Fresno To Bail Out Its Museum

by Deidre Woollard (RSS feed)
Jul 11th 2009 at 2:02PM

One California city has stepped in to save its museum. City officials in Fresno will pay off a $15 million debt owed by the Fresno Metropolitan Museum. In return the town will receive the deeds to the museum building and its other real estate around the museum which the city can develop or sell. The city will then lease the building back to the museum. The museum is expected to pay over $2 million back to the city over the course of the next decade in staggered payments that take the current economic picture into account. The museum officials have also agreed to watch their budget more closely, fund raise more and have more family-friendly exhibits. The museum's board of trustees has approved the agreement which is now pending approval by the Fresno City Council.

Tags: art, bailout, california, fresno, museum