midtown Visual Arts Center and adopted the Midtown redevelopment plan; project phases total about $28 million and staff will pursue tax‑increment financing modeling and coordination with county/state partners.
The governing body approved the ground lease and development agreement for the Midtown Visual Arts Center on Wednesday and adopted the Midtown Metropolitan Redevelopment Area Plan.
Carly Vendetti, Deputy Director of the Metropolitan Redevelopment Agency, said the Midtown Arts & Design Alliance (MA) plans a three‑phase rehabilitation of the campus: phase 1 (Marian & Tipton halls) estimated at roughly $7 million, phase 2 (Tishman and larger tenant improvements) at roughly $11 million, and phase 3 (historic barracks remediation and site work) at about $9.5 million — a combined project total of roughly $28 million. Phase 1 funding sources listed included $3.5 million committed and about $2.6 million remaining to reach a 100% financing threshold before construction.
MA described a tenant model with sliding‑scale lease rates intended to support nonprofit tenants (staff referenced a target of 75% nonprofit leases) and an operating pro forma that covers operating costs and debt service at assumed rents of $10–$18 per square foot. The MRA will serve as a fiscal partner on some state capital outlay funding applications where appropriate.
Councilors and members of the public praised the adaptive reuse approach and asked about fundraising and donor reporting. Staff emphasized that lease terms include performance and maintenance standards, default remedies and reporting obligations to the MRA; the agreement prevents major construction until MA secures full financing for each phase. Council voted to adopt the ordinance and the redevelopment plan.
What’s next: if the council’s actions stand, MA will pursue financing to meet its phase‑1 threshold, begin permitting and proceed to construction when funding is secured; MRA staff will continue TIFF modeling and county/state coordination for infrastructure funding.
