News

LeMay board meets and agrees with financing plan; groundbreaking announcement on hold pending approval of funding

May 10, 2009

Posted in the News Tribune by C.R. Roberts @ 06:11:25 pm
Without actually announcing a date, this is about as close as you can get to the news that the LeMay Automobile Museum will break ground in Tacoma within the next four months.

“The board did approve the financing plan we put together, and they did approve the contract price and authorize a small committee to negotiate a final contract,” said museum President and CEO David Madeira late this afternoon.

The LeMay board met this weekend in Colorado.

“They’ve authorized us to go forward and plan to break ground pending our ability to pull the financing plan together,” Madeira said.

That plan comprises two elements – finalization of Department of Housing Development Section 108 loan, which has been approved by the Tacoma City Council, and approval of funding from the federal New Market Tax Credit program. Authorization of this second element is being finalized by US Bank.

“The board told us that if you close those things in the next 30-45 days you can get the executive committee to give you the final authorization,” Madeira said. “We’re proceeding on the assumption that we will. We’ll be meeting with the city this week to close on the land.”

The board meeting, he said, “Was the most productive we’ve had in six years. Everybody was gearing up – the building committee, the collection committee, every committee, development and marketing – each committee was unanimous in going forward.”


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