Arts center hears financial reports
Officials from The Arts Center of North Texas want the public to know they are not dead. That being said, they are looking for the big donor to get the product started.
The project, formerly known as the Arts of Collin County, has hired the services of CSL Marketing to help them raise the $16 million needed to begin construction.
"We haven't had that big white knight yet," Executive Director Mike Simpson said. "We are still working on trying to find that person in the Collin, Denton, North Dallas County area, the person that can give $5, $10, $15 million to get this thing started."
The budget shortfall was caused when Frisco, one of the arts center's original owner cities, pulled all funding from the project. Frisco had $16.4 million in remaining bond money left when voters revoked the city's authority to sell bonds during a May 2011 election. Plano and Allen still remain as owner cities, with each having $16.4 million remaining in unsold bonds.
CSL was hired at the beginning of September to help raise funds to continue the project. The company is expect[ed] to raise $3.5 million to $11 million in the first six months of the contract, or else the organization would go into Phase 2 of the project, which could include abolishing the project and liquidating all of the project's assets.
...The contract with CSL was signed on Sept. 1, giving the arts center until Feb. 29 to come up with the required money to continue the project...