City of Highland, IL

Highland,

Fine Arts And Performing Arts Center Feasibility Study

By 2013 the city of Highland, Illinois was considering developing a fine arts and performing arts center. Before embarking on the project, the city engaged B&D to conduct a feasibility study and operational assessment of the proposed facility. Our scope of work began with a visioning session with key stakeholders and Highland administrators to define the strategic objectives of the facility. This was followed by a demographic analysis evaluating the size and strength of the local market, a competitive context analysis of seven comparable venues, and financial modeling of the project that included a 10-year pro forma based on conservative, moderate, and aggressive scenarios. A demographic analysis reinforced Highland’s ability to support the proposed center, based on its population’s age, household income, and educational attainment. Additionally, in comparison to the seven comparable centers examined, the proposed center’s projected operational and financial performance were highly competitive. Opportunities to reduce overall expenses and decrease reliance on fundraising contributions also were presented as part of our financial analysis, further increasing the viability of developing the center.