Project Financing + Bond Issuance


 

FEASIBILITY STUDIES

When a museum or non-profit decides to take on a large scale project, funding that project is usually at the forefront of everyone's thoughts.  MGMP offers comprehensive detailed feasibility studies, due diligence studies, and project definition statements that will be used to secure funding, whether that funding be via a bond issuance, a state legislator's appropriation, private funding, or a combination of any of the above.

Our studies have been used to raise hundreds of millions of dollars for projects as prestigious as the North Carolina Museum of Art, the Virginia Museum of the Arts, the San Francisco Museum of Modern Art, and the Museum of Contemporary Art, Chicago.

The essence of a feasibility study is to determine whether an initiative is feasible, practical, and doable. MGMP assists our clients in developing a comprehensive, realistic understanding of the benefits and liabilities that will come with pursuing an initiative. This process of exploration typically reveals possibilities that the client team may have not yet considered. To assist the client group in its decision-making, MGMP will work with the client to develop a set of criteria that support an apples-to-apples comparison and analysis of the options.

Once the options are outlined, MGMP will then discuss every aspect of the analysis with our clients so that they can make an informed decision.  We engage in dialogue to address the client team’s doubts and dispel their anxieties.  This process often leads to increased cohesion within the client group, which can now move forward to achieve progress.

We have worked with clients to prepare feasibility studies on a wide range of topics, from site selection and acquisition, to staffing expansion, governance change, or changes in a museum’s mission and identity.  In a typical feasibility study MGMP looks at the following aspects:

  • The project's goals
  • The audiences for whom this project is being developed
  • Who will be assigned to achieve this goal (both Board and staff, as well as City or State agencies)
  • Funding sources
  • Physical issues, including comprehensive site and facility context and needs
  • Programming aspects (including exhibitions, education, and collections)
  • Project budget
  • Conceptual cost estimate
  • Project timeline

MGMP engages in a collaborative process to examine how each of these aspects affects the others.  We then work to bring into alignment the full cohort of aspects and considerations, typically creating a project schedule which outlines responsibilities and accountability, as well as a project budget.  This analysis allows our clients to proceed with confidence.