Performing Arts Center Fundraising Falling Short
Posted: 3:05 pm EST November 25, 2008Updated: 5:17 pm EST November 25, 2008
ORLANDO, Fla. -- The troubled economy is putting Orlando's most popular new community venue in serious jeopardy.Polls showed taxpayers prefer the new performing arts center over both the new Magic arena, and the renovated Citrus Bowl. But the arts center is falling behind in fundraising goals and is scrambling to find $45 million.The $408 million Dr. Phillips Orlando Performing Arts Center is set to start construction next year. Tax dollars will pay for most of it, but donations are needed as well. While supporters have been able to raise $86 million in pledges, they are still short by $45 million. The center needs to raise $25 million by 2010 and another $20 million after that."Economically, it's a difficult period to raise money," said fundraising chairman Jim Pugh.Supporters originally pledged they'd raise $85 million but the number has jumped because of extra costs. The land cost more than anticipated. Also, when the county approved the venue, there were stipulations, such as making the building environmentally-friendly.An added extra feature for the performing arts center includes a glass community building. It will be used for events, banquets and weddings. It will extend over Magnolia Avenue and add to the original cost.Another problem the center has faced is that donors typically pledge money over a three to five year span. So the center has had to borrow money to get the new facility off the ground."We now have two city blocks of land in order to fund the land purchases. We have a $40 million line of credit," said Pugh.If donors don't follow through on their pledges, or money becomes a problem, the project could be scaled back. But for now supporters say they have time to raise the additional $45 million.Supporters say if they can't raise the money, they could ask the county or city for the cash. And if that fails, they say they can always take out a loan.
Previous Stories:
- August 22, 2008: Orlando's New Performing Arts Center Unveiled
- December 13, 2007: Board Expected To Vote On Approval Of Location For New Performing Arts Center
- December 5, 2007: Church Agrees To Sell Property For New Performing Arts Center
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