Posting Language
Title
Approve a resolution adopting a Cultural District Funding Model to inform future budgetary recommendations for City-designated Cultural Districts, consistent with the City's Economic and Cultural District Framework Policy, adopted by Resolution No. 20240926-014. The funding model establishes a framework for considering future investments that support district management, activation, and long-term sustainability. Funding: This item has no fiscal impact.
De
Lead Department
Austin Economic Development.
Fiscal Note
No fiscal impact.
Prior Council Action:
September 26, 2024- Council passed Resolution No. 20240926-014 adopting the Economic and Cultural District Framework Policy and directing staff to return to Council with a proposed Cultural District Funding Model for Council approval.
For More Information:
Anthony Segura, Deputy Director, Austin Economic Development, 512-974-3187; Matthew Schmidt, Division Manager, Austin Economic Development, 512-974-6415.
Additional Backup Information:
On September 26, 2024, Council adopted the Economic and Cultural District Framework Policy, which provides community members and policymakers the guidance to identify, organize, and resource economic and cultural districts for City recognition. This policy includes a proposed Equitable Cultural District Funding Model, intended to provide "recognized Cultural Districts access to equitable financial support for promoting accessibility, addressing disparities, supporting diversity and inclusion, mobilizing marginalized communities, ensuring sustainability, fostering collaboration, and promoting economic development."
Austin Economic Development initiated a contract with the Goodman Corporation to develop an analytic tool to help guide recommendations for Cultural District financial support based on District performance and existing conditions metrics. The Cultural District Funding Model (CDFM) is an Excel-based tool with multiple customizations built in ...
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