Form 990 for tax year 2022

Filed by RIVERCITY COMPANY.

Totals

Total revenue: $2,411,061
Total expenses: $2,078,117
Contributions and grants received: $272,575
Grants paid: $15,000
Program service revenue: $198,729
Investment income: $152,256
Other revenue: $1,787,501
Total assets, end of year: $24,591,593
Total liabilities, end of year: $684,351
Net assets or fund balances, end of year: $23,907,242
Program services expenses (Part IX): $1,455,700
Management and general expenses: $622,417
Fundraising expenses: $0
Program service expenses (Part III): $1,455,700

Program services were 70.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1f · All other contributions, gifts and grants

$272,575
2a · Program service revenue: EVENT INCOME - RCC

total $198,729 · related or exempt $198,729
3 · Investment income

total $117,924 · excluded $117,924
6a · Gross rents

real property $2,949,645
6b · Less rental expenses

real property $1,250,013
6c · Rental income or loss

real property $1,699,632
6d · Net rental income or loss

total $1,699,632 · excluded $1,699,632
7a · Gross sales of assets other than inventory

securities $1,449,538
7b · Less cost or other basis and sales expenses

securities $1,415,206
7c · Gain or loss

securities $34,332
7d · Net gain or loss

total $34,332 · related or exempt $34,332
11a · Other revenue: OTHER INCOME

total $87,869 · related or exempt $87,869
11e · Other revenue, total

$87,869

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $15,000 · program services $15,000
5 · Compensation of officers, directors and key employees

total $362,027 · program services $296,862 · management and general $65,165
6 · Compensation of disqualified persons

total $435,543 · program services $255,077 · management and general $180,466
11b · Fees: legal

total $9,036 · management and general $9,036
11c · Fees: accounting

total $69,410 · program services $16,061 · management and general $53,349
11g · Fees: other

total $462,817 · program services $445,810 · management and general $17,007
12 · Advertising and promotion

total $7,936 · program services $7,936
14 · Information technology

total $32,363 · management and general $32,363
16 · Occupancy

total $77,599 · management and general $77,599
17 · Travel

total $1,576 · program services $1,561 · management and general $15
22 · Depreciation, depletion and amortization

total $47,863 · program services $8,711 · management and general $39,152
23 · Insurance

total $39,054 · program services $27,144 · management and general $11,910
24a · Other expenses: EQUIPMENT RENTAL

total $68,097 · program services $68,097
24b · Other expenses: PRODUCTION ASSISTANCE

total $65,351 · program services $65,351
24c · Other expenses: TAXES AND LICENSES

total $61,889 · management and general $61,889
24d · Other expenses: PERFORMANCE CONTRACTS

total $53,300 · program services $53,300
24e · All other expenses

total $269,256 · program services $194,790 · management and general $74,466

Balance sheet

Part X, book values.

2 · Savings and temporary cash investments

beginning of year $2,657,732 · end of year $2,635,327
4 · Accounts receivable

beginning of year $334,002 · end of year $136,406
7 · Other notes and loans receivable

beginning of year $106,216 · end of year $106,216
9 · Prepaid expenses and deferred charges

beginning of year $82,038 · end of year $23,537
10a · Land, buildings and equipment: cost or other basis

$28,775,886
10b · Land, buildings and equipment: accumulated depreciation

$10,626,740
10c · Land, buildings and equipment, net

beginning of year $17,854,084 · end of year $18,149,146
12 · Investments: other securities

beginning of year $3,011,304 · end of year $3,285,671
15 · Other assets

beginning of year $61,947 · end of year $255,290
17 · Accounts payable and accrued expenses

beginning of year $317,679 · end of year $316,225
19 · Deferred revenue

beginning of year $141,266 · end of year $81,056
23 · Secured mortgages and notes payable

beginning of year $193,728 · end of year $93,727
25 · Other liabilities

beginning of year $0 · end of year $193,343
27 · Net assets without donor restrictions

beginning of year $22,679,900 · end of year $23,474,009
28 · Net assets with donor restrictions

beginning of year $774,750 · end of year $433,233

Mission and programs · 2022

Mission

THE RIVERCITY COMPANY'S MISSION IS TO ASSIST AND SUPPORT THE CHATTANOOGA CITY AND HAMILTON COUNTY GOVERNMENTS BY PROMOTING AND MANAGING THE DEVELOPMENT OF A VIBRANT, ATTRACTIVE AND HEALTHY DOWNTOWN THAT IS THE ECONOMIC, SOCIAL AND CULTURAL CENTERPIECE OF THE CHATTANOOGA REGION. THE RIVERCITY COMPANY ACCOMPLISHES THIS BY OVERSEEING DEVELOPMENT OF DOWNTOWN REAL ESTATE, MAKING AND PROGRAMMING GREAT URBAN SPACES, AND EMPLOYING CREATIVE URBAN DESIGN. ITS PRIMARY STRATEGIC AREAS FOR PROJECTS AND INITIATIVES ARE: (I)CONTINUING THE ONE RIVERFRONT PLAN IN THE RIVERFRONT DISTRICT, (II)REINVIGORATING THE HISTORIC COMMERCIAL CORE IN THE CITY CENTER DISTRICT, AND (III)BRINGING MORE RESIDENTS TO ALL AREAS OF DOWNTOWN THROUGH CATALYZING A FULL RANGE OF DOWNTOWN HOUSING.

REIMAGINING BROAD STREET: RIVERCITY ALONG WITH THE CITY EMBARKED ON A COMPREHENSIVE AND VISIONARY PLAN FOR BROAD STREET IN DOWNTOWN CHATTANOOGA. THE PLAN IS A DETAILED BLOCK-BY-BLOCK URBAN DESIGN ANALYSIS THAT WILL ADDRESS THE PUBLIC REALM IMPROVEMENTS, MULTI- MODAL TRANSPORTATION ENHANCEMENTS, INTEGRATE TECHNOLOGY, GREEN INFRASTRUCTURE, PARKING, ECONOMIC DEVELOPMENT OPPORTUNITIES, ALL WHILE SUPPORTING EXISTING BUSINESSES AND URBAN RESIDENTS.

Expenses $201,478
ROCK THE RIVERFRONT: TO RESPOND TO THE FEEDBACK AND DESIRES OF THE COMMUNITY PROVIDED THROUGH THE ONE RIVERFRONT PLAN, THE RIVERCITY COMPANY TEAM CREATED "ROCK THE RIVERFRONT", A MONTH-LONG CELEBRATION OF CULTURE, ENTERTAINMENT AND PLAY FOR ALL TO ENJOY ON THE CHATTANOOGA GREEN. ROCK THE RIVERFRONT'S MAIN ATTRACTION WAS LOS TROMPOS, INTERACTIVE SPINNING TOPS FOR ALL AGES TO ENJOY. OTHER EVENTS INCLUDED DJS EVERY FRIDAY, LIVE MUSIC ON SATURDAYS, WEEKEND LOCAL POP UP VENDORS, LIGHT UP CHATT LANTERN PARADE, AND SIPS OF LATIN AMERICA.

Expenses $160,999
DOWNTOWN ANIMATION: RIVERCITY BUILT OFF THE SUCCESS OF DOWNTOWN ANIMATION FROM THE PAST TWO YEARS WITH A ROBUST CALENDAR OF ACTIVITIES AND EVENTS FOR 2022/2023. EVENTS AND PROGRAMS INCLUDES; ST PADDY'S ON THE PARKWAY, ICE CREAM CRAWL, SUMMERWEEN, MUSIC & MOVIES IN MILLER, FAMILY FUN DAY ON THE GREEN, WITCH & WARLOCK PADDLE, REINDEER ON THE RIVERFRONT AND WINTER BREAK SPECTACULAR.

Expenses $195,687
EVOLVING OUR RIVERFRONT PARKS: THE FIRST PHASE OF THE ONE RIVERFRONT PLAN IS TO HUMANIZE THE PARKS AND GREEN SPACE ON THE RIVERFRONT. BUILDING UPON THE LEGACY AND DESIGN OF THE 21ST CENTURY WATERFRONT, WE WILL EVOLVE AND ENHANCE OUR RIVERFRONT PARKS FOR RESIDENTS AND VISITORS TO EXPERIENCE AND ENJOY BEAUTIFUL, COMFORTABLE AND EXCITING PARK SPACES.FUTURE OF HAWK HILL: WITH THE ANTICIPATED RELOCATION OF THE CHATTANOOGA LOOKOUTS BASEBALL TEAM FROM AT&T FIELD TO THE U.S. PIPE & WHELAND FOUNDRY SITE, HAWK HILL WILL BECOME AVAILABLE FOR REDEVELOPMENT. PER THE LAND TRANSFER AGREEMENT WITH THE CITY OF CHATTANOOGA, THE CURRENT STADIUM WILL BE DEMOLISHED ONCE THE CHATTANOOGA LOOKOUTS HAVE RELOCATED TO THE NEW STADIUM. RIVERCITY COMPANY ALONG WITH THE CITY, COMMUNITY INPUT, URBAN PLANNERS AND DOWNTOWN STAKEHOLDERS TO ASSIST IN DEVELOPING A COMPREHENSIVE, LONG-TERM VISION FOR THE SITE TO GUIDE FUTURE REDEVELOPMENT. WITH THIS INFORMATION, RIVERCITY COMPANY WILL EXPLORE POTENTIAL LAND USES, DENSITY, PUBLIC SPACES, CONNECTIVITY, AND THE NECESSARY INFRASTRUCTURE TO SUPPORT FUTURE REDEVELOPMENT.STRATEGIC MARKET ANALYSIS: RIVERCITY COMPANY ENGAGED RCLCO FOR A COMPREHENSIVE MARKET ANALYSIS TO ASSESS THE MARKET OPPORTUNITIES FOR RESIDENTIAL OFFICE, RETAIL AND HOTEL DEVELOPMENT IN GREATER DOWNTOWN TO INCLUDE ANALYSIS FOR TARGET MARKETS, MARKET DEMAND, MARKET POTENTIAL AND MARKET EVOLUTION.ECONOMIC DEVELOPMENT TOOLKIT: RIVERCITY COMPANY PARTNERED WITH CNE AND THE CHATTANOOGA AREA CHAMBER TO HELP DOWNTOWN BUSINESSES UNDERSTAND THE DIFFERENT TYPES OF FUNDING AVAILABLE. COMMUNITY AND ECONOMIC DEVELOPMENT TOOLS INCLUDE A VARIETY OF FEDERAL, STATE AND LOCAL AID AND FUNDS THAT CAN BE USED TO HELP IMPLEMENT A SPECIFIC PROJECT. DIFFERENT TOOLS OF FUNDING CONSIST OF GRANTS, LOANS, BONDS, FUNDS, ABATEMENTS AND TAX CREDITS.GRATEFULL: GRATEFULL IS FREE AND ALL ARE WELCOME TO JOIN TOGETHER FOR A THANKSGIVING MEAL IN THE MIDDLE OF MARTIN LUTHER KING BLVD. THERE IS NO FEE, NO EXPECTATIONS, AND NO AGENDA-JUST AN OPEN INVITATION FOR ALL TO GATHER IN THE CITY FOR A TIME OF THANKSGIVING AND GRATEFULNESS.POPS IN THE PARK: RIVERCITY COMPANY PARTNERED WITH THE CITY OF CHATTANOOGA AND CHATTANOOGA PRESENTS TO BRING BACK POPS IN THE PARK, CHATTANOOGA'S ANNUAL INDEPENDENCE DAY CELEBRATION. THE BELOVED EVENT IS FREE AND OPEN TO THE PUBLIC TO ENJOY LIVE MUSIC FROM THE CHATTANOOGA SYMPHONY & OPERA ALONG WITH A FIREWORKS SHOW OVER THE TENNESSEE RIVER.MILLER PLAZA: MILLER PLAZA IS AN URBAN PUBLIC PARK CONSTRUCTED ALMOST THREE DECADES AGO IN THE HEART OF DOWNTOWN CHATTANOOGA; IT WAS BUILT BOTH TO PROVIDE A MODEL OF GOOD URBAN DESIGN FOR "ACTIVE PARK USE", AND TO PROVIDE A VENUE FOR AN ENORMOUS VARIETY OF ANIMATING ACTIVITIES FOR DOWNTOWN. WHEN IT WAS CONSTRUCTED, DOWNTOWN CHATTANOOGA WAS SLIDING DOWNHILL WITH ABANDONED RETAIL STORES, CLOSED MOVIE THEATERS, OFFICES AND RESIDENCES RELOCATING TO OUTLYING SUBURBAN AREAS, AND A VACUUM OF ATTRACTIVE ACTIVITY AND ANIMATION, ESPECIALLY AFTER WORK HOURS ENDED. MILLER PLAZA WAS THE FIRST BEACON FOR THE REVIVAL OF DOWNTOWN CHATTANOOGA, AND MILLER PLAZA NOW SERVES AS THE HOME FOR THREE RESTAURANTS AND ONE RETAIL SHOP, SEASONAL FRIDAY NIGHT CONCERT SERIES FROM MEMORIAL DAY TO LABOR DAY, AND A VENUE FOR MANY DOZENS OF CIVIC GATHERINGS AND ACTIVITIES. MILLER PLAZA IS OWNED BY THE RIVERCITY COMPANY AND IT CONTINUES TO PROVIDE THE SOCIAL ANCHOR FOR EVENTS AND ANIMATION WITHIN THE CITY CENTER DISTRICT OF DOWNTOWN CHATTANOOGA.MLK COMMERCIAL CORRIDOR IS AN INITIATIVE INTENDED TO INVIGORATE AND ACCELERATE THE REVITALIZATION OF THE MLK DISTRICT BY ACQUIRING KEY PROPERTIES TO HELP DEVELOPMENT AND DENSITY, PROVIDING SIGNAGE AND FACADE GRANTS TO TENANTS/OWNERS WHILE INSTILLING AND REQUIRING QUALITY URBAN DESIGN PRINCIPLES, AND ASSISTANCE WITH RETAIL AND COMMERCIAL RECRUITMENT EFFORTS TO HELP LURE BUSINESSES.

Expenses $897,536 · Grants $15,000 · Revenue $198,729

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Jennifer GoodmanJENNIFER GOODMAN

CHAIRWOMAN

Total calculated

$0

Hours/week

1
Andrew KeanANDREW KEAN

VICE CHAIRMAN AND TREASURER

Total calculated

$0

Hours/week

1
Dana PerryDANA PERRY

SECRETARY

Total calculated

$0

Hours/week

1
Tom GriscomTOM GRISCOM

PAST CHAIRMAN

Total calculated

$0

Hours/week

1
Martha LeiperMARTHA LEIPER

VICE PRESIDENT

Total calculated

$0

Hours/week

1
Alnoor DhananiALNOOR DHANANI

VICE PRESIDENT

Total calculated

$0

Hours/week

1
Comissioner David SharpeCOMISSIONER DAVID SHARPE

DIRECTOR

Total calculated

$0

Hours/week

1
John BilderbackJOHN BILDERBACK

DIRECTOR

Total calculated

$0

Hours/week

1
Mayor Weston WampMAYOR WESTON WAMP

DIRECTOR

Total calculated

$0

Hours/week

1
Ken DefoorKEN DEFOOR

DIRECTOR

Total calculated

$0

Hours/week

1
Althea JonesALTHEA JONES

DIRECTOR

Total calculated

$0

Hours/week

1
Councilwoman Raquetta DotleyCOUNCILWOMAN RAQUETTA DOTLEY

DIRECTOR

Total calculated

$0

Hours/week

1
Yancy FreemanYANCY FREEMAN

DIRECTOR

Total calculated

$0

Hours/week

1
Mayor Tim KellyMAYOR TIM KELLY

DIRECTOR

Total calculated

$0

Hours/week

1
Roy VaughnROY VAUGHN

DIRECTOR

Total calculated

$0

Hours/week

1
James McKissicJAMES MCKISSIC

DIRECTOR

Total calculated

$0

Hours/week

1
David WadeDAVID WADE

DIRECTOR

Total calculated

$0

Hours/week

1
Barry WhiteBARRY WHITE

DIRECTOR

Total calculated

$0

Hours/week

1
Rebecca AshfordREBECCA ASHFORD

DIRECTOR

Total calculated

$0

Hours/week

1
Jim WilliamsonJIM WILLIAMSON

VICE PRESIDENT

Total calculated

$129,520

From this org

$112,133

From related orgs

$0

Other

$17,387

Hours/week

40
Emily MackEMILY MACK

PRESIDENT

Total calculated

$232,507

From this org

$219,028

From related orgs

$0

Other

$13,479

Hours/week

40

Schedule J breakdown matched by us

Base

$219,028

Bonus

$0

Other

$0

Deferred

$0

Nontaxable benefits

$13,479

Filer's total

$232,507

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

3 · Compensation committee
3 · Independent compensation consultant
3 · Form 990 of other organizations
3 · Written employment contract
3 · Compensation survey or study
3 · Approval by the board or compensation committee
7 · Other non-fixed payments

Answered no

4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3: THE EXECUTIVE COMMITTEE REGULARLY REVIEWS SEVERAL FACTORS INCLUDING (1) AN INDEPENDENT COMPENSATION SURVEY, WHICH WAS LAST PERFORMED DURING 2019. THE SURVEY LOOKED AT THE ECONOMIC RESEARCH INSTITUTE SURVEY DATA FOR CEO COMPENSATION OF VARIOUS INDUSTRIES, INCLUDING NON-PROFITS AND REAL ESTATE DEVELOPMENT, COMPENSATION FOR THE CEO OF THE CHATTANOOGA CHAMBER OF COMMERCE, THE CHATTANOOGA CONVENTION AND VISITORS BUREAU, THE TENNESSEE AQUARIUM, NASHVILLE DOWNTOWN PARTNERSHIP, AND KNOXVILLE CHAMBER OF COMMERCE, (2) THE APPLICANT'S EXISTING RATE OF PAY, (3) COMPENSATION PAID TO THE TWO IMMEDIATE PREVIOUS RIVERCITY EXECUTIVE DIRECTORS, (4) EVALUATION SEMI-ANNUALLY OF THE EXECUTIVE DIRECTOR'S BONUS COMPENSATION BASED UPON GOALS SET BY THE COMMITTEE.
PART I, LINE 7: THE EXECUTIVE COMMITTEE EVALUATES SEMI-ANNUALLY THE EXECUTIVE DIRECTOR'S PERFORMANCE IN ORDER TO DETERMINE WHETHER ANY BONUS COMPENSATION IS APPROPRIATE, BASED UPON GOALS SET BY THE COMMITTEE. NO COMPENSATION IS TIED TO A FORMULA RELATED TO REVENUE OR RECEIPTS.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

SOUTHSIDE RENAISSANCE CORPORATION

C · SOLAR PROJECT DEVELOPMENT · TN · 100% owned · share of income $9,065 · share of assets $131,464

Directly controlled by THE RIVERCITY COMPANY

Provenance

Return type: form_990
Tax year: 2022
Filed: 14 November 2023
IRS schema version: 2022v5.0
Source object: 202313189349309166

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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