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DEC 20 <br />� <br />THE ARTSCENTER DRAFT BUSINESS PLAN 16 NOVEMBER 1990 <br />ADDENDUM <br />mo`/isal :7 Decss2ar 174.: <br />of tnis miar. SE-sral items z� nztr "no� <br />00 <br />-`e 7ern %?7c12s Samcnak Fcurwatir7 his a=77cri7et � <br />co-Ein-I^M zn tneir note /ncts princi-1e and ln7enevt� <br />2. ,�e. Mary Rey-oIds Babcock F=undstion has met with Mai- <br />St-opt PartnerE in am effort to work out an equitatle <br />snlction 4c the note =wed MSP bv Thn ArtsCenmer. mai7 <br />Street haE aqreed to a moratorium on the note until 2� <br />Decemter 1p9Q Wen apother meeting is scneduled. <br />Z. ��e Mary �e vno lds Babcock Foundation has o ff 3re d h l <br />!7 <br />to Tty A~vstentar in obtaining capital funds from <br />similar Foundations in an effort to otmvide the capital <br />tm nwrcrase the baildi1g. <br />4 �f purchase of the building is not Possible, <br />Baocock Foundation and The ArtsCen°er are <br />workinq on seyeral alternative planz which will allow <br />The ArtsCenter time to become financially solvent and <br />pay off the notes owed to Babcock and Main Street, <br />Partners. <br />Z. A local bank has agreed to work with The ArtsCenter in <br />developing a loan that will be guaranteed by major <br />corporations' The bank and the general manager of The <br />ArtsCarter are deveIoping a package that will be taken <br />to major c=r�orations in the area. The package will <br />allow the bank to make a loan to The ArtsCenter and <br />each corparation will make the monthly payments. In <br />this manner, the corporation will be making a donatzon <br />to the center which is tax deductible and is payable <br />over more than one year. Therefore, the company will <br />not have a lump sum outIavo This will allow the center <br />tm pay its outstanding debts and begin to create a <br />solvent financial base for the future. <br />6' The Sreater Triangle Community Foundation has set up a <br />speciai account for donations to The ArtsCenter. The <br />foundation will monitor the expenditure of the funds <br />from this account. This special fund will provide <br />assurance to donors that their contributions will be <br />spent in accordance with their wishes. <br />_7 �n alternative to corporate donations can be that The <br />Arts[enter itself take out the loan and spread the <br />$120,000 in back debt over a five year repayment <br />pepiod with corporate guarantors. <br />3. Three new �rants have been written. One was delivered <br />3 Decemb�r 199� and ap�roved for a Chamber Music Ser1ss <br />in the amount of $1,500 from the Mary Duke Biddle <br />Foundation. The second was not approved and the third <br />we have not yet heard from. <br />