GREENSBORO, N.C. – The International Civil Rights Center and Museum’s $1.5 million loan from the city has been forgiven, according to a Greensboro city press release.
“We are pleased to work with the International Civil Rights Center and Museum Board of Directors to meet the terms of this loan,” said Mayor Nancy Vaughan, in a statement.
In September 2013, the city agreed to provide a $1.5 million loan to the museum in installments of $750,000 in 2013, $500,000 in 2014 and $250,000 in 2015.
The loan was provided to help the museum with outstanding tax credit payment obligations, to support operations, and to help further its development.
For each net dollar the museum fundraised, the city agreed to deduct a dollar from the loan amount, with accumulated interest, according to the city.
“We recognize the value of the ICRCM and consider it to be an educational jewel within our community. We are pleased to close this chapter and wish the museum continued success in the future,” Vaughan said.