City Considers Museum’s Loan Agreement Forgiven
Greensboro Mayor Nancy Vaughan and City Manager Jim Westmoreland informed the International Civil Rights Center and Museum (ICRCM) today that its $1.5 million loan from the City is forgiven. According to the terms and conditions outlined in the August 19, 2014 loan agreement and August 19, 2016 loan modification agreement, the City of Greensboro’s Internal Audit Division has completed its final review of the museum’s records and documents and considers it complete.
“We are pleased to work with the International Civil Rights Center and Museum Board of Directors to meet the terms of this loan,” said Mayor Vaughan. “We recognize the value of the ICRCM and consider it to be an educational jewel within our community. We are pleased to close this chapter and wish the museum continued success in the future.”
In September 2013, the City agreed to provide a $1.5 million loan to the ICRCM in installments of $750,000 in 2013, $500,000 in 2014 and $250,000 in 2015 to help the museum satisfy outstanding tax credit payment obligations, to support operations, and to help further the continued development of the museum. For each net dollar the museum fundraised, the City agreed to deduct a dollar from the loan amount (with accumulated interest).
“This is a moment to celebrate a victory for what has been a trying time for our friends at the ICRCM,” said Mayor Pro Tem Yvonne Johnson. I am pleased to see them reach this accomplishment as a result of the City’s willingness to step in with a solution to keep operations going as this is one of the most historical places in the city.”The City has invited the ICRCM Board of Directors to attend its March 6 City Council meeting to congratulate them and museum supporters for their good work in achieving this significant goal.