Skip to main content
Philanthropy Journal Home

Philanthropy Journal News

Museum refinances

 | 

By Todd Cohen

RALEIGH, N.C. — The Contemporary Art Museum has moved its outstanding loan to CCB from Mechanics & Farmers Bank, securing a lower interest rate and adding a line of credit.

The museum also is moving ahead with its search for an executive director, and hopes by the end of April to find a successor to Denise Dickens, fired by the board last fall.

The museum, which owed $275,000 to Mechanics and Farmers, has restructured the loan with CCB as a $500,000 line of credit and will pay only interest for the first year.

Frank Thompson, board chair, says consultant Rebecca Worters of Capability Company in Raleigh will recommend five finalists from 17 candidates already screened from 28 applicants.

The museum does not plan to sell the former Dillon Supply Co. warehouse and office it owns at 409 W. Martin St. that has been appraised at $1 million, Thompson says.

He says he personally has made a commitment of $100,000 to the museum — $50,000 he contributed for the downpayment on the building, and a pledge of another $50,000, more than half of which he says he has paid.

Leave a Response

Your email address will not be published. All fields are required.