FEASIBILITY_STUDY , item 14. PDF 1 MB - Meetings, agendas and ...

A feasibility study prepared for the Black Box TrustNovember 20116.5.2 Option 2 – Closure of the Black BoxThis option would involve the Black Box continuing to operate based on the funding it hasreceived up to the end of financial year 2011/1 and applying for future funding for financial year2012/13 and beyond where relevant. It assumes the venue would be unsuccessful in acquiringthe funds applied for, ceasing to exist beyond March 2012.The advantages and disadvantages of this option are presented in Table 6.1 below.Table 6.1: Advantages and disadvantages of Option 2AdvantagesPublic sector would no longer haveto provide funding for the Black Boxand could focus on the needs ofother arts organisations andflagship projectsDisadvantagesBlack Box stakeholders wouldpotentially have to pay back thevenue‟s outstanding debtsStaff employed by the BlackBox would become unemployedReduction in charitablecontributionsPotentially reduce footfall thatwould otherwise have been inthe Cathedral Quarter areaPotentially impact upon touristvisits, nights and spend in theareaPotentiallyreducecomplementary spending inlocal businesses, reducingturnoverLoss of a flexible and affordableperformance spaceNo home for year on yearFestivals and events currentlyhosted/facilitated by the BlackBoxLoss of a unique product andniche audience in the arts andculture sectorLess support for indigenousartistsLess suitable spaces for eventsused by Promoters46