(A) Given the current and projected economic trends, a prudent strategy is necessary to provide resources for both capital and operations within the current structure of the ¼ Cent Quality of Life Fund.
(B) The Center's “program” shall be comprised of a broad mix of different types of performances and educational programs reflecting the wide variety of interests and the multi-cultural makeup of Albuquerque and the state of New Mexico. Potential local users include Youth and Family Concerts, Zarzuelas and Ethnic Dance Festival, Contemporary/Modern Dance Companies, the New Mexico Symphony Orchestra, the Civic Light Opera, Barber Shop Singing Groups, Public School Bands and other musical events.
(C) An “Arts District” approach affords the best opportunity to implement programming objectives and the City Council adopted policy goal for a “business, arts and entertainment district” as part of the revitalization strategy for the Central Business District.
(D) The Center shall be composed of:
(1) One 1,500 seat theater with appropriate public and support areas.
(2) This facility shall be located on the designated site North of Civic Plaza.
(3) The capital budget is not to exceed $30,500,000 of city funds.
(4) The capital budget shall also include $2,000,000 in matching funds from the state of New Mexico.
(E) An operating endowment, to help offset the operating costs associated with the projects in the Quality of Life Program, shall be established as follows:
(1) At least $18,000,000 will be allocated to the endowment from Quality of Life Funds utilizing a portion of the savings in the construction budget for the Center.
(2) Ninety percent of the interest revenues from the endowment shall be utilized to offset the operating subsidy requirement for the Quality of Life Projects and 10% shall be allocated to increasing the size of the endowment fund.
(F) Council reaffirms the provisions made in Ordinance No. 46-1987 with respect to contributions of private funds towards the Center project.
(Res. 127-1993, approved 8-31-93)