Funding For Music Hall Renovations Approved
The funding for the renovation of Music Hall is in place. 3CDC spokeswoman Anastasia Mileham says the $135 million project is paid for by philanthropic gifts, a city grant, and historic tax credits.
"When (the tax credits and philanthropic gifts) comes in and when construction bills are due often differ. So you need to bridge that difference between when you pay your construction guys and your specialists and when the pledges come in."
Mileham says four different banks are providing the bridge loan.
"Every bank has different requirements for how you secure that loan. So then you have to figure out how you back that loan. So it was just a very complicated process that finally came to a close last week," she says.
$65 million has been collected from private sources so far. Mileham says the Music Hall Revitalization Company has $3 million to go before reaching its goal.