American Center for the Performing Arts
Durham, North Carolina
This 2,800-seat facility in downtown Durham, North Carolina, will accommodate a wide range of arts and entertainment programs with a high level of architectural quality, functionality and flexibility. The creative financial solution for the facility includes Certificates of Participation that will be amortized by a 30-year annual appropriation pledge by the city of a minimum of $1.4 million from hotel occupancy tax receipts designated for the purpose, contractually obligated income such as naming rights and sale of premium seats and suites, participation by Duke University and private donors. Our team also selected and negotiated with the facility's operator, arriving at an agreement that guaranteed a minimum number of performances, mandated no operating risks for the city and required an annual split of annual surpluses with the City of Durham.