Star Tribune photo by Anthony Souffle.
Intermedia Arts, the troubled Twin Cities nonprofit that laid off its entire staff in September in the face of a financial crisis, has retained a broker to sell its property in Minneapolis' trendy Lyn-Lake area, according to a statement issued Tuesday by board co-chair Omar Akbar.
The company has hired Colliers International, a Canada-based global commercial real estate concern, to explore a sale of the two parcels of property it owns at 2822 Lyndale Av. S., which it has occupied since 1994.
The property was last appraised at $1.5 million about 20 months ago, according to internal documents seen by the Star Tribune.
Akbar also announced that the organization had finalized an agreement to move one of its programs, called Media Active, to the St. Paul Neighborhood Network, which programs St. Paul's public-access cable channels for Comcast and provides training in video and digital production.
"It's a good fit," he said. "Both are focused on young people and media."
Intermedia's outstanding debts include a $425,000 mortgage as well as money owed to various entities from running deficits over the past few years, including $848,628 in 2015, the last year for which tax records are available.
For 44 years, Intermedia has served as a haven for emerging artists and vulnerable populations, including immigrants, dancers, spoken word artists and members of the gay, lesbian, bisexual and transgender communities.
Intermedia has visual arts and literary programs, some of which have recurring funding, which may make it easier for them to find partners.
"We're in discussion with other nonprofits and funders to find the right partnerships for our programs," said Akbar. "We're not sure what the outcome of all of this will be, but we're working on trying to make sure that the momentum, the mission, continues."
