Topic: NCM eNews - NCM Applies for Grant
in Forum: National Corvette Museum
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The Museum’s building expansion plans were first announced in June 2003, with a fundraising campaign to add approximately 60,000 square feet. Approximately $2 million has been raised towards the campaign and with the increased construction costs, the decision was made to take a “phase approach” to begin the expansion. The first phase is estimated to cost about $5.3 million, and will be funded by the $2.3 million grant, and $3 million by the Museum. The Museum will need to raise approximately $700,000 and the plans are for this to be obtained from additional fundraising efforts or from bank financing if necessary. “For the past 10 years, our main focus has been to reduce debt,” states NCM Executive Director, Wendell Strode. “Having reduced our debt from $12 million to $3 million, it is at a much more manageable level.” Strode states that the Museum is positioned to do more strategic and long-term planning and sees this addition as “Phase one” for future expansion.
Phase one of the building expansion will bring several needed enhancements to the Museum and its 140,000 annual visitors. Enhancements include:
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Library/Archives
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Historic Car Display Area
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Corvette Store Expansion
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Restrooms
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Offices
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Classroom
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Corvette Cafe
The grant, called a T-21 grant, funnels federal money through individual states. A city or county must be a sponsor of the grant application, and the City of