At the moment, there are plenty of things going on in the local music scene to make sure that Austin stays in the leading spot for music cities around the world. While all of the current ideas such as cultural asset mapping and mobile apps are noble and helpful, the biggest step so far has been Austin winning the Neighborly Bonds Challenge.
Neighborly, which deals in municipal bonds, brags that it is the “next generation” of local investing. When they announced their bonds challenge, Austin Mayor Steve Adler submitted an application for what he called “Keep Austin Music Creative Bonds,” which he envisions helping preserve iconic music venues, create new spaces, and make sure that the local music industry has the chance to grow and develop for years to come.
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This week, Austin won that challenge!
In an exclusive op-ed published by Austin Culture Map, Mayor Adler noted that the affordability crisis has hit Austin residents hard, but no group has been hit harder than the local music business. He also cited a recent study conducted by music advocacy group Austin Music People, which found that Austin lost 1,200 jobs in the local music industry over the past four years, mainly due to local venues closing due to rising rents.
When Mayor Adler and City Council announced the Music & Creative Ecosystem Omnibus Resolution this past February, Mayor Adler told us that we needed to find ways to preserve the local creative class by making music venues affordable and sustainable. And that’s exactly what he hopes the Neighborly Bonds Award will help the city do.
“My goal is to create an environment in which the local music industry can flourish, and I think preserving permanently affordable iconic music venues is one way to create transformative change,” Adler wrote. “We envision using Neighborly’s expertise, skill, and technology to crowdsource a $10 million investment vehicle that can create permanent affordability for the music venues we can’t afford to lose.”
With the Mayor feeling confident we are heading in the right direction for nurturing our music and creative scenes, we are excited to see the events unfold.
If you would like to read more of Lauren Gribble’s features, you can head to her website Listen Here Reviews.