News & Record reports Greensboro’s International Civil Rights Center and Museum has not paid on its $1.5 million “forgivable loan” from the city, according to City Manager Jim Westmoreland:
“The city has not yet received payment from the museum,” Westmoreland said Friday. “We have asked for a response to our letter by July 22. The response should include either the payment and/or a proposed repayment plan.”
Neither museum director John Swaine nor board chairwoman Deena Hayes-Greene immediately responded to questions Friday.
The “forgivable” part of the loan is the city’s agreement forgive $1 of the loan for every $1 the museum raised from September 2013 until July 1, 2015:
City auditors found $612,510 in donations that count toward the $1.5 million “forgivable” loan, Westmoreland and Vaughan wrote.
But that leaves the museum with a balance of $933,155, they wrote. The money is due in three installments through February 2018.
What’s hilarious is the museum is also trying to claim that historic tax credit interest payments and debt forgiveness from Carolina Bank as donations. Fortunately the city isn’t buying it, although they may end up “buying it” in the end—-the mueseum, that is—-in which case taxpayers would be “buying it.”
