USF Libraries
USF Digital Collections

Crescent Enrichment Center & Theater

MISSING IMAGE

Material Information

Title:
Crescent Enrichment Center & Theater phase II : financial feasability
Physical Description:
1 online resource (20 p.) : ;
Language:
English
Creator:
University of South Florida -- Center for Economic Development Research
Publisher:
Center for Economic Development Research
Place of Publication:
Tampa, Fla
Publication Date:

Subjects

Subjects / Keywords:
Community centers -- Florida -- Dade City   ( lcsh )
Economic conditions -- Dade City (Fla.)   ( lcsh )
Genre:
non-fiction   ( marcgt )

Notes

Abstract:
This report calculates the financial feasability of converting the historic Cresenct Theater in Dade City, Florida into a community enrichment center and constructing a new theater facility.
Statement of Responsibility:
an analysis performed by Center for Economic Development Research, College of Business Administration, University of South Florida.
General Note:
Title from PDF of title page (viewed Aug. 6, 2009).
General Note:
"March 2002."

Record Information

Source Institution:
University of South Florida Library
Holding Location:
University of South Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 002023168
oclc - 429489472
usfldc doi - C63-00015
usfldc handle - c63.15
System ID:
SFS0000293:00001


This item is only available as the following downloads:


Full Text
xml version 1.0 encoding UTF-8 standalone no
record xmlns http:www.loc.govMARC21slim xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.loc.govstandardsmarcxmlschemaMARC21slim.xsd
leader nam 2200289Ia 4500
controlfield tag 001 002023168
005 20090928171947.0
006 m d
007 cr bn|||||||||
008 090806s2002 flu s 000 0 eng d
datafield ind1 7 ind2 024
subfield code a C63-00015
035
(OCoLC)429489472
040
FHM
c FHM
043
n-us-fl
049
FHMM
090
NA4510.C7 (ONLINE)
0 245
Crescent Enrichment Center & Theater
h [electronic resource] :
b phase II : financial feasability /
an analysis performed by Center for Economic Development Research, College of Business Administration, University of South Florida.
260
Tampa, Fla. :
Center for Economic Development Research,
2002.
300
1 online resource (20 p.)
500
Title from PDF of title page (viewed Aug. 6, 2009).
"March 2002."
8 520
This report calculates the financial feasability of converting the historic Cresenct Theater in Dade City, Florida into a community enrichment center and constructing a new theater facility.
650
Community centers
z Florida
Dade City.
651
Dade City (Fla.)
x Economic conditions.
2 710
University of South Florida.
Center for Economic Development Research.
1 773
t Center for Economic Development Research (CEDR) Collection
4 856
u http://digital.lib.usf.edu/?c63.15



PAGE 1

Crescent Enrichment Center & Theatre Phase II Financial Feasibility An Analysis Performed by Center for Economic Development and ResearchCollege of Business Administration 1101 Channelside Dr., 2nd Floor N., Tampa, Florida 33602 Office: (813) 905-5854 or Fax: (813) 905-5856 March 2002

PAGE 2

1Introduction This report was prepared for Community Aging & Retirement Services, Inc. (CARES) by the Center for Economic Development Research, a Type II research center of the Florida State University System. CEDR is housed in the College of Business Administration at the University of South Florida in Tampa, Florida. CEDR initiates and conducts research on economic development, conducts education programs in regional development and provides data to enhance development efforts at the University of South Florida and the Tampa Bay region. The Crescent Theatre opened May 15th, 1926. Fifteen cents (thirty-five for better seats) bought a ticket to see “The Bat,” a comedy-mystery. A three-piece orchestra provided musical accompaniment to the silent film. In the early 1950s, after undergoing several permutations, the Crescent Theatre closed its doors, and the theatre eventually fell into disrepair. CARES acquired the old theater and began renovating it in January 2002, turning it into an enrichment center. The enrichment center, Phase I of the project, will provide wellness programs, educational, social and recreational activities, as well as volunteer opportunities to the Dade City/East Pasco Area. In addition to the enrichment center, CARES advocates undertaking a second phase of the project, which would entail the construction of a brand-new theatre adjacent to the enrichment center, a theatre that various community and performing arts groups would use. Many question the community and market demand for such a theatre. Will usage generate sufficient cash flows to justify construction? In November of 2001, CEDR contacted Mrs. Ginny Solberg of Downtown Dade City Main Street, Inc. about to a separate CEDR project. Mrs. Solberg inquired about CEDR conducting a financial feasibility study for the proposed theatre in Dade City. CEDR met with Mrs. Solberg, Bill Aycrigg, Barbara Friedman and other supporters of the performing arts in Dade City in December of 2001 at the Dade City Chamber of Commerce building. At this meeting, CEDR agreed to perform a financial feasibility study for the proposed theatre. Meeting attendees agreed to form a focus group to assist CEDR in the study. Dade City Dade City is part of the Tampa-St. Petersburg-Clearwater, FL Metropolitan Statistical Area (MSA). This MSA encompasses Hernando, Pasco, Pinellas, and Hillsborough counties and experienced rapid growth between the censuses of 1990 and 2000. This trend is expected to continue in the coming years, with most of the growth taking place in Hernando and Pasco counties. Dade City is located approximately 30 miles Northeast of Tampa, Florida in southeastern Pasco County. According to data from the 2000 Census, slightly over 101,000 people lived within a 15-mile radius of downtown Dade City. This population in 2000 had a median age of 44.5 years and average disposable

PAGE 3

2income of just over $32,000 per year. By the year 2005, the population is projected to grow to over 111,000 (9.7% growth) and average disposable income – assuming similar state and Federal tax structures – is projected to grow to $37,327. See Appendices G, H, I and J for year 2000 and year 2005 projected demographic characteristics. Performing Arts and Community Theatres The United States contains about 7,000 not-for profit community theatres. Community theatres fulfill a variety of roles. Theaters provide a forum for artistic expression and enjoyment. Theaters also serve as gathering places for civic activities such as meetings and educational programs. There are several national and regional associations of community theatres, two of which are listed in Appendix J. These theatre groups and other individual theatres have a bright presence on the World Wide Web. Internet portals such as Yahoo! and AOL provide a good starting point for those interested in conducting further theatre research. Performing Arts in Dade City Dade City is home to a core group of arts organizations. Arts groups include the Heritage Arts Center Association, the Center Stage Players, and Arts In Motion. Representatives of these groups participated in the Crescent Theater Arts Focus Group. Focus group members believe that current facilities for performing arts in Dade City and surrounding areas are inadequate. They further feel that participation in the arts in Dade City and attendance at performances hosted in Dade City are inhibited by the lack of facilities and will be higher if a suitable venue is established in the city. Surveys conducted in the course of this study report that the demand by Dade City (and outlying area) residents for arts entertainment is greater than the supply of events held in Dade City. Purpose of This Study This study determines the financial feasibility of the proposed Crescent Theatre. Financial feasibility requires the estimation of revenue and expense streams. The focus of the study is to forecast net revenue for the proposed Dade City theatre. During the data gathering process, the main determinant of these estimates was found to be theatre size, in terms of the theater’s seating capacity. CEDR attempted to obtain revenue and expense reports for theatres similar in size to the proposed Crescent Theatre. It is hoped that the results of this study will guide decision-making on the establishment of a theatre of given seating capacity in Dade City. Additionally,

PAGE 4

3the study may be used to assist with marketing efforts towards potential donors and community supporters. Data Sources and Methodology This study develops forecasts of net revenues for the proposed community theatre in Dade City. Net revenues are the difference between revenues from donations and operations and expenses from operations. Net revenue forecasts are the first steps in decisions of whether or not to invest in capital projects. CEDR was unable to obtain other revenue and expense forecasts for community theaters. Revenue forecasts that replicate existing businesses (example: fast food restaurants) can use comparable properties to determine investment value. Investments in new products or services have no comparable properties to work with. Determination of potential demand is more difficult in these cases. As the proposed theater would be a first in Dade City, CEDR utilized computeraided regression analysis to predict expenses and three different methods to predict revenues. Focus Group Survey: Price and Attendance Estimates. CEDR took advantage of a focus group to provide expert advice and counsel. The focus group aided in assessment of existing arts and entertainment activities in Dade City and surrounding areas, debated uses of the theatre for purposes other than entertainment, and in general provided solid background information on Dade City. With the advice and consent of the focus group, CEDR distributed a survey to members of the focus group. This survey gathered anecdotal data regarding demand for the proposed theatre as well as for staffing requirements. Generally, respondents indicated that the proposed theatre would require a full time staff of three (Managing Director, Box Office/House Manager, and a Custodian). Perhaps more concrete are the results from question #2, that asked for estimated ticket prices for a variety of types of entertainment. These estimated ticket prices are used throughout this study, and are displayed in Appendix A. Dade City Resident Survey: Attendance Estimates. A survey was distributed to the residents of the greater Dade City area. This survey intended to quantify demand for arts attendance, both on an aggregate level and also for specific types of entertainment. The results of this survey are displayed in Appendix B. The attendance rates indicated by the respondents were then applied to national benchmarks for repeat attendance to determine revenues.

PAGE 5

4NEA Survey: Attendance Estimates. In 1997, the National Endowment for the Arts (NEA) conducted the Survey of Public Participation in the Arts. Based on national data collected from random telephone surveys of 12,349 persons, the survey aimed to determine individual demand for arts and entertainment. The results of this survey, shown in Appendix C were then applied to the Dade City area population to estimate attendance figures for the proposed theatre. CEDR Theater Survey: Cost and Revenue Estimates. Through a survey (shown in Appendix D) of theatre managers throughout the United States, CEDR built a model to intended to assess financial operations information for theatres of various sizes, located in diverse areas. In addition to the information gathered via the survey, CEDR used geographic information systems (GIS) databases to include certain demographic information (population, median age, and average disposable income) for concentric rings of 10, 15, and 20 miles. Interestingly, none of the demographic information appears to have much bearing on either a theatre’s expenses or its revenues. Theater Communications Group Survey: Donations. Additionally, the Theatre Communications Group, Inc. a nationwide professional association of theatres, conducts and annual survey of its member theatres. Their Theatre Facts 2000 report indicates that the split between earned and contributed income for the past six years has been 60/40. It should be noted that the survey sent to theatre managers asked for income earned from theatre operations. Such data would exclude income from donations, sponsorships, capital gains or losses, or fixed budget outlays. As such, one can assume that any of the revenue figures reported as a result of earned income estimates can be multiplied by 1.67 to determine the true total (earned and contributed) income. Analysis of Data The sources above provided various types of data. Data from the survey of Dade City area residents and the NEA survey were used to estimate the number of theatre visits generated from the Dade City population. Information provided by the survey of focus group members resulted in estimates of market prices for tickets to various events to be held at the theatre. CEDR estimated ticked revenue by multiplying the estimates of attendance by the average suggested ticket prices. By then applying the ratio of donations to earned revenue provided by the TCG publication, total revenue could then by estimated from the estimate of earned revenue. Alternative forecast of net revenue was derived from data collected from the USF Theatre Survey. These data were combined with data from CEDR databases to determine expenses and revenues on a per seat basis. While the sample size

PAGE 6

5was small, the results of this analysis seem to match the empirical and anecdotal evidence gathered during the course of this study. Two estimates of revenues from operations obtained by multiplying suggested ticket prices by estimates of attendance generate operating revenue estimates that are relatively large in size. Consequently, results obtained via the survey of Dade City area residents and the NEA paint a rosier picture for the finances of the proposed theatre than does the computer regression model. Some of the exuberance might be related to survey bias. The NEA and Dade City surveys gather self-reported data. People may tend to overstate their willingness to participate or their past participation in the arts. Specifically, the Dade City area resident was not sufficiently randomized those who care about the arts responded to the questionnaire at greater frequency. Those without an interest in the arts have no incentive to respond. CEDR utilized the results from the USF Theatre Survey and subsequent regression analysis as the estimate for revenues. Estimated revenues were lower than estimates obtained from resident surveys. This estimate of operating revenues was then contrasted with the regression estimate of operating expenses to develop pro forma cash flows. Pro forma cash flows were then forecast for ten years and discounted back at three rates. Separate estimates of operating revenues and expenses were generated from averages of responses from the 12 smallest theatres in the survey. The averages were used to generate monthly cash flow estimates. These estimates were also forecast ten years out and discounted back at three different interest rates. Conclusions Of the three revenue estimates, two generated from resident surveys project large positive annual cash flows. Results of the Dade City questionnaire generate annual revenue estimates for a 250-seat theater of $ 5,382,408. Results of the NEA questionnaire generate estimated revenue for a 250-seat theater of $ 3,078,654. See Appendix E for these results. The regression model predicts the proposed theatre will have smaller, but still positive, cash flows. The regression model predicts annual earned revenues of $ 2,072 (total annual revenues $ 3453) per seat and annual expenses of $ 2,117 per seat. Average revenues from twelve smaller theaters run in the same way as the proposed theater would be run, are $ 496,849. Average expenses from the 12 theaters are $ 559,534. These results are reported in Appendix F. Results of the regression analysis and the 12-theater averages are consistent with evidence generated by discussions with focus group members and other arts professionals that community theaters are break-even operations. Theatres

PAGE 7

6are run as break-even concerns because they are run as non-profit ventures. Break-even may occur because expenses are held to a level able to be supported by revenues or because revenues (ticket prices) are held down to cover expenses, or some combination of the two. If the third model is viewed as being the most accurate forecast of net revenues, the proposed theatre would require modest, if any, subsidization from the community. Anecdotal evidence, as supplied by members of the focus group (as listed in Appendix L), suggests that maintenance of financial solvency early in the theatre’s life will be the biggest challenge to long-term success. That being said, the Crescent Theatre, if managed at the same level as the others in the sample, should be a success.

PAGE 8

7Appendix A Questions for Focus Group and Ticket Price Estimates 1) How would you describe the demand for a performing arts theatre/auditorium for Dade City? 2) What would you estimate the average ticket price would be for the following events, if held at a theatre in Dade City: a) Non-musical theatre? b) Musical theatre? c) Dance? d) “Art house”/classic movies? e) Art exhibits? f) Musical programs? g) Lectures? h) Magic/variety shows? i) Festivals? 3) What sort of performing arts events would you hold at a theatre in Dade City? 4) What are the differences between audiences for professional and non-equity shows (attendance, expenditures, repeat business, etc…)? 5) What sort of professional staff would a theatre such as the proposed Crescent Theatre require for a) Professional shows? b) Non-equity shows or other events? 6) Describe the importance of having a “resident” acting troupe or similar partnership in theatre financial feasibility. 7) What are the biggest challenges a new theatre faces financially?

PAGE 9

88) Please provide an estimate for the Crescent Theatre’s operating expenses. Summary of ticket price estimates:Type of Entertainment Average suggested ticket price Non-musical Theatre $ 13 Musical Theatre $ 17 Dance $ 15 Art/Classic Movies $ 7 Art Exhibits $ 7 Music Performances $ 13 Lectures $ 8 Magic/Variety Shows $ 12 Festivals $ 8

PAGE 10

9Appendix B Dade City Community Theatre QuestionnairePlease circle 1. Your age: Under 2526-4546-65Over 65 2. Number of persons in your household: OneTwoThree or FourMore than Four 3. What is your zip code _______________. 4. The number of times you go out for leisure activities in a typical month Once Two-three timesFour-eight timesOver eight times 5. How many times did you go out for leisure activities last month? Once Two-three times Four-eight timesOver eight times 6. Which of the following activities would you be interested in attending, if the events were held in a modern, comfortable community theater? Entertainment programs Professional Development/motivational seminars Business meetings/programs Educational/travel presentations 7. Please circle the types of entertainment would you care to attend. Live theaterMovies Musical programsLectures Dance programsFestivals Art exhibitsMagic/variety shows 8. What types of entertainment have you attended in the past six months? Live theaterMovies Musical programsLectures Dance programsFestivals Art exhibitsMagic/variety shows 9. How many minutes would you travel to attend the events listed above? On a week-night 10 minutes or less11-20 minutes21-30 minutes or more On a weekend 10 minutes or less11-20 minutes21-30 minutes or more

PAGE 11

10 Age 0-252.2 % 26-4516.7 % 46-6538.9 % 65+42.2 % Household Size 124.4 % 251.1 % 3-417.8 % 5+6.7 % ZIP Codes Responding 335232224.4 % 335254246.7 % 3352622.2 % 3354055.6 % 3354155.6 % 3354433.3 % 33576910.0 % 3359711.1 % 3364711.1 % Attendance at Leisure Activities in a Typical Month 116.7 % 2-346.7 % 4-825.6 % 9+11.1 % Attendance at Leisure Activities Last Month 117.8 % 2-340.0 % 4-831.1 % 9+11.1 % Note: N = 90 Types of Activities (Percentage of Respondents Indicated as Interested in Attending) Entertainment Programs96.7 % Professional Development/Motivational Seminars 23.3 % Business Meetings/Programs15.6 % Educational/Travel Presentations64.4 % Types of Entertainment (Percentage of Respondents Indicated as Interested in Attending) Live Theatre91.1 % Movies57.8 % Art Exhibits52.2 % Musical Programs80.0 % Lectures27.8 % Magic/Variety Shows31.1 % Dance Programs32.2 % Festivals40.0 % Types of Entertainment (Percentage of Respondents Indicated as Having Attended in Previous Six Months) Live Theatre47.8 % Movies71.1 % Art Exhibits33.3 % Musical Programs65.6 % Lectures17.8 % Magic/Variety Shows12.2 % Dance Programs17.8 % Festivals37.8 % Minutes Respondents Reported as Willing to Travel to Events Listed Above Weeknight s Weekends 0-1010.0 %5.6 % 11-2036.7 %20.0 % 21-3053.3 %74.4 %

PAGE 12

11Appendix C Summary of National Endowment for the Arts 1997 Survey of Public Participation in the Arts (SPPA) Based on data collected from telephone surveys of 12,349 persons (18 years of age or older, non-institutionalized), the average American adult attends 2.18 jazz, classical music, musical play, non-musical play, ballet, and other dance live performances or events per year. Opera, another type of cultural activity surveyed by the 1997 SPPA, has been left out of our analysis due to the fact that operas are typically performed in arenas larger than the proposed Crescent Theatre. The factor of 2.18 attendances per year per person was derived as follows: Type of activity % of adults attending at least once in the past 12 months Average # of visits per attendee Total visits per person Jazz Performance11.93.1.37 Classical Music15.62.9.45 Musical Play24.52.2.54 Non-Musical Play15.82.5.40 Ballet5.81.7.10 Other Dance12.42.6.32 Total2.18 From the information above, it would be possible to predict the total number of events attended by the residents of Dade City by multiplying the population by 2.18, but that would not predict the attendance to events held at the Crescent Theatre. Further analysis of competitors to the Crescent Theatre is needed in order to ascertain that information. In addition, the factor of 2.18 refers only to predicted attendance at arts events, and excludes events such as film festivals, lectures, et cetera.

PAGE 13

12Appendix D USF Theatre Survey 1) What is the maximum seating capacity for your facility's main auditorium? 2) How many revenue-generating events (concerts, meetings, etc.) did you host last calendar year? 3) Do you have balcony seating? 4) Do you require entertainment performers to be paid? If your facility permits both paid and unpaid performers, please indicate an estimated percentage. 5) Does your facility promote events or host them for other promoters? If your facility performs both of these roles, please indicate an estimated percentage. 6) Is your facility owned privately by individuals or by the municipality or other government entity? 7) What were your revenues from operations (ticket sales, rental fees, etc. NOT donations or budget allocations) last calendar year? 8) What were your expenses from operations (electricity, upkeep, administrative, advertising, etc.) last calendar year? 9) How many full time staff do you employ? (Exclude volunteers and consider part time employees as a fraction the hours per week they work; e.g. Joe Smith works 20 hours in a 40 hour work week = .5 full time staff)

PAGE 14

13Appendix E – Results National Survey (NEA Questionnaire)Type Est. Ticket Price % of residents over age 20 Indicated likelihood of attendance Population within 15 mile radius of Proposed Theatre Patron Return RateEst. Revenues NonMusical Theatre $ 130.7456950.1581015592.2 $ 352,089.43 Musical Theatre $ 170.7456950.2451015592.5 $ 775,030.24 Dance $ 150.7456950.1821015592.3 $ 484,167.07 Art $ 70.7456950.3491015593.3 $ 606,909.62 Music $ 130.7456950.3221015592.8 $ 860,457.74 Total$3,078,654.10Local Survey (Dade City Questionnaire)Type Est. Ticket Price % of residents over age 20 Indicated likelihood of attendance Population within 15 mile radius of Proposed Theatre Patron Return Rate Est. Revenues NonMusical Theatre $ 130.7456950.4781015592.2 $1,065,181.94 Musical Theatre $ 170.7456950.4781015592.5 $1,512,099.82 Dance $ 150.7456950.1781015592.3 $ 473,526.03 Art $ 70.7456950.3331015593.3 $ 579,085.68 Music $ 130.7456950.6561015592.8 $1,752,514.77 Total $5,382,408.25

PAGE 15

14Appendix F USF Theatre Survey ResultsBelow are the results from a computer regression model relating seats to revenues and expenses. The estimated revenue or expense was multiplied by 250, the seating capacity of the proposed theatre. These estimates were then compared on a monthly basis to produce an estimate of monthly cash flow. These estimates were then projected into the future and discounted back at interest rates to produce an estimate of net present value.USF Theatre Survey (N = 20, all theatres)$2,072250$518,010($124,717)$393,293 Estimated revenue from operations/seatseatsRevenue from seats ConstantNet revenue $2,117250$529,217($126,187)$403,030 Estimated expenses/seatseatsExpenses from seats ConstantNet expenses Financial VariableEstimate Revenues from operations (annual): $ 393,293 per month: $ 32,774 Total Revenues* (annual): $ 655,488 per month: $ 54,624 Expenses from operations (annual): $ 403,030 per month: $ 33,586 Monthly Cash Flow $ 21,038 20 years, 6%20 years, 8%20 years, 10% Net present value estimate $ 2,936,500 $ 2,515,183 $ 2,180,055USF Theatre Survey (N = 12, smaller theatres)MeanStandard Deviation Seats 431.833 257.980 Revenues $ 496,849 $ 703,685 Expenses $ 559,534 $ 608,216 Financial VariableAverage Earned Revenue (annual): $ 496,850 per month: $ 41,404 Total Revenue* (annual): $ 828,083 per month: $ 69,007 Expenses from operations (annual): $ 559,535 per month: $ 46,628 Earned Revenue Expenses $ (5,224) (monthly) Total Revenue Expenses $ 22,379 (monthly) Net present value estimates10 years @ 6%10 years @ 8%10 years @ 10% Estimate of Earned Revenue Expenses $ (470,545) $ (430,571) $ (395,307) Estimate of Total Revenue Expenses $ 2,015,752 $ 1,844,509 $ 1,693,444 Earned Revenue x 1.67

PAGE 16

15Appendix G Summary of Dade City Area Demographics by Land Area 200010 Mile radius15 Mile radius25 Mile radius Population Population64,455101,559347,144 Households26,41840,761131,107 Population Age < 1814,94523,33386,158 Population 18 – 6432,39652,982196,726 Population Age 65 +17,11425,24464,260 Income Median Household Income$ 31,306$ 33,030$ 37,941 Average Household Income$ 37,625$ 39,576$ 45,568 Median Family Income$ 38,059$ 39,410$ 43,589 Average Family Income$ 43,802$ 45,539$ 51,347 Per Capita Income$ 15,777$ 16,239$ 17,504 Aggregate Income ($Mil)$ 30,564,756$ 39,784,222$ 98,881,004 Median Disposable Income$ 25,671$ 27,011$ 30,743 Average Disposable Income$ 30,820$ 32,196$ 36,205 Consumer Expenditures (Thousands of dollars) Entertainment$ 6,598$ 10,492$ 37,346 Video Rental$ 898$ 1,433$ 5,449 Musical Instruments and Accessories$ 252$ 409$ 1,672

PAGE 17

16Appendix H Summary of Dade City Area Demographics by Land Area 200510 Mile radius15 Mile radius25 Mile radius Population Population70,208111,398378,986 Households28,90244,865143,103 Population Age < 1815,54524,51990,743 Population 18 – 6435,89359,223218,290 Population Age 65 +18,77027,65669,953 Income Median Household Income$ 36,505$ 38,583$ 44,703 Average Household Income$ 43,480$ 45,883$ 54,391 Median Family Income$ 45,756$ 47,220$52,138 Average Family Income$ 52,253$ 54,228$ 62,393 Per Capita Income$ 18,260$ 18,837$ 20,835 Aggregate Income ($Mil)$ 27,510,090$ 38,919,290$ 98,044,910 Median Disposable Income*$ 29,934$ 31,552$ 36,222 Average Disposable Income*$ 35,616$ 37,327$ 43,215 Consumer Expenditures #(Thousands of dollars) Entertainment$ 7,187$ 11,508$ 40,772 Video Rental$ 978$ 1,572$ 5,949 Musical Instruments and Accessories$ 274$ 449$ 1,825 Notes: Assumes tax structure in 2005 similar to that of 2000 # Assumes per capita spending patterns in 2005 similar to those in 2000

PAGE 18

17Appendix I Summary of Dade City Area Demographics by Drive Time 200010 Minutes20 Minutes45 Minutes Population Population53,863232,6811,218,394 Households23,28898,308485,176 Population Age < 1810,88948,505282,741 Population 18 – 6427,610122,123696,176 Population Age 65 +15,36462,053239,477 Income Median Household Income$ 33,084$ 34,551$ 36,645 Average Household Income$ 41,172$ 42,640$ 46,855 Median Family Income$ 41,216$ 41,414$ 42,897 Average Family Income$ 48,464$ 49,625$ 53,930 Per Capita Income$ 18,017$ 18,216$ 18,854 Median Disposable Income$ 27,584$ 28,167$ 29,783 Average Disposable Income$ 33,032$ 33,958$ 36,531 Consumer Expenditures (Thousands of dollars) Entertainment$ 6,452$ 28,068$ 145,259 Video Rental$ 814$ 3,608$ 20,227 Musical Instruments and Accessories$ 242$ 1,092$ 6,277

PAGE 19

18Appendix J Summary of Dade City Area Demographics by Drive Time – 200510 Minutes20 Minutes45 Minutes Population Population58,741253,1241,322,456 Households25,397106,883524,835 Population Age < 1811,39950,719296,251 Population 18 – 6430,742135,495767,341 Population Age 65 +16,60066,910258,864 Income Median Household Income$ 39,840$ 40,778$ 43,628 Average Household Income$ 48,315$ 50,476$ 57,057 Median Family Income$ 50,176$ 50,070$ 51,462 Average Family Income$ 58,740$ 60,313$ 66,836 Per Capita Income$ 21,108$ 21,518$ 22,843 Median Disposable Income*$ 33,217$ 33,243$ 35,458 Average Disposable Income*$ 38,763$ 40,198$ 44,485 Consumer Expenditures #(Thousands of dollars) Entertainment$ 7,036$ 30,534$ 157,665 Video Rental$ 888$ 3,925$ 21,955 Musical Instruments and Accessories$ 264$ 1,188$ 6,813 Notes: Assumes tax structure in 2005 similar to that of 2000 # Assumes per capita spending patterns in 2005 similar to those in 2000

PAGE 20

19Appendix K Internet Resources In 1997, the National Endowment for the Arts (NEA) commissioned the Survey of Public Participation in the Arts (SPPA). Published in December of 1998, the SPPA serves as the standard from which certain attendance and rateof-patron-return rates were derived. For the complete publication, visit http://arts.endow.gov/pub/Survey/SurveyPDF.html The total revenue as a function of earned revenue equation was taken from the Theatre Communications Group, Inc. (TCG) Theatre Facts 2000 publication, available at http://www.tcg.org/frames/fs_prog.htm According to their website, http://www.aact.org/ the American Association of Community Theatre (AACT) “exists to foster and encourage the development of, and commitment to, the highest standards by community theatres throughout the United States of America, including standards of excellence for production, management, governance, community relations and service.”

PAGE 21

20Appendix L Focus Group Members Name Residence/Place of Business Dale E. BerrySan Antonio Chase SquiresDade City Barbara FriedmanDade City Susan NoblittDade City Laura BeaglesDade City P.A. SmalleyDade City Nancy BrownSeminole Marjorie GolubHoliday Myrt BarberNew Port Richey Charles SobelPort Richey Doug DrymonDade City P.J. HillDade City Sharon PerkinsDade City Jimmy FerraroSpring Hill