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Projects In Progress
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.
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.
Community Development Block Grants
Responsibility for Implementation
Community Planning and Economic Development
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.
Projected Jobs Created
Artspace CAFAC, LLC
No vendors have been contracted to date.
Recovery Funds Spent to Date
Last updated Mar 14, 2014