Crowdfunding for Bristol Arena
To raise the shortfall of £30m of funding for the Bristol Arena through crowdfunding from 10,000 x citizens of Bristol, and have the world's first citizen-owned music arena. This would require the largest crowdfunding campaign in the world, though would simply develop the current world record of Hab Housing's £1m. The basics:
- 10,000 x £3k 10 year investment loans in the Bristol Arena by citizens of Bristol (this represents approx 5% of 200,000 tax-payers in Bristol). These are called 'People's Arena Bonds'. This equals £30m. ROI of 10%.
- Bristol City Council commit to pay the fees to the Crowdfunding company + legal arrangements = approx £1m (much less than committing £30m of local authority funds)
- Bristol City Council provide logistical + management of the fund in partnership with the Crowdfunder company
- Crowdfunded through a suitable company. Maybe Fundingcircle following the Hab crowdfunding venture
- The 10,000 x £3k represents the size of the arena - good basis for campaign + the Annual event
- Annually for 10 years, Bristol City Council events team/Arena operator committ to offer a One Night 'Owners of Bristol Arena' event with suitable band/entertainment for the 10,000 x Bond holders. 10,000 x tickets avalailable added to 1000 available for the Operator/other funders (eg local enterprise partnership/operator etc)
- After 10 years, Bonds can be cashed in with min 10% annually accumulating interest based on success of Arena operating company in developing the best Arena in the UK, attracting the best bands, plus shows like the X Factor.
- A Board representing the 'People Arena Bond' holders agree that they do not undermine the profit-making targets of the Operator to ensure the best Operator can be sourced.
- Operation and profit is separated from investment in the building project, excluding legal rights if the Arena fails.
Thats it really. There are massive financial/logistical questions. But if 10,000 of Bristolians can dig into their pockets to the tune of £30m, the expertise within the Council on leagl/expertise etc should be available.
If this was offered, I think the problem might be limiting it to 10,000. I would certainly invest to have a role in Bristol becoming a major music venue again.
Why the contribution is important
- enable the Bristol Arena to become a reality (by filling that £30m funding gap)
- it will be truely part-owned by 10,000 of the people of Bristol
- it will make crowdfunding a true source of people power, and making people true enablers of massive economic and cultural development
- a mutually beneficial partnership between the people of Bristol, the Operator, and Bristol City Council
by user717162 on December 12, 2013 at 07:47PM