We have just launched a public campaign to acquire 751/753 View Street and have confidence that it can be successful. The project itself will entail a capital campaign, managed by pledges, that will be called when enough money has been pledged to manage the operation of the building sustainably.
The acquisition of 751/753 View Street is primarily a major donor fundraising campaign.
The vision of the project is based on experience with land acquisition, property management and interviews with venues and theatres who own their own performance space.
By acquiring the entire building, as a charitable asset, the non-profit removes “overhead/mortgage/capital costs” to a level that enables Hermann’s Jazz Club via Jazz on View to lease the venue facility for free. Revenues from three other businesses/tenants are directed to triple net expenses (tax, insurance, utilities) and profits in excess (with 17% vacancy/depreciation removed from gross) can be used to extend the charitable purposes of the Society. The building becomes an asset of the charity, and we expect that consideration will be made to reduce property tax for the venue (as non-profit).
If one considers the financial contributions of the audience at Hermann’s Jazz Club to musicians with the surplus (charitable) revenues generated from the building the net return on charitable investment is close to 20%. The return on charitable endowments invested in the Victoria Foundation (to be granted back to the community) was 5.31% in 2015, 10 year average of 7.17% making this project attractive and of notable significance to benefactors of the arts community.
The completion of this project creates an endowment that will sustain the operation of Hermann’s Jazz Club indefinitely, replacing the generosity that Hermann Nieweler showed by housing this venue in his building, by owning the building ourselves. The additional funds generated by lease to other tenants will be available for infrastructure and maintenance AND to further support our purposes/mandate to advance artist-lead creative ventures that strengthen the music industry, expanding exposure and awareness of jazz music (i.e. special performance series, promotion, workshops), and facilitate collaborations that further the art form.