LEXICON: Arts Districts, Cultural Districts, Design Districts...
A word book or dictionary for the special vocabulary of arts, design and culture-based destination districts, clusters, superblocks and corridors
URBAN DESIGN & DOWNTOWN DEVELOPMENT TERMS | CITY BEAUTIFUL TERMS
Clear definitions and descriptions for our urban design, downtown redevelopment, city beautiful commission and general nonprofit and commercial Members. Limited Guest access is made available by our Membership Assn. underwriters, sponsors and co-sponsors. Many of the terms in this Lexicon have appeared in the text, MISSION MANIFESTO, a workshop companion volume written by Dr. Marshall Thomas. Others have appeared in the periodical, ARTS ANSWERS and elswhere. All rights reserved, by the 7 Arts Foundation. Member Questions | Call Us: 7AF new all points number in Washington, DC: 202-2391257 | M-Th 10-4 EST; Sa. 10-12N EST.
Urban Design, Downtown Redevelopment Terms under construction
ABSTRACT > A formally written summary statement encapsulating the important, salient points of a given text.
ACTION PLAN > A way to express the vision by outlining the protocols and procedures used to implement a mission so as to achieve both long-term and short-term objectives. Such an outline takes into consideration, among many other items, the priorities of the group, the appropriate expressions for the group and ways the group can best use all its resources in intermediate expressions and actions. It can serve both a problem resolution dynamic and an expression imperative dynamic.
ACTUALISM > A term coined in 1968 by French writer Alain Jouffrey when accounting for the effect of revolutionary situations on art. Revolutionary events tend to dissolve the division between art and social reality, making its significance or irrelevance manifest. The test outcomes of these accountings have been interpreted and the generalized term has been folded into the concepts of Aesthetic Determinism.
ACTUALIZATION THEORY> The theory proposed by American psychologist Abraham Harold Maslow that individuals work towards becoming everything they possibly can. The fundamental imperative is a human need, a psychological imperative. Therefore, it follows that those who meet their basic physiological needs and their safety needs, grasp their belongingness needs and esteem needs, will work to achieve their self-actualization needs, a path to fulfilling full personal potential. A generalized view of the theory has been folded into underpinning concepts of Aesthetic Determinism.
ADAPTATION LEVEL THEORY> The theory posited by American psychologist H. Helson, stating that the neutral, adapted background provides a standard or benchmark against which new stimuli can be perceived. Helson refers to a level on a sensory continuum to which the sense organs have adapted; his theory has been applied and generalizaed to the field of Aesthetic Determinism, an area of study directly focused on how human beings' attitudes change in their living and working environment.
ADMINISTRATIVE BOARD OR COUNCIL > A governing body of a nonprofit comprised of staff, members, founders and/or successors, and an occasional appointed individual. This administrative body focuses on policies, imaging issues, broad operating guidelines and procedures, public trust and fiduciary matters.
ADVISORY COMMITTEE > Individuals providing acclaimability, experience and/or expertise to support and edifiy a governing body of a nonprofit organization.
ADVOCACY > Espousal of a position, a viewpoint or activity.
ANGEL > An individual or family who invests, sponsors or underwrites an arts initiative or presentation with financial or in-kind considerations valued by a producer, developer, artist or a co-producing entity.
APPLICATION > Putting an idea to use or to fulfill a purpose for an organization. Bringing a general or figurative statement to bear upon one or more particular matters, or upon matters of practice. The action of bringing one's self to a task with diligence.
ARBITRATION > The procedure of settling disputes between members, or between members and customers.
ARROW IMPOSSIBILITY THEOREM > Mathematical modelling of a democratic process presupposes that a fixed procedure for 'aggregating' the preferences of a group of individuals into an overall ordering is necessary for the method to be scientifically accurate. Arrow's result: no such modelling procedure is possible for a group larger than two. Arrow's conclusions led Aesthetic Determinism scholars to seek a fixed procedure for 'aggregating' preferences wherein the procedure can satisfy the following natural conditions: Each individual in the study process can influence the outcome; the outcome can depend on preferences for irrelevant options; the procedure always produces an ordering; and, any universally shared preference can be reflected.
ART > Art distills sensation and embodies it with enhanced meaning in memorable form. Art is both an extension of life by means of simulated and ordered experience, and a discipline and language subject to judgment. [ BARZUN/1958]
ARTS, DESIGN OR CULTURE-BASED DESTINATION DISTRICT > A local arts, design or culture-based destination district is, by the latest consensus definition of the membership in the 7 Arts Foundation, a nonprofit or private regional organization, or an agency of a city or county government, which provides planning and developing initiatives, managing and programming services, assessing and financing support, much of it designed to attract, maintain and grow individual and collaborative arts, design and/or cultural pursuits that work to reflect the values, beliefs and ideals in a particular community or region. These desination districts are often invented to help foster the establishment of expressive elements--all made to be experienced--that define the district‘s boundaries, exhibit the district‘s commitment to its individual and institutional members, guests and participants. Their boundaries range from one-half square block to an average 4.5 square block perimeter. There are over twenty-five varieties of these destination districts in North America.
ARTS & ANTIQUE DISTRICT
ARTS & CULTURAL DISTRICT
ARTS & DESIGN DISTRICT >
ARTS & ENTERTAINMENT DISTRICT >
ARTS & HISTORICAL DISTRICT >
ARTS & SCIENCES DISTRICT >
ARTS & TECHNOLOGY DISTRICT >
ARTS & WAREHOUSE DISTRICT >
ARTS CLUSTER >
ARTS CORRIDOR >
ARTS DISTRICT > Arts [1573 usage] + District [1526 usage]. 1) a number of urban sites unifed by a common purpose, by architectural and /or design elements or by other artistic or pragmatic criteria, i.e., business improvement, arts mission, or by space proximity to arts institutions; the sites generally complement one another by design or by happenstance, often the outcome of a planning, developing, administering, and/or a managing focus shared by one or more combinations of urban renewal or revitalization advocates, from the public, private, nonprofit, social and voluntary sectors. 2) the shopping, tourist and arts studio nexus, a cluster, superblock or corridor artscape usually found in urban downtown spaces and used by artists, designers, arts advocates, arts cultivators and arts-related suppliers and vendors working to meet the needs and desires of collectors, students, conservators, visitors and cultural tourists, peers and backers. 3) an urban renewal and/or improvement project overlay featuring revitalized living areas, working studios, shops, workshops, galleries, public spaces, re-invented parking lots and pedestrian-friendly areas (streetscapes) designed to improve or otherwise to reclaim a neighborhood or entire section of a declining or uninspiring downtown, often invented to stimulate commercial adn social activity for good and high purposes, and enabled to help connect people to their heritage, their customs, their traditions and their neighbors. 4) a cultural private/public enterprise with an arts initiative focus, a force for lively living and for good, a hopeful and meaningful way to offer residents and workers, visitors and cultural tourists an edifyingly enlarged understanding and appreciation of a designed arts treasure - described in terms that frame a regional or local identity; a place or destination that merits the awe-filled regard of guests for the values of a community shared in artful ways.
ARTS GATEWAY DISTRICT >
ARTS SUPERBLOCK >
ASSESSMENT > A determination or valuation of real property, items of value, income, outlays, and, etc...
AXIOMATIC THEORIES > Economic theories relating to consumer behaviour and rationality, essential parts of Consumer Demand Theory and Indifference Curve Analysis. Rationality axioms: completeness; transivity; and, selection. Behaviour axioms comprised in the dominance axiom: continuity; and, convexity. The theories are folded into the concepts of Aesthetic Determinism.
BREAK-EVEN RATIO > Debt service + Operating Expenses/Gross Operating Income
BUDGET > A picture of values assigned to categories of expression or problem-solving actions which explain the priorities and the use of resources to achieve a specific goal during a defined time period. Such a snapshot can be used to reflect both the vision and mission of an organization in quantitative terms and as a tool to explain costs and expenses and income and contributions that are anticipated to occur during an interval of a specific length.
BUILDING RENOVATION > A campaign to raise money for de-construction, construction, renovation, remodelling or rehabilitation of a structure or space; the effort may be part of an organization's capital campaign.
BYLAWS > A formal document containing the rules of operation or code of regulations upon which a governing body and its members or constituents must rely.
CAPITAL CAMPAIGN > An undertaking, often extending over two to four seasons, to raise funds and/or underwriting to build a building or claim a corridor of space, to endow a service within a designated facility or space, or to initiate such funded long-term programs or projects for lasting change.
CAPITALIZATION RATE > (Cap Rate): Discounting future income to determine present value; also, Cap Rate = NOI/Value of Property (See PROPERTY VALUE)
CASH FLOW [after taxes] > Cash Flow (before taxes) - Income Tax Liability.
CASH FLOW [before taxes] > NOI - Debt Service - Capital Additions + Loan Proceeds + Interest Earned.
CASH-ON-CASH RETURN (or, the Equity Dividend Rate) > Annual Cash Flow/ Cash Invested.
CHARITABLE > A broad legal or administrative description of an activity, organization or purpose which conforms to an applicable law or code prescribing charitable objectives and goals.
CLOSE PROJECT REVIEW METHOD >
CODE OF ETHICS > Stated principles used by an organization to affect professional and ideal behavior by organization participants, including staff and governing body members.
COLLABORATION > Co-operation in shared work; hence, a concentration of people who work in conjunction with one another in a group or, less formally, those who work with or proximate to others who either share a common purpose or are self-aware of a role they play in the pursuit of a defined objective.
COMPOUND INTEREST > Principal at Risk x (1 + Periodic Rate) ^# of Periods
CONFERENCE/ROUNDTABLE/SEMINAR > Forms of gathering people of intelligence and intellect designed to engage them into entering into one or more authentic conversations about a topic, and thereby, helping them meaningfully contribute to the wealth of knowledge, wisdom and understanding about the literature on the topic, the schools of thought devoted to the topic, the on-going and planned pursuits to explore the topic, the divergent views from those who criticize or otherwise discount the known approaches to the topic, etc...
CONSULTATIVE ASSISTANCE > A service line of an agency or firm whereby program, administration and management challenges are studied, a prognosis is made, a prescriptive course is outlined, and, if accepted by a client, a corrective or otherwise new course of action is undertaken, sometimes conducted under the guidance of the agency or firm offering the expression or solution.
Consumer Price Index (CPI) > A major inflation measure computed by the U.S. Department of Commerce. It measures the change in prices of a fixed market basket of some 385 goods and services in the previous month.
CONTINUING SUPPORT > A grant, bequest or other gift which affirms the renewed mission of the organization in regularly recurring intervals.
CONTRIBUTED INCOME > Value given to a nonprofit organization whereby the donor receives no direct or indirect tangible exchange of goods or services from the institution; a gift or transfer of value without a transaction.
COSTING OUT > The action by planners and critics wherein they attach monetary values to plan components along with assumed consequences, including nominal outcomes or benefits. Such a planning tool often serves as the basis for developing a budget.
CRITERIA > A unit or set of units of measurement that can help determine the level to which an objective or goal is achieved.
CULTURAL DISTRICT >
DEBT COVERAGE RATIO (DCR) > Annual NOI/Annual Debt Service Note: 1.2 is often a benchmark ratio for standard real estate purchases in districts; 1.3 is often the outside acceptable ratio for many conventional district real estate deals; DCR is an expression of the amount of breathing room that must be maintained between the NOI and the Debt Service.
DEBT REDUCTION > A deficit financing scheme designed to reduce organizational indebtedness, often accomplished by paying down mortgage, rehabilitation, renovation, relocation and/or remodeling projects, often without penalties from the lender.
DEPRECIATION ALLOWANCE (Annual) > Depreciable Basis/Useful Life; Note: With 1/2-month increments applied, as necessary... See a broker, accountant or banker for advice about how this calculation affects a district real estate transaction's attractiveness.
DESIGN DISTRICT >
DESTINATION DISTRICT > A term coined by the staff of the 7 Arts Foundation to identify all the many varieties and configurations of so-called arts, design and culture-based urban districts
DEVELOPMENT PROGRAM > An organized promotion of understanding, participation and support for a nonprofit organization, often with aspects reduced to capital campaigns, planned giving, deferred giving and endowment funding.
DIRECTION > A general, long-range path loosely describing the orientation of a nonprofit organization often delineated with policies, guidelines and general parameters designed to help participants to take actions and to target objectives.
DISCOUNTED CASH FLOW > The additive value of all discouted cash flows, including the selling price (see an accountant: this formual takes up more space than the publisher has allotted for all the formulas included in this Lexicon page.
EARNED INCOME > Value exchanged for direct or indirect benefits with a patron or member or other participant. Such a transaction must be an approved part of the vision so it properly represents the values and objectives of the group in addition to providing sustenance for the existence of the organization.
Econometrics > The application of statistical and mathematical methods in the field of economics to test and quantify economic theories and the solutions to economic problems.
ECV = [(PV x Pcs - C) Pas] - D > Model of a 2-stage arts, design and/or cultural destination district investment decision. A project's expected commercial value is equal to the Net Present Value of a project's future earnings (discounted to today) multiplied by the Probability of Commercial Success (given the destination success as determined in a table of factors influencing value) minus the Commercialization or Launch Costs, all multiplied by the Probability of Acclaimable Success (given in the acclaimability factors table), the sub-total minus the Remaining Development Costs. An evaluation of a destination arts-design-cultural district on its merit to produce a total. A pragmatic approach contrasted with traditional 'highest-and-best use' decision-making tools. Source: 7 Arts Foundation.
EMPOWERMENT > A form of participative management. The system is designed to give to give participants both management and decision-making responsibilities. Participative leadership and participative management schemes offer nearly parallel views of private, for-profit systems of organizations and work concepts.
ENDOWMENT > A fund or other valuable property intentionally invented to provide variable or steady income or another form of subsidy for a program, project or institution.
ENVIRONMENT > The action of environing - forming a shape around something, encircling it. Also, the conditions or influences under which a nonprofit organization survives, develops, expires.
EQUITY DIVIDEND RATE (or, Cash-on-Cash Return) > Annual Cash Flow/Cash Invested.
ESPRIT DE FINESSE > Cultural historian Jacques Barzun calls the idea mathematician-philosopher Blaise Pascal developed an intuitive understanding. An observation without analysis, it is discerning view that grasps by inspection the whole character of an object or concept to understand it, to know it. This direct encounter lacks numbers, principles and definitions; therefore, to convey its essence to somebody else, a witness must use imagery and analogy to explain the whole view without hope of conveying a completely suitable explanation or obtaining a thorough agreement on the significance of the object or concept. Such mental finesse describes the work by which many priests, artists, arts educators, designers and advocates understand, recall and enjoy the high or holy expressions which serve as paradigms for their institutions.
EVALUATION > That phase of planning where an auditor or audit committee determines how efficient and effective the expressions and solutions offered by the group have been in terms of achieving one or more objectives. The efficiency rating is often a comparative statement with the basis determined by an average output or other normative indicator gauged within a field of similarly operating organizations. The effectiveness rating is often a pre-determined level of achievement based upon expectations and other factors agreed upon at the outset of each planning phase.
EXPENSES PER SQUARE FOOT (EPSF) > Operating Expenses/Gross Building Area (or NRA).
EXPENSES PER UNIT > Operating Expenses/Number of Units.
EXTERNAL FACTORS > A set of environmental forces over which the nonprofit has little or no control. Reflections on the impact to and the necessary corrective or avoidance contingencies of the nonprofit are a necessary and vital part of all planning.
Financial Instrument > There are two basic types: (1) a debt instrument, which is a loan with an agreement to pay back funds with interest; (2) an equity security, which is a share or stock in a company.
FOUNDATION > A nonprofit or member association organization often given special tax privileges because it serves societal, educational or other environmental needs as a catalyst for change through grants, loans, and in-kind services; part of the voluntary sector.
Fundamental Analysis > A method of anticipating future price movement using supply and demand information.
GAIN ON SALE (GOS) > The taxable profit on a property's adjusted basis and its selling price: GOS = Selling Price - Adjusted Basis (or, the Depreciation Adjustment Accumulations).
GEOMETRIC BENT > What the mathematician-philosopher Blaise Pascal calls the way of analysis: a view claiming simple things as definable, not subject to change when they are discussed, and, therefore, items which can be represented by numbers or by explanations in scientific terms when they undergo a permutation. Sometimes, the reductive way certain leaders view the expressions, actions and operations of an organization.
GOAL > That portion of an objective which results in a figurative or concrete achievement, accomplishment or level of fulfillment properly expressed as a discernable increase or decrease in a value which is stated in proprtion to the resources used to obtain a desired outcome. For example, an increase in attendance or participation that results from 'x' number of specific people getting the word out without a certain timeframe and in a definite way to a particular constituency at 'y' cost (money, materials, space, perhaps opportunity cost) to the group. Sports analogy, with apologies to our arts and urban revitalization advocates: the objective of a game is to win; a goal is to outscore an opponent.
GRANT > A valuable consideration offered in the form of a gift of money, real property or securities or in an in-kind form of subsidy.
GROSS BUILDING AREA (GBA) > Total area of all floors, including basement space; This is a useful calculation when the district project needs to demonstrate the growth of arts corridor buildings being assimilated, or being constructed. The outcome can be compared with the 'official' county or parish or province records.
GROSS DOMESTIC PRODUCT (GDP) > The value of all final goods and services produced by an economy over a particular time period, normally a year.
GROSS NATIONAL PRODUCT (GNP) > Gross Domestic Product plus the income accruing to domestic residents as a result of investments abroad less income earned in domestic markets accruing to foreigners abroad.
GROSS OPERATING INCOME (GOI) > GOI = GSI - Vacancy + Credit Loss (See Gross Scheduled Income).
GROSS RENT MULTIPLIER (GRM) > GRM = Market Value/Gross Scheduled Income (Annual Basis); a calculation useful when a district project needs to measure a growth rate comparison for one or building capacities (See Market Value) from time to time.
GROSS SCHEDULED INCOME (GSI) > GSI for a given year = Total Rent Payable Under Existing Contracts for Occupied Space + Total Potential Rent (at the market rate) for Vacant Space(s); also called Potential Gross Income Calculation.
GROUP FOCUS > The centre of activity, or the area of greatest energy, of an organizational assembly.
GUIDELINES > A written policy or procedural outline that reflects the values, beliefs, assumptions, ideals and objectives of an organization.
HISTORIC ARTS DISTRICT
INCOME/SQUARE FOOT (IPSF) > IPSF = GSI/Gross Building Area or NRA.
INCOME/UNIT (IU) > IU = GSI/Number of Units.
IMPLEMENTATION > An action that carries out a plan, inclusive of any adjustments needed to take into account changing circumstances and conditions.
INCREMENTAL BUILDING OR IMPROVEMENT COMMITMENT >
INFORMATIONAL ASSISTANCE > A service whereby an agency or firm collects data, digests it and disseminates it as information to subscribers or other beneficiaries.
IN-KIND SUPPORT > A loan or a gift of valuable equipment, supplies, materials, property or donor staffing. A reasonable assignment of value may be placed on such a loan or gift for the tax purposes of the benefactor and for the budgetary purposes of the beneficiary.
INSTITUTIONS > Tax-exempt nonprofit organizational entities which are not private foundations.
INTERNAL FACTORS > A set of forces, including space, human resources, funds, efforts and responses, over which an organization has some level of control.
INTERNAL RATE OF RETURN (IRR) > IRR = The Rate of Discount which makes the Net Present Value of a district investment equal to Zero (Consult with an accountant or banker, inasmuch as this formula is best calculated using a computerized model).
JOINT VENTURE > A purpose which is shared by6 two or more nonprofit organizations undertaken with shared responsibilities, liabilities and / or authority.
LAGGING INDICATORS > Market indicators showing the general direction of the economy and confirming or denying the trend implied by the leading indicators. Also referred to as concurrent indicators.
LASTING CHANGE >
LAW OF ATTRACTION > Psychological term refers to the empirical evidence indicating that people who appreciate one another will position themselves closer together than those who demonstrate no particular liking for each other. Concept folded into the studies associated with Aesthetic Determinism.
LAW OF DEMAND > The relationship between product demand and price.
LEADING INDICATORS > Market indicators that signal the state of the economy for the coming months. Some of the leading indicators include: average manufacturing workweek, initial claims for unemployment insurance, orders for consumer goods and material, percentage of companies reporting slower deliveries, change in manufacturers' unfilled orders for durable goods, plant and equipment orders, new building permits, index of consumer expectations, change in material prices, prices of stocks, change in money supply.
LOAN-TO-VALUE RATIO (LTV) > LTV = Loan Amount/Lesser of District Propert's Appraised Value or the Actual Selling Price.
LOSS RATIO (LR) > LR = Common Area(s)/GBA; A useful formula for whenever a project can show that more and more Common Area (s) are being converted into Usable Square Footage (USF).
MANAGEMENT CIRCLE > A functional means toward providing both organizational and spiritual leadership for a nonprofit or for an area of program or project work within an institution through which members, guests, participants and other constituents interface, thereby establishing a mission, confirming a vision covenant and enabling an organization to facilitate movement toward fulfilling a vision.
MARKET VALUE (MV) > MV = GRM x Gross Scheduled Income (when GSI is calculated on an annual basis).
MAXIMUM LOAN AMOUNT (MLA) > MLA = NOI/Debt Coverage Ratio/Mortgage Constant; This equation often assumes 12 payments per annum; see NOI and see DCR.
MONEY SUPPLY > The amount of money in the economy, consisting primarily of currency in circulation plus deposits in banks: M-1—U.S. money supply consisting of currency held by the public, traveler's checks, checking account funds, NOW and super-NOW accounts, automatic transfer service accounts, and balances in credit unions. M-2—U.S. money supply consisting of M-1 plus savings and small time deposits (less than $100,000) at depository institutions, overnight repurchase agreements at commercial banks, and money market mutual fund accounts. M-3 —U.S. money supply consisting of M-2 plus large time deposits ($100,000 or more) at depository institutions, repurchase agreements with maturities longer than one day at commercial banks, and institutional money market accounts.
MORTGAGE PAYMENT/MONTHLY CONSTANT (MP/MC) > MP/MC = Monthly Payment = Present Value x Mortgage Constant (monthly basis); See an accountant or banker or broker, inasmuch as this formula is best calculated using a computer model.
MUNICIPAL BONDS > Debt securities issued by state and local governments, and special districts and counties.
MUSEUM & THEATRE DISTRICT >
NET INCOME MULTIPLIER (NIM) > NIM = 1/Market-driven Cap Rate; see Present Value.
NET OPERATING INCOME (NOI) > NOI = GSI - Vacancy + Credit Loss = GOI - Operating Expenses. NOI is the ability of a property to produce income before financing.
NET PRESENT VALUE (NPV) > Present Value of all Future Cash Flows - Initial Cash Investment.
NOT-FOR-PROFIT > In general usage, a term often understood as interchangeable with the designation for a charitable organization. In legal parlance, a term referring to specific activities designed to meet purposes other than to generate a profit.
NONPROFIT > A formal designation for a charitable or other organization with the responsibility to uphold the public trust by engaging in activities which encourage diversity, foster experimentation or quality results often needing protection from market forces and which nurture or edify participatns and constituents, if any, toward increasing levels of personal growth. In no instances are any such organizations properly conceived or operated as business ventures. Such organizations are often exempt from all but unrelated business income taxes. Donations to nonprofits may be tax deductible to the extent of the provisions of the tax codes.
OBJECTIVE > An overarching purpose to be achieved by executing an expression, a solution or another action or sequence of actions. A related group of achieved goals can culminate in completed objective.
OPERATING EXPENSE RATIO (OER) > OER = Operating Expense/Gross Operating Income.
ORGANIZED ABANDONMENT > The concept for nonprofits which delineates the responsibilities of a governing body of an institution to members, participants and the general public whereby the nonprofit decides to cease operating under its official charter because of one or more of the following: 1) the organization can no longer justify its mission or missions; 2) the organization is faced with competition from another organization which is providing similar services or products with greater net benefit to the organization's target community; or, 3) the need for the services or products offered no longer exists. The work by which the organization closes its operations is a considered and deliberate action taken by a governing body as a matter of integrity made as a standard-bearer of the public trust.
PLAN DEFERRAL > The act of stopping or pausing amid implementation of an action plan. Such a change is often caused by unforeseen changes in base assumptions or in the range of external, often fluid, circumstances deemed acceptable by the group in its Mission Statement.
PRESENT VALUE (PV) of Future Cash Flow > PV = Future Cash Flow/[(1 + i)n]. Wherein 'i' = Interest rate per period, and the exponent 'n' = number of periods; also expressed as PV = NIM x NOI.
PRICE/SQUARE FOOT (PPSF) > PPSF = Price/Gross Building Area (GBA) or Net Rentable Area (NRA).
PRICE, INCOME & EXPENSES/UNIT (PIE/U) > PIE/U = Property Price/Number of Units; Calculates the Income/Unit & Expenses/Unit).
PRIME RATE > Interest rate charged by major banks to their most creditworthy customers.
PRINCIPAL BALANCE/BALLOON PAYMENT, or the annuity > Described as the PV of an Annuity = Loan Payment/Mortgage Constant for rate & remaining term; or, as the PV of the Annuity when A x (1 + i)^n - (Pmt/i) x [(1 x i)^n - 1].
PRINCIPAL & INTEREST per PERIOD > Often described as the Interest/Principal Breakdown for a given year, when the interest portion of a payment = the Outstanding Balance x Periodic Rate, and the Principal Portion of a Payment = the Payment Amount - Interest Portion. See an accountant or broker or banker, inasmuch as this formula is best calculated using a computer model.
PROFITABILITY INDEX (PI) > PI = Present Value of all Future Cash Flows/Initial Cash Investment. Note the Outcomes as follows in terms of a rule of thumb: 1.0 = Goal achieved; 1.+ = Goal exceeded; O.+ = Goal missed.
RATE OF GROWTH (ROG) > ROG = 72 /Number of Years the project will take to Double in Value (c.). Also, see Rule of 72.
RE-ENGINEERING > A restructuring of roles, lines of authority, communications and responsibility undertaken to improve the way an organization functions to accomplish pre-determined objectives. The management concept often emphasizes downsizing or streamlining all operations with little otr no loss of technically defined effectiveness while the organization focuses on lowering costs to constituents and adding returns to the organization. Oftimes, changes involve innovative uses of techne.
REFLECTION > Fixing thoughts on a subject: meditation, prayer, perambulation, deep or other serious consideration offered so an organization has knowledge of itself , its operations and its environemnt, or so the organization deals with ideas received by sensation and perception.
RELATED ACTIVITY > A program or project which further the purposes of a nonprofit organization.
RENTABLE SQUARE FOOTAGE (RSF) > Always defined by locally accepted Leasehold terms; often computed as USF + an Allocated Portion of the Common Area(s). This calculation is useful when rental rates are flat or dropping and the developer still needs to demonstrate real growth to participants in a district real estate scheme.
RETURN ON EQUITY (ROE) > ROE = Cash Flow (after taxes)/Initial Cash Investment; also described as ROE = Cash Flow (after taxes)/Resale Value - Mortgage Balance Owed.
ROI > Return-on-investment
RULE of 72 > The number of Years Required to Double the Cash Value (approximate) = 72/Rate of Growth; see also, Rate of Growth.
SALE PROCEEDS (SP or, Take Home or Before Tax Recovery) > SP = Selling Price - Cost of Sale - Mortgage Payoff
THE 7 ARTS > The disciplines and expressions found in music, dance, theatre, literature, the fine arts, the applied arts and the illuminated arts (film, videography, still photography).
SIMPLE INTEREST > Principal at Risk x Interest Rate x Time.
SPECIAL ZONING OVERLAY >
STRATEGY > A consciously conceived series of related goals, policies, expressions and guidelines meant to tactically set the defined paramenter for achieving an objective.
STREETSCAPE PLAN >
SUPPLY, LAW OF > The relationship between product supply and its price.
TAKE HOME (TH, or Sales Proceeds, or Before Tax Recovery > TH = Selling Price - Cost of Sale - Mortgage Payoff.
TAXABLE INCOME (TI) > TI = NOI - Mortgage Interest - [Depreciation on Real Property + Equipment Depreciation + Capital Additions + Amortization + Points + Closing Points + Interest Earned].
TEAMS > An organizational management technique devised to improve the productivity, attitude and job performance of aninvented work circle. The technique often stresses clarifying team goals and sharing expectations among team members. The team building technique is part of a coaching method,not to be confused with supervisory methods, called Team Management.
TECHNICAL ASSISTANCE > A service line, including networking, training, publishing, producing and directing help offered to practitioners and advocates, leaders and educators and their institutions; often, the area of help is in specialties requiring expertise or arcance bodies of data which an individual or organization uses only occasionally or which otherwise cannot afford to use often enough to justify an outlaty of valuable resources on a day-to-day or week-to-week basis.
TIF SCHEME >
TOTAL QUALITY MANAGEMENT > A wholistic 14-point concept developed by W. Edwards Deming focusing on continual quality improvement. Continuous employee and docent training, total venture cooperation and an emphasis on pride of workmanship are the hallmarks of the Deming concept.
TRADE > A business activity undertaken to produce income from the sale of goods or the performance of services.
TRADITION > A reference to commonly accepted experience, knowledge, understanding and wisdom of an institution or of a specific group through a measureable period of time; a tool of intellect.
USABLE SQUARE FOOTAGE (USF) > Actual space occupied by owner(s) and/or tenant(s) - Common Areas. This description is useful when the developer needs to demonstrate a genuine upswing in occupancy rates.
VACANCY & CREDIT LOSS (VCL) >VCL = GSI x Estimated % Vacancy + Credit Loss.
VALUE OF PROPERTY > Described as the NOI/Cap Rate.
WELCOME PACKET >
YIELD > A measure of the annual return on an investment.
YIELD CURVE > A chart in which the yield level is plotted on the vertical axis and the term to maturity of debt instruments of similar creditworthiness is plotted on the horizontal axis. The yield curve is positive when long-term rates are higher than short-term rates.
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FRIENDS, JOIN US, TODAY, SUPPORTING THE WORK OF THE FOUNDATION, BY HONORING THE DEDICATION & ACCOMPLISHMENTS OF YOUR LEADERS WITH A PLACE ON THE NATIONAL HALL OF FAME PAGE & PLACQUE. Please go to the Friends page, now. "After all, we are what we believe when we give, and nothing more." Dr. Marshall Thomas '00 AddressAESTHETIC DETERMINISM > 1. An evaluation of a destination district on its merits to produce a total. This pragmatic approach contrasts with many traditional variations on 'highest-and-best' use decision-making tools. For these outmoded revitalization tools start with arbitrary notions as to fixed uses of corner properties, in-fill properties and open urban spaces. In ECV-base decision-making models, careful proponents of arts-cultural-design-based destination districts can justify their expenditure of investment, grant, loan and re-cycled government distributions, including effort and time expenditures, in much the same way as many nonprofits determine, on an annual basis, whether or not to abandon their mission-driven organization in favour of alternative organizations which might better solve problems, meet specified community-targeted demands, or make or fulfill an acclaimably meritorious expression. Many of the claims made by proponents of AESTHETIC DETERMINISM rest upon the correctness of ECV-based assumptions and suppositions. 2.The current area of study is focused on superblocks, clusters and corridors of acclaimable objects and programs designed to help determine which acknowledged efforts by developers and politicians, artists and artisans, designers and urban environmentalists, urban planners and downtown advocates are most likely to achieve acclaimable, suitable and sustainable destination developments or redevelopments in identified sites. Study findings, results and outcomes can be abstracted into formulas which can represent the future economic value for both local and regional projected arts and/or cultural corridor, superblock and cluster undertakings and establish benchmarks by which to soberly judge local and regional efforts to conflate high art, design and convenience. 3. One set of model parameters for 2-stage arts-design-cultural destination investment decisions include the following: Size of metro market; proximity to other cultural destinations; proximity to recreational destinations (often negligible); proximity to nearest major metro area; colleges/universities within 10 mile radius; featuring star, new and emerging artists, singly and in combinations with one another; boundary district/neighborhood condition; current number of visitors to the metro area; proximate historic sites; proximate fine antiques shops; proximate 2-star or better restaurants; proximate entertainment values; live/work arts/craft/design sites proximity; parking conditions; streetscape conditions; proximity ot offices/studios; and, nominal real estate benchmarks.
AESTHETIC DETERMINISM MODELING TOOL - A hybrid tool combining deterministic components and agent-based components. It uses submodels to represent the urban environmental system. The combined dynamic of the submodels determine how the system might respond to human activities. Then, the 'currency' and 'resolution' of each agent in an Arts Corridor can be defined in many ways so they best match the requirements for the urban system being modelled. It is a typical agent-based model in that functional and physical attributes are detailed for each agent type, rules are specified for a range of behaviours and decisions and responses by agents are made dependent in the current state of an agent's urban environment. A notable feature of this modeling tool is a scheduler that functions somewhat like a multi-tasking operating system, assigning priorities to agents and splitting time to give the illusion of concurrency while ensuring temporal consistency and synchronicity among agents. The modelling tool: ECV=[(PVxPcs-C)]-D.
ARTS DISCOVERY SPACE EMPHASES
SPECIAL EVENT PRODUCTION EMPHASES
URBAN DESIGN EMPHASES
SOURCE MATERIALS & COPYRIGHT NOTICES
Thomas III, Marshall A. Thomas, MISSION MANIFESTO (Workshop Edition), a primer about a vision-mission revolution changing nonprofit institutions..., A Z Publishing Society Text, Co-published with the 7 Arts Foundation. Copyright 1995, 2000. Chicago, USA.
Oxford Universal Dictionary, Third Edition.
Copyright 2007 by 7 Arts Foundation. All rights reserved.
QUOTE OF THE 2000 SEASON
To ponder an important thought is to make an act; to act for lasting change is to invent a habit; to habituate soberly is to establish character; and, establishing character is to recognize something caring people will find worth pondering - anew; here, then is a way to view the genesis of an arts- design- culture- based destination district.
-- Copyright 2000 by Marshall Thomas & Father Ambrose Press. Quote by Dr. Thomas apprears in the workshop edition of the text: ARTS DISTRICT BUILDING MANUAL All rights reserved.
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