Thursday, September 16, 2010

Jersey City officials say art museum is behind on mortgage

Jersey City officials say art museum is behind on mortgage, bills | "City Business Administrator John “Jack” Kelly said Wednesday he was recommending the city not fund the museum, in part because of the city’s own $80 million deficit but also because of the museum’s financial problems. Kelly said the museum is behind on its mortgage and utility bills. “It’s difficult for the city to fund the museum when the museum has been closed since February, even though the city funded the museum for a 12 month period,” he said.

While the Jersey City Redevelopment Agency donated the building at 350 Montgomery Street in 1993, the museum poured $11 million into the location to transform it from a municipal garage to an art museum. While some of the funding was raised through a capital campaign, there is a mortgage on the property."

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