The National Trust For Historic Preservation has recommended the creation of a Music Row Cultural Industry District, according to a new report. The non-profit entity would be aimed at developing and promoting the music industry and associated businesses on Music Row. It would be Tennessee’s first established Cultural Industry District.
The National Trust for Historic Preservation is a privately funded nonprofit organization that works to save America’s historic places.
Part of the recommendation includes a loan program to aid smaller music businesses, so they can afford building rehabilitation, expansion and/or acquisition.
“I’m glad we’re pausing to try to look at the bigger picture and make the best decision about the future of our historic Music Row. We’re happy to assist the planning commission and are working with the National Trust for Historic Preservation and our partner organizations to survey the area’s historic resources and to write a history of Nashville’s Music Row,” said Tim Walker, Executive Director Metro Historical Commission, in February 2015.
Other recommendations include:
- Creating a Music Row Investment Trust to give business and property owners more collective control over prospective development on Music Row. The trust would aid individual property owners and businesses to plan and finance the acquisition, rehabilitation, expansion, and redevelopment of existing properties.
- Developing a Metro or State Government loan guarantee program to help smaller music businesses. The availability of loan guarantees or letters of credit could support financing the Music Row Investment Trust might undertake for acquisition, rehabilitation, preservation and other functions such as recruiting and retaining music-related businesses on Music Row.
- Establish the Music Row Historic and Cultural Preservation Fund to assist smaller cultural businesses that are operating in historic buildings. Metro Government should provide funding in the form of grants, capital expenditures, or seed money to launch a fund that would help finance historic rehabilitation projects that meet preservation standards.
- Create a Cultural Legacy Music Row Business Fund to encourage qualified “legacy” music businesses to stay on Music Row. This fund would provide a package of incentives to support the viability of the music industry in the district and support the preservation of Music Row’s historic built environment. Incentives could include local sales tax exemption for expenditures on preservation construction materials or music industry related equipment, and tax credits to defray historic rehabilitation project costs.
The recommendations also call for standardizing the zoning regulations proposed in the Music Row Design Plan, a separate document which addresses factors such building heights, setbacks, streetscape design, parking and transportation. The Music Row Design Plan is expected to be finalized in the summer of 2016.
- CMA Honors Robert Deaton With Chairman’s Award - December 4, 2020
- Nashville Symphony, Nashville Musicians Association Reach Agreement - December 4, 2020
- Zach Williams’ “Chain Breaker” Is Most-Added On ‘MusicRow’ CountryBreakout Radio Chart - December 4, 2020