Theatre Event Raises Cash | Military Attorneys Lawyers Jag Law Firms

So the Az philanthropist s charitable foundation plowed more than $4 zillion into the new Finger Lakes Musical Theatre Festival. Coordinators of the multivenue summer festival, that debuts this year, hope to turn Auburn into a musical theatre mecca that draws a lot more than 150,Thousand visitors annually, creates jobs and revives the citys economy. Bisgrove stated the potential financial payoff towards the community from backing the festival is a lot greater than it would be with a conventional charitable cause, such as feeding the poor. This may generate jobs and millions of dollars, Bisgrove said. I such as my upside better.

Bisgrove, Sixty six, has helped ignite a wave of business philanthropy thats having a large impact on Auburn. His Stardust Foundation and 2 other personal foundations with Auburn roots ? the Fred L. Emerson Basis and the Schwartz Loved ones Foundation -have put up more than half of the $10 million raised so far in startup financing for the festival. The philanthropic exercise surrounding the festival bears small resemblance in order to traditional charitable giving. To begin with the festival is a riskier-than-usual investment for fundamentals.

Dan Fessenden, executive director of the Emerson Foundation, that has put nearly $1.5 million into the festival, said fundamentals are taking that risk due to the projects potential financial impact. In a community like Auburn we want some double-digit results, he said. The wave of philanthropy also is different because the fundamentals are doing a lot more than composing checks. They are active participants in the project, not unaggressive spectators.

Its not only about writing a check and looking across the table at the organization youre financing, Fessenden said. Its about rolling up your sleeves, sitting on the same aspect of the table as well as saying, How do we make this effective? Guy Cosentino, Auburns previous mayor, serves as Stardusts executive overseer. We connect the dots, he said. Were always looking for strategic partnerships which can create jobs as well as deal with pushing issues of the community. Private foundations put up the money to bring in experts in the University of North Carolina to judge the feasibility of the festival.

The research estimated the festival could create a lot more than 400 brand new jobs as well as generate an annual economic effect of $30 zillion. Stardust snapped up empty buildings in downtown Auburn along State Street to make method for redevelopment of an area where many of the shows is going to be staged. When Auburn razed the empty city-owned former Kalets mall building on State Street in April, Stardust and Emerson paid half the cost. Construction is expected to begin on that site this particular spring on a $7.8 zillion, 384-seat performance middle scheduled to open in 2013. The Schwartz Loved ones Foundation of Pittsford, founded by the group of former Auburn Gran Maurice Schwartz, donated a lot more than $1 million for that center, an essential component of the festival.

Tags: charitable, charity, philanthropy

By Ray | 16. Feb 2012 | Uncategorized | No Comments ?

Source: http://www.windroselv.com/2012/02/16/theatre-event-raises-cash/

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