Madison's Overture Center for the Arts is liquidating a $100 million endowment set aside for covering operations and maintenance.
The Madison Cultural Arts District decided against refinancing
the $205 million center, still under construction on State Street.
Liquidating the endowment leaves the arts district with no clear
means of financing operations and maintenance after the facility is
fully open in 2006.
The endowment was expected to generate nearly $1.5 million dollars annually for three decades for those purposes.
Officials say the arts district and city will renew appeals for
financial contributions from Dane County and the state, which
refused to back the refinancing plan.
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