Fresno To Bail Out Its Museum
Filed under: Art
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.
The economy has hit just about every industry including fashion. Here in the States we've had bailouts of investment firms, banks and automakers but no handouts for the fashion industry. They do things a little different in Italy. The Italian minister of economic development Claudio Scajola is planning to allocate money to help Italy's fashion industry which has seen revenues tumble as consumer spending falls.
