The museum, a development of the Historical Society of Washington, DC, will be housed in the Carnegie Library, which is currently undergoing a $30-million restoration in anticipation of the 60,000-sf museum's opening.
"After Sept. 11, like other initiatives, our efforts to secure financing were put on hold," Historical Society president and CEO Barbara Franco explains. "The $10-million loan enables us to confirm that the City Museum is on track for a spring 2003 opening. In addition, we will continue to move toward our $20 million capital campaign goal."
Already, the Historical Society has raised $14.9 million. The organization does not have to campaign for funds to lease the District-owned library, since it has secured an agreement with the city to lease the property for $1 a year for the next 99 years.
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