Munroe Schools
ArtSpan Has a Special Status
Though ArtSpan has its own education director, it is not financially or organizationally independent of the non-profit Munroe Center for the Arts. As it is not a separate entity, it does not pay rent to the Munroe Center for the Arts. It was instituted purely for service, particularly to Lexington. Its very small profit margin contributes to running the community art center.
All Other Tenants Pay Rent
All the others tenants, schools and studio artists, pay rent to Munroe Center for the Arts, which acts for the town as rental agent and building manager, in addition to pursuing the mission of serving the art education needs of Lexington.
All tenants have as part of their contracts and mission statements rendering community service and serving the arts education needs of Lexington (See Lexington). Although the mission of the Munroe Center for the Arts includes providing below-market rents, rental rates for the schools are in line with typical market rents for older school buildings in the area (Munroe was built in 1905), according to the benchmark study commissioned by Munroe and produced this year. Tenants are also responsible for their own phone service, cleaning, and comprehensive liability insurance.
School rental rates are currently approaching an average of $14 per square foot per year, while studio artist rents are approaching an average of $12.50 per square foot per year, which is at the high end of comparable community art centers' studio rents.
|
