News Column

Develop Erie affiliate helps museum restructure debt

September 2, 2014

By Kevin Flowers, Erie Times-News, Pa.



Sept. 02--A DevelopErie affiliate will help the Erie Art Museum refinance debt from its $9 million expansion project.

The Erie County General Authority has approved $2.2 million in financing to help the museum restructure a portion of its debt on that project, according to Develop Erie officials.

The General Authority's board of directors approved the financing last week, and Erie County Council also signed off on the move, which is required. The General Authority is one of several affiliates that fall under the umbrella of DevelopErie, the region's lead economic development agency.

The authority has the power, under the Pennsylvania Municipal Authorities Act, to provide tax exempt financing to qualified nonprofits.

"We've benefited before from these financing options and we're glad to be able to take advantage of it again," said John Vanco, the museum's longtime director. "It saves us money and makes these projects feasible."

The museum's long-awaited expansion was 25 years in the planning. It added 10,500 square feet to the museum, 411 State St., and renovated 15,000 square feet of storage space.

KEVIN FLOWERS can be reached at 870-1693 or by e-mail. Follow him on Twitter at twitter.com/ETNflowers.

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(c)2014 the Erie Times-News (Erie, Pa.)

Visit the Erie Times-News (Erie, Pa.) at www.GoErie.com

Distributed by MCT Information Services


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Source: Erie Times-News (PA)


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