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WASHINGTON, DC-Three banks have made a $10 million loan contribution to assure that the City Museum of Washington DC, the first museum dedicated to the District’s history, opens as planned in the spring of 2003. Chevy Chase Bank and Riggs Bank have pledged $4 million each, while Adams National Bank has committed to $2 million.

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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