Update: The commission voted unanimously to commit $500,000 in reserves to the Walton Arts Center Monday afternoon. Read the full story.
Walton Arts Center officials are expected to ask the Fayetteville Advertising and Promotions Commission for a half a million dollars at today’s regular A&P meeting.
An item on Monday’s agenda, titled “AMP proposal from Walton Arts Center,” outlines a special request in the amount of $500,000 to use toward planned renovations at the Arkansas Music Pavilion.
From the request:
This funding will ensure our ability to begin the construction almost immediately and complete the project in time to celebrate Walton Arts Center’s 20th anniversary season.
When renovation plans were unveiled last week, funding details were still being finalized. Walton Arts Center officials said half of the $4 million needed would come from private fundraising.
More from the request:
A&P funding is critical at this juncture for two reasons: First, the funding will ensure that we have the resources needed in order to have a shovel in the ground this October and that we can meet our aggressive timeline. Second, the support of the A&P Commission provides significant leverage for us to complete our fundraising. The support of the A&P shows the City’s commitment to the project and will be a key component in completing the fundraising campaign.
According to the request, the project’s budget includes the following revenue sources:
Willard and Pat Walker Charitable Foundation – $1,000,000
Construction Loan – $1,200,000
Fundraising + WAC cash reserves – $1,000,000
A&P Special Request Funding – $500,000
According to the arts center’s public relations manager, Beth Goodwin, two Walton Arts Center officials, CEO Peter Lane and COO Terri Trotter, will be in attendance at Monday’s meeting to discuss the request.