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TO: Mayor Richard C. Irvin
FROM: Chris Minick, Chief Financial Officer/City Treasurer
DATE: December 13, 2023
SUBJECT:
Resolution Authorizing the Provision of America Rescue Plan Act (ARPA) funding for Aurora Civic Center Authority (ACCA) in the amount of $4,500,000 for 2024
PURPOSE:
ACCA has requested financial assistance to subsidize its anticipated operating loss for 2024. Anticipating this need, the City has reserved America Rescue Plan Act (ARPA) funds to enable ACCA to bridge the gap in operations for 2024
BACKGROUND:
Staff has received a request for financial assistance from the Aurora Civic Center Authority to subsidize ACCA operations for 2024. ACCA operates the Paramount Theater and River Edge Park along with the Copley Theater in Aurora in addition to overseeing a performing arts school and its well-regarded event space. These venues provide significant economic activity within the downtown and contribute measurably to the economic vibrancy and resurgence in the downtown that Aurora has experienced in recent years.
Virtually all not for profit performing arts organizations both regionally and nationally have suffered significant and prolonged financial impacts from the COVID pandemic. While patrons and subscribers are slowly returning, attendance and financial performance have not returned to pre-pandemic levels. These trends have had well documented negative consequences for many arts organizations and their environs, including in Chicago with some closing or suspending programming to well off into the future. Some have laid off a large percentage of their staff citing declining subscription and ticket sales and cost increases of 20% - 30% after the pandemic. While the exceptional quality of ACCA's offerings has enabled their subscription base to remain strong, the combination of industry wide cost increases and its mission to maintain affordability has caused this deficit.
DISCUSSION:
Changes in operating policies and procedures ...
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