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Chicago Avenue Fire Arts Center (CAFAC)

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As required under the American Recovery and Reinvestment Act of 2009, see our Federal Report (XML) for this project.

Dollars Awarded

$275,000

Project Status

Fully completed

Project Description

The Chicago Avenue Fire Arts Center (CAFAC), a not-for-profit arts organization, is a new program offering arts education, studio space, and gallery space for work in fine and industrial arts forms, including sculptural welding, blacksmithing, jewelry-making, glass working, and others. Artspace Projects Inc., a not-for-profit real estate developer for the arts, sought financing to acquire the building from the City of Minneapolis and build out the studio, classroom, and gallery space for CAFAC. Once finished, Artspace will lease the building to CAFAC. Benefits of the project to low and moderate income residents include: (1) class scholarships to low-income students (2) programming to help artist-entrepreneurs build business skills and networks (3) pedestrian-friendly destination at a key intersection of three City of Minneapolis CDBG Target Areas (4) crime prevention through CPTED techniques in the building renovation (5) a free youth arts project, engaging youth from the adjacent CDBG Target Areas with the community and providing them with a positive outlet for creative expression.

Funding Program

Community Development Block Grants

Responsibility for Implementation

Community Planning and Economic Development

Funding Agency

US Department of Housing & Urban Development

Dollars Leveraged

$690,000

Dollars Leveraged Description

The total project cost is approximatley $965,000.00. Therefore, the $275,000 ARRA funds leverage $690,000, comprised of a (i) $425,000 CDBG loan from the City of Minneapolis, (ii) $150,000 acquisition loan from TCF Banks, (iii) $75,000 Commerical Node loan from the City of Minneapolis, (iv) $5,000 Great Streets Facade Grant from the City of Minneapolis, (v) $5,000 NRP facade grant, and (v) $29,000 in equity.

Dollars Requested

$275,000

Projected Jobs Created

0

Award Type

Grant

Sub-recipient Names

Artspace CAFAC, LLC

Vendor Names

No vendors have been contracted to date.

Recovery Funds Spent to Date

$275,000

Last updated Mar 14, 2014

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