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City Council Agenda Request
March 21, 2023
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AGENDA REQUEST NO: VI.A.
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| | AGENDA OF: City Council Meeting |
| | INITIATED BY: Ana Rodriguez, Community Development Coordinator |
| | PRESENTED BY: Jessica Huble, Senior Development Manager |
| | RESPONSIBLE DEPARTMENT: Economic Development |
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| | | | | | | | | PURPOSE OF WORKSHOP: | | Informational Only |
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| | | | | | | | | AGENDA CAPTION: | | Review of and discussion on the 2022 Smart Financial Centre at Sugar Land Annual Report. |
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| | | | | | | | | RECOMMENDED ACTION: | | Review and discuss Smart Financial Centre 2022 Annual Report |
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| | | | | | | | | EXECUTIVE SUMMARY: | The City of Sugar Land has a long history of pursuing entrepreneurial public/private partnerships, and the Smart Financial Centre at Sugar Land (SFC), a performing arts and live entertainment venue, is no exception. The SFC is funded through a unique package of special funding sources restricted for economic development and tourism purposes. The development of unique regional destinations is part of an innovative and successful strategy to grow and expand the City’s sales tax base. The City is not only receiving the benefit of a world-class live entertainment venue but has also established its position as an economic powerhouse through regional live entertainment.
This project was nearly a decade in the making. Beginning in 2007, a citizen-led Visioning Task Force identified a performing arts center among its cultural and entertainment venue recommendations. Voters approved the use of special funding tools in a 2008 election – ensuring the $84M, 6,400-seat venue would be constructed without the use of any general property tax dollars. In 2011, the City began a partnership with ACE SL, LLC (ACE SL), a company formed by entertainment industry veterans and specializing in the design, construction, and operation of live-performance theaters across North America. ACE SL’s executive principals brought more than 175 years of combined experience to the project.
The SFC held its first public performance on December 18, 2016, and celebrated a formal grand opening on January 14, 2017, with Jerry Seinfeld. Since its opening, the SFC has also actively promoted capital investment, created new jobs, enhanced educational opportunities, increased tourism, and created unique destination activities. Designed for flexibility, the 200,000-square-foot venue incorporates innovative moveable walls that can expand and contract to create four different seating capacities that range from an intimate setting of 3,400 seats to a maximum of 6,400. The SFC is equipped to host a wide array of programming, including national music and comedy artists, children and family entertainment, theatrically-staged productions, and cultural and performing arts attractions – while also providing a local option for community events.
Prior to the opening of the SFC, ACE SL (ACE SL) joined the global Ambassador Theatre Group (ATG) company, one of the world’s premier live entertainment venue operators and theatre production companies. The City’s venue in Sugar Land remained under the full control of ACE SL, until ATG’s role was formalized in the formal ownership structure of ACE SL in 2018. During this time, ACE SL and ATG teams have worked phenomenally well together to achieve a level of success far exceeding all projections.
The venue is an important anchor in the University Boulevard Regional Activity Center. The surrounding area is framed by exceptional recreational venues, such as the City’s 400-acre Brazos River Park and the Crown Festival Park at Sugar Land. Across the street is the University of Houston Sugar Land campus, a Tier One campus of UH with major expansion plans. More specifically, the 80-plus acres immediately surrounding the venue are home to Texas Instruments, a major corporate employer, a future MD Anderson medical campus, and other future development opportunities. All of this surrounds a public plaza that was constructed at the same time as the venue and is envisioned to be a major focal point and gathering place for residents, visitors and employees, further establishing Sugar Land as one of the strongest economies in the region.
The purpose of this workshop is to provide the City Council with an update on the 2022 success of the Smart Financial Centre at Sugar Land. |
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| | EXPENDITURE REQUIRED: |
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