Historical Commission Agenda and Packet 2016 05 04

Home Browse Search

$10 in Visitor Spending: $7.40 is spent Off Site Benefiting Local Economy Admission • Food /Drink Retail Lodging • Transportation, Parking, and other expenses The Business Plan Recommends that the Museum ramp up the type of diverse programs noted above beginning in 2017, demonstrating to the City and the residents that its value is broad and that it impacts residents of all ages as well as visitors and the tourism economy. Specifically, it calls for a launch of educational programs for children and adults as well as the launch of a heritage visitor center function: between both, the Museum will stay open longer hours and be open six days a week year round. To do this will require increased staff and contracted positions. The business plan does not assume any additional direct support from the City for these positions; instead, the plan calls for a ramp up of diverse revenue streams that coincide with the functions. The plan calls for a "ramp up" operating budget of $132,550 beginning in 2017, maintaining the current level of City line item support. By 2019, the pro forma estimates an operating budget of $186,250 to $192,350, maintaining the current level of City support. After opening the new facility and based on serving 15,000 visitors a year, the plan calls for a staffing and programmatic structure that suggest a pro forma $382,000 budget. In this pro forma, the plan recommends a doubling of the City direct annual support (now $75,000) after opening the new building, based on the services it will make possible to the residents of Louisville. The plan calls for a ramp up of quality exhibitions prior to opening, and a further development of high quality professional exhibits after a new facility is open. The plan calls for the History Foundation to play an extremely important role in the ramp up, in ensuring that the Museum is well- viewed by voters for public funding as soon as is possible (2018 or beyond), and in raising capital for the new facility and campus. The plan calls for 36% of the needed capital for the new facility and campus to come from City of Louisville funding through City resources and the Historic Preservation Tax, up to 26% to come from private sector contributions raised by and through the Foundation; and the balance to come from the State and statewide foundations. Naming rights will be essential in securing these gifts. Page 1 3 Louisville Historical Museum Business Plan Recommendations