THE FEASIBILTY STUDY PROJECT
Description
The feasibility study for the Edo Cultural Center will look at the project from the perspective of the two implementation approaches and seek to provide answers to the following tasks associated with each of the two approaches
The Original Approach
Feasibility Study Tasks/Goals (Scope of Services)
- Identify similar projects and/or centers that were built and established by private non-profit organizations.
- Conduct a study of how they were funded. If they were funded by donors (private, public and corporations) with no “profit-sharing” interest or stake in the projects other than for tax-write off purposes, determine how the project owners (the non-profit organizations) were able to generate interests in the project and secure the funds from the donors.
- Describe, in detail, the most effective fundraising mechanisms used by the non-profit organizations to raise the funds and how they approached the potential donors.
- Develop “suggestive” fundraising materials compiled from similar, but very successful efforts that can be used as fundraising templates.
- Develop an exhaustive list of potential donors sympathetic to the establishment of such centers that the ECEC Project Team and the EAWDC can approach for donations.
- Determine two or three best locations in the DMV for the establishment of the Center with a focus on visibility, easy access, close-proximity to the Capital Beltway and best return on investment by way of event rental demand and usage.
- Conduct market analysis of potential income/expenses and sustainability using data from similar establishments. The Center is being envisioned as a self-sustaining entity using revenue stream from the two event halls rental and office space rentals
- Conduct a study of available (and suitable) local and state governments’ existing and/or abandoned properties in the area that can be acquired at no (or minimal) cost for the establishment of the Center. These can be properties that can be renovated or completely demolished and rebuilt with the Center’s plan.
- Develop, present and provide a comprehensive written report of the Feasibility study, with all eight deliverables above, to the ECEC Project Team and the EAWDC within two months of the Notice to Proceed.
- Conduct a study of requirements for obtaining federal, state and local governments grants (annual and/or life-time) for the building and/or operation of the center.
- Develop a set of viable and cost-effective recommendations for moving forward with this project using the Original Approach.
The Incremental Approach
Feasibility Study Tasks/Goals (Scope of Services)
- To use existing funds to rent or acquire (for 1 to 2 years) a building/ warehouse or available local or state governments’ existing and/or abandoned property to establish the Edo Cultural and Exhibition Center as a way of demonstrating experience and performance track record
- Conduct a study of available (and suitable) local and state governments’ existing and/or abandoned properties in the area that can be acquired at no (or minimal) cost for the establishment of the Center. These can be properties that can be renovated or completely demolished and rebuilt with the Center’s plan.
- Determine two or three best locations in the DMV for the establishment of the Center with a focus on visibility, easy access, close-proximity to the Capital Beltway and best return on investment by way of event rental demand and usage.
- Real Estate-review building listings for rent/ determine fair market rental price and other terms
- Conduct market analysis of potential income/expenses and sustainability using data from similar establishments
- Develop a set of viable and cost-effective recommendations for moving forward with this project using the Incremental Approach.
Over-Arching Feasibility Task
- Develop a set of pros and cons for each of the three implementation approaches
- Rank the three approaches on the bases if the pros and cons, ease of fundraising mechanism and project implementation, revenue stream generation, etc.
Feasibility Study Components/Deliverables
Final and semi-final feasibility study report will be presented orally and in written (hard copies) and electronic format. All other meetings and reports will be by oral and Power Point presentations
- Project kick-off meeting to discuss work plan and deliverables (virtual or face-to-face)
- Meeting at 25% study completion to report progress and discuss issues (if any), etc.
- Meeting at 50% study completion to report progress and discuss issues (if any), etc.
- Any other meeting (as needed only) to discuss any arising issues, logistics or needs
- Semi-final meeting at 95% study completion to report progress and provide interim feasibility report
- Final meeting at 100% completion to present Final feasibility study report (in hard and soft copies) accompanied with full study Power Point presentation slides, charts, spreadsheets, etc.
- Executive type or Summary Power Point presentation slides, charts, spreadsheets, etc.