Financial Analysis
One of our key meetings was with a group that represented community and financing resources from across sectors. Rick Beeson, President of Park Midway Bank, hosted the meeting at his office. Attendees included representation from the Local Initiatives Support Corporation (LISC), the University of Minnesota, the City of Saint Paul, Council member Russ Stark representing the City's 4th Ward, the Central Corridor Funders' Collaborative, the Minnesota Citizens for the Arts.
Many of the group participants spoke of the near-term opportunities in the Saint Anthony Park neighborhood created primarily by the Central Corridor light rail line. The line will run through the neighborhood along University Avenue. There was a lot of interest in preserving artists' space as well as a recognition that this "arts-friendly" atmosphere has created a positive "brand" for Saint Anthony Park. LISC mentioned the potential of seeking planning dollars to take next steps in identifying a specific project that focuses on the artist population and is mixed use in nature.
Since the community meetings and tours, Artspace has followed up with LISC and the Central Corridor Funder's Collaborative to identify resources that could be available for feasibility and site identification/due diligence work. In addition, we have had fruitful conversations with DFL Legislator Alice Hausman, Chair of the Capital Investment Committee (bonding), who is sponsoring a $250,000 bill for planning and predevelopment of a community arts center. While the neighborhood will ultimately be in charge, Artspace is advancing conversations to see if there are specific resources that could be allocated for any kind of arts development in St. Anthony Park. While there is no one path to take, the creation of a community task force to focus on the development and preservation of sustainable, affordable space for artists should be formed.
Membership should include artist leaders, the Community Council, at least one elected official and/or their staff, a member of the financial community, etc.
Local Leadership
The participation of City Councilmember Russ Stark at the finance meeting and the presence at every meeting of Joe Spencer, Director of Arts and Culture for the City of Saint Paul, were positive indicators of potential City endorsement of a project for artists. If Artspace is to pursue a project in this neighborhood, support from the City of Saint Paul will be critical in our success. That support can come in a variety of forms, including but not limited to site acquisition, CDBG funding, HOME funds, Low Income Housing Tax Credits (LIHTC) funds, and a Federal Home Loan Bank deferred loan.
