This week the City Council approved an agreement with the Birthplace of Country Music (BCM)
for the Birthplace of Country Music Museum.
The
agreement provides a financial commitment of up to $600,000 with the first
$300,000 to be provided in 3 annual installments of $100,000. Up to 50% of those funds may be used for
pre-opening expenses with all remaining unspent funds to be
placed in an operating reserve for use following the opening of the
museum. The second $300,000 will be available
during the first 60 months of operation to temporarily cover any operating
losses, with any such funds advanced to be
repaid without interest.
The
agreement further requires BCM to contract with a qualified, venue management
company with experience in museum or like entertainment/educational facilities
to operate the museum for a minimum period of sixty months (60) following its
opening. This requirement coincides with
the period that the city has committed to backstop any temporary operating losses
that may occur.
The construction of the country
music museum was identified in the recently adopted strategic economic
development plan as one of two special opportunities requiring special focus
and attention.
With this action, the
city stepped-up in a big way to advance this important economic development project.
