The City of Greensboro announced yesterday the International Civil Rights Center and Museum had met the terms of the city’s $1.5 million loan and as a result the loan has been forgiven:
“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.”
Museum co-founder and Guilford County Commissioner Skip Alston told the News & Record 2016 was a successful fundraising year, with the annual gala and golf tournament fundraisers bringing significant contributions. But, Alston cautioned—and it’s a big but––the museum must continue to raise money and build on its successes.
Forgive Gboro residents if we’re skeptical that the museum won’t come back to the city with its hand out sometime in the future.
