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Item # 4.f.

City Council (FY24)

Meeting Date:	10/24/2023
Department:	Finance
Pillars:	Gold Standard in Financial Health

AGENDA CAPTION:

Consider action on a Resolution approving a Grant Funding Agreement with WaterTower Theatre and authorizing the City Manager to execute the Agreement in an amount not to exceed $425,000 in cash and in-kind contributions.

BACKGROUND:

Town staff has developed a grant funding process that allows non-profit organizations within the Town of Addison to submit a request for funds for their organization that directly enhances the Town. Town staff and Council evaluate applications for respective organizations individually. Town staff reviews all applicable financials of the non-profit organizations and verifies the organization is in good standing with both the IRS and Texas Secretary of State. To clearly reflect the impact of the grant to Addison and non-Addison residents, Quarterly Grant Reports are required by all non-profit organizations through the end of the Town's Fiscal Year. The Quarterly Grant Reports contain the non-profit organization’s goals, objectives and performance measures as identified in the Grant Uses section of the agreement. Financial statements may or may not be required, but Town staff can request them at any time.

The WaterTower Theatre (WTT) submitted an application to the Town requesting a $450,000 primary grant for Fiscal Year 2024. During the Council Budget Work Session on August 4, 2023, Council discussed grant funding allocations for multiple non-profits included in the Fiscal Year 2024 budget. During the discussion about the WTT, Council directed staff to grant the WTT $376,589 ($226,589 and $150,000 in matching funds). This grant funding agreement allocates $226,589 and an additional $150,000 in matching funds at the sole
discretion and determination of the Town if the Organization can demonstrate to the satisfaction of the Town that it has accumulated additional funding from sources outside of the Town for $150,000 within the Terms of the Agreement. Additionally, the Town agrees to the following in-kind amounts: $16,400 in office rent and $32,011 in production rent. Creating a net value of a $425,000 grant. The Town has reviewed and evaluated the application and determined that the non-profit organization’s request outlined in the application is for a public purpose that directly enhances the Town of Addison.

The WaterTower Theatre grant funding agreement is included as an attachment to this agenda item.

RECOMMENDATION:

Administration recommends approval.

Attachments
Resolution-WaterTower Theatre FY2024