Title
Discuss and Review Venue 1842.
Body
REQUESTOR:
Councilwoman Tina Bennett-Burton
BACKGROUND:
In 2023, the City of Farmers Branch broke ground on an 8,100-square-foot multi-purpose event center, later named Venue 1842. The venue, which opened in 2024, is used for weddings, social gatherings, and corporate events.
In March 2019, a business plan was developed and presented to the City Council, and approval was given to move forward. The business plan with general pricing and "rustic" venue comparisons was updated in September 2022. However, to ensure current competitive pricing, staff consulted with Wheelhouse Innovations to complete a further comparative analysis of Metroplex event venues and develop a pricing strategy for the Event Center. After reviewing almost 50 venues, three were identified as the most comparable based on style, size, and amenities and ranged in prices from $3,900-$9,000.
In August 2023, fees were presented and approved, ranging from $1,000 for a half-day small gathering to $7,500 for a full-day large-scale event rental. This includes black-out dates (5) for City Events. During this presentation, it was noted that total ongoing expenses would be $227,395, and year-one revenue projections were $199,050.
DISCUSSION:
A more recent analysis of revenue and expenses was completed, which shows current fixed annual expenses of $380,000 and projected revenue of $120,000.
City Staff would like direction regarding making Venue 1842 a revenue-producing venue and reviewing the fee structure, expenses, and events, including blackout dates defined below. During the blackout dates, the Venue will not be rented out.
Prior year events held at the Historical Park included five (5) events: Gateway to the Globe, Independence Day Celebration, Bloomin’ Bluegrass, Christmas in the Park, and Day of the Dead. In 2025, only two (2) events are proposed: Gateway to the Globe and the Independence Day Celebration. City staff is requesting direction on whether to continue events at the Historical Park/Venue 1842 and, if so, how many. The Parks and Recreation Department is reviewing alternate event locations for Christmas in the Park and the Halloween event.
DISTRICT:
District 3
ATTACHMENT(S):
1. Presentation
2. Venue BE