The American Museum of Folk Art is getting new home with the help of municipal bond investors, Bloomberg news reported Oct. 3.
To pay for the 30,000-square-foot building in Manhattan, the museum will sell $36 million tax-exempt revenue bonds through the New York City Trust for Cultural Resources. The bonds will be obligations of the museum and will be insured by American Capital Access.
J.P. Morgan & Co. will sell the bonds.
The museum will generate revenue through admissions fees and gift shop sales.
The museum is expected to open next year and will house one of the largest collections of paintings, textiles, furniture and hand tools from the 17th to 20th centuries in the world.
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