Press Releases
 

The Virginia Living Museum announced today that it is within $250,000 of its $3 million goal to receive a $6 million gift that will pay off its construction loan.

“We’re thrilled with the community response so far, but we have only a few more weeks to meet our goal,” said Page Hayhurst, museum executive director.

The museum must raise the entire $3 million by Dec. 31 to receive the challenge grant.

The 2000-2004 capital campaign for the new museum building was successful, raising more than expected from local government, business and private sources and anticipating funding from the state. When state funding did not materialize, the building construction was financed with two 20-year notes.  

The bank called the museum’s two notes in 2008, as part of the nation’s banking crisis. At that point, the museum owed $9 million in principal and interest.

The museum had been making its regularly scheduled payments. “The bank has been helpful in giving the museum time to resolve the debt,” Hayhurst said.

In response to this crisis, an anonymous donor offered a very special matching gift: if the museum raises $3 million in cash and pledges by Dec. 31, 2009, the donor will match 2:1, making a $6 million gift!

“This is a once in a lifetime chance to secure the museum’s future,” said Hayhurst. “This gift is particularly amazing given the current economic situation and that it has been designated for retiring a debt that is a growing burden for the museum.”

“This museum was built with community support. It has continued to thrive with community support and we are confident that community support will enable us to meet our goal by Dec. 31,” Hayhurst said.  

Former museum president Joe Witt is chairing a committee that has been soliciting contributions from businesses and community leaders. In addition, a public campaign has brought in more than $100,000 in smaller donations, Hayhurst said.

The Virginia Living Museum is a private non-profit museum and educational facility that has been in operation since 1966. In March it was accredited by the Association of Zoos and Aquariums, becoming the 12th institution in the country to be accredited by both AZA and the American Association of Museums.

The museum is located at 524 J. Clyde Morris Blvd., Newport News. For information, call 757-595-1900 or visit www.thevlm.org.

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