Waterloo gallery offered a life line
Posted Jan 15, 2010 03:22:58 AM.
This article is more than 5 years old.
Waterloo City Council may throw the cash-strapped Canadian Clay and Glass Gallery a much needed financial lifeline Friday.
Staff and museum officials have hashed out a plan that would see the city provide an interest-free loan and a grant that would allow the museum to regain its financial footing.
If approved, the city would give the museum a loan of just over $76,000 to be paid back over ten years, with the first payment being made in December.
As well, it would provide a grant of up to $20,000 which would be used by the museum to develop a long-tern, sustainability plan.
In return, the museum would be required to provide annual audited financial statements and present a business plan to the city.
Late last year, the city learned the museum was swimming in red ink and in danger of closing.
This plan is aimed at keeping the attraction open and viable.
