Well you see as we reached the milestone my little cherubs of the night. The want me to tell you about it. Of course you do. And of course I will.
Over the last few years. It is taken longer than most people would ever expect to get to this stage, but get to it we did. A project like this being a for-profit project is limited to the funding that is available. The majority of funding, scholarships, grants and other sources of money are reserved for 501©(3) nonprofit organizations. So that leaves me a couple of choices, the first one would be to create my own 501©(3) that would take between nine months and a year not an option. The second would be to find an appropriate nonprofit partnership that would partner with us over a long period of time to open the doors of funding that were reserved solely for them for that they would receive a percentage of all the funds raised through any efforts that we have. Naturally, that is a better option, but who do you choose? Over the last three months I’ve gone through the process of trying to find just such a partner. Many have their own agendas, if they can’t control you or keep all the money for themselves they are not interested in partnering with anyone else. You would think that would not be the case. Any funding given to a nonprofit that they did not have to work for, should be considered a gift they don’t seem to think that way.
Continuing the search via LinkedIn. I found the perfect nonprofit partner that will work with our project over the long term. The Heartland organization has agreed to work with our organization and our fundraising efforts. Their programs over the years have focused on sustainability, home ownership for low and moderate income families, and the arts. The CEO Mark Hanson and I have come to an agreement that they will become our fiduciary partner in our fundraising efforts over the next few years. What does that mean to us? That means that the foundations, government grants and donations from sponsorship of corporate partners are now finally open to the California Theatre project.
In addition, over the last two months I have built the Sustainability Feasibility Project Study Team, this is a group of professionals in the arenas of energy creation, green, LEED® products & materials, and technologies. The team’s responsibility is to review all aspects of our Platinum LEED® project guidelines based on LEED® 2.2 certification guidelines which will soon change to Version 4 guidelines. The new guidelines make certification on Platinum LEED® project considerably more difficult than it was in Version 2.2. Working with SDG&E we are currently updating our project number which will also open the doors for funding Sustainability Feasibility Project Study Team, and associated administrative costs. Once the team study is complete, the California Center for Sustainable Energy has agreed to review all the findings, make suggestions for new products, and work with SDG&E to qualify for various forms of funding for the aspects of the project that they approve.
The team’s findings are required for the Department of Energy funding and project assistance and approval for various other types of government funding resources.
Needless to say, this is huge project requiring a lot more funding than even a 501©(3) partnership can provide, so the question in your minds may be why would this be my first choice and not investors. The goal of funding this project for me has always been to reduce the budget by first utilizing other funding resources prior to bringing in investor money. Bringing down the overall budget for the project by first utilizing grant money, foundation resources, and other funding sources open only to 501©(3)’s would be the first step, after which the tax credits available for the project site will be brought into play and sold, further reducing the overall budget for the entire project. Although it may seem like a small effort, it is in fact a very large part of the overall construction budget and acquisition of real estate and property for the entire project. As many of you may know, when I met with CCDC, they required not only the theater space be restored, but the rest of the block be renovated at the same time as the California Theatre project is completed. As such, I have worked with a San Diego architect to design a 42 story tower, which sits behind the theater building. As you can tell this product part of the project consists of the lion’s share of the project costs, and was not in my original plans to say the least. This requirement was brought on, at the request of City redevelopment management. That part of the project is not available for 501©(3) funding a message use is determined to be for arts, entertainment or other community activities. I have not yet determined its entire use. Once I do that fact may change.
Once the “free” sources of money have been applied to the whole budget, then the amount of investor involvement can be determined. The amount of investor involvement will also assist in selecting the amount of investors that will be involved in the project. My business attorney will accept no more than nine investor members in the project. This will allow him to manage an acceptable amount of investor involvement and also determine where these investors will come from. Many of you who are connected to me on LinkedIn have seen the variety of private wealth managers, senior banking staff and other banking officials that are connected to the profile. These are the first source of the investor pool. Although they are the first source their many investors in the arts, entertainment, community in San Diego that will be on hand for the media launch in August.
So what about the fundraiser. The fundraiser is scheduled for August 23-24, 2014, it will be the San Diego Festival of Arts and Architecture, their feelers out for the site selection, which will either be the campus of SDSU or Balboa Park, corporate sponsorships for the project can now be obtained through our 501©(3) partnership, along with a gift from the City of the permit for the event. The admission fees, vendor table fees, individual, corporate and government donations will all be a part of the fundraising efforts shared with our 501©(3) partner. The event will also be the media launch for the California Theatre project. Our media partners are already built into the profile we have on LinkedIn, which has currently 890 connections, all of which have been chosen for this specific talents or resources. The profile has not been used simply to garner numbers like Facebook. You may have noticed that I periodically have changes in the amount of connections on the profile. This is due to my review of the participants whom may have job changes that no longer fit with the requirements that suited them for connection in the first place. Thus they are deleted. Once the first fundraiser is done, it will pay for the investor meeting and dinner at the US Grant Hotel. You may also know, that the Sycuan tribe that owns the US Grant has been contacted to become the builder on the project as well. Once they have determined whether or not the project is one that they can complete with the staff. They currently have or will have my entire design and architecture team is complete.
I know this is been a long road my little night cherubs, but there is a light at the end of the tunnel, finally. I know that many of you have grown weary over the last few years. Sometimes I have to admit I have as well, but I’ve been told by those that I trust and love that failure on this project is not an option, it is not. I am probably the world’s worst blogger I’d admit that too, but personally I find that people who blog every single solitary day have nothing to do. I have way too much to do to get this to the place where we can all benefit to sit in front of my computer and type you what my daily chores of been. Unless I get an administrative assistant, I don’t think that will change anytime soon.
Those of you whom would been with me over the years have done work that has been magnificent and will be shown in August at the media event and fundraiser. The second fundraiser at the US Grant will be to compensate you for the work you’ve done thus far. The acquisition of the real estate will be through many sources. Once the California Theatre project site has been acquired (which will be prior to involving investor funding), then we will have the funding to bring the teams from London, Texas, and other parts of the world to San Diego to begin to build the building plans that will be submitted to the planning committee in San Diego for approval and thus our project time will begin. The construction schedule for the project is between three and four years, we will be running three teams eight hours per day, 24 hours a day every day until its completion. This is not a union project. Although the unions require a certain amount of project jobs to belong to the union members. This is a private project, which will include many craftsmen and small businesses within San Diego and around the world. The unions will be responsible for fire suppression, steel construction, and concrete ones that is completed the unions work is finished. I know this isn’t a normal thing and I may get conflict on these points, but it doesn’t matter to me is very important to me. The small businesses and individual craftsmen and individuals are allowed to have a part of large projects within our city and thus will help our city to thrive.
Once the August fundraiser is set in stone. I’ll be sending out the flyers and other materials to a LinkedIn connections for their participation in their involvement in the festival. As some of you may know, the opera in San Diego is closing at the end of this year. This is a huge loss to the arts, entertainment, community in our city and another deep blow for students and teachers careers in our city. The reopening of the California Theatre will bring to life a new performance arts Academy, public atrium, live space stage and movie theater within our downtown C Street corridor. Aside from the 600 construction jobs that this project will bring to the city of San Diego for the 3 to 4 years of the construction project, there will also be 125 or more full-time jobs that will exist. Once the building is open. That is only pertaining to the California Theatre site. Depending on the use of the 42 story tower will also depend on how many full-time jobs. It will bring, as the building may be leased out to other businesses. I cannot determine how many businesses or community members will benefit from the construction of the tower.
This is been a longer road for me and more complex than I ever thought possible. But also, it has been extremely rewarding, the people I have met and worked with over the years have become family to me. That is why don’t include new members without speaking to the old. Musicians, artists, artisans, architects, designers construction workers, all play a part in what this building and set of buildings will be to the skyline and the city of San Diego. Many of the students that will be performing at the arts and architecture Festival, under normal circumstances would’ve left San Diego and gone to Los Angeles, San Francisco, New York City or other metropolitan cities around the country or leaving the country going to Europe to ply their trades and realize their dreams. My hope is that they will see San Diego is one of those cities. They gave them the opportunity to grow, dream, hope and realize that what they have to offer doesn’t have to be what other businesses assume and to be, they are more than that they are dreamers dancers, actors teachers, students and our future for San Diego arts, entertainment.
This construction for these two new buildings (one of course being old) is much more to me than concrete, steel and glass. Being the visionary for this project has been an exciting journey for me, meaning all of you along the way, has been extremely rewarding your input has been valuable to me, without you, I would’ve never gotten this far, I would’ve never understood all the aspects that are required to put together such a creative project like this one. Those of you were spoken to me know that I do not flatter I speak the truth. Going forward, there will be many times that we do not agree, nor see eye to eye, to me is the point of creativity.
Over the next few months I will have my head down with the logistics of what it takes to get the festival project done. Although this time as it progresses I will be updating you periodically to let you know where I am in the process. You do know better than to expect blogging all the time but I will give updates space periodically. Once the event is complete I will give you a tally of the funds that have been raised, and what the date will be for the investor dinner.
Well, space that’s all for now my little ones it’s back to work for me, and I assume for you too. When next we meet, they will be dancing in the streets for Arts and Architectural festival in San Diego!
Until then, I remain, Davenport