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APPENDIX B. <br />Financial Considerations <br />Here, we present cost estimates, case studies and examples of costs associated with Arts Master Plan <br />recommendations. <br />Feasibility Studies for Performing Arts Centers <br />The cost of feasibility studies can vary depending on how in-depth the study goes. A full feasibility study <br />generally includes the following: <br /> Market assessment. A thorough analysis of the market to assess the viability of the new <br />facility. This may include a demographic assessment, inventory and analysis of similar <br />venues and assessment of events in the market area. <br /> Community engagement/needs assessment.To understand the needs of the <br />community, a needs assessment entails significant community engagement with potential <br />facility users and visitors. Community engagement may include community outreach efforts <br />as well as interviews, workshops and various forms of virtual engagement. <br /> Space plan/program. A space plan/program is a list of all the spaces that would be <br />included in a new facility as well as the square footage of each space. This plan/program will <br />help inform potential site needs and construction costs. <br /> Benchmarking.Benchmarking involves identifying existing facilities (that are preferably in <br />similar cities) and studying their scope, operations, impact on the community and any other <br />question that may arise in connection to the feasibility study process. <br /> Site identification.This includes weighing pros and cons of potential building locations to <br />assess the best location for a new facility. <br /> Capital cost estimates. Capital cost estimates may include design costs, architecture and <br />engineering, cost of materials as well as furniture, fixtures and equipment. <br /> Operating cost estimates. Even if a city can afford to pay for the cost to construct the <br />building, what is often overlooked is the ongoing operating cost of the facility and <br />understanding how much of the facility’s operating costs may have to be covered by gifts, <br />grants and donations each year. <br />Feasibility studies that incorporate all of these components can cost about $100,000 to $150,000. However, <br />some feasibility studies have included only some or parts of the above elements or have been completed in <br />phases, which can lower costs, but may not include major considerations regarding the building’s feasibility. <br />Some feasibility studies throughout the country been performed for as low as $30,000, but only include a <br />high-level view of some of the above components of a full feasibility study. <br />KEEN INDEPENDENT RESEARCH — SAN MARCOS ARTS MASTER PLAN 2022 APPENDIX B, PAGE 1 <br /> <br />