Bridge Financing Approved for Tompkins Center for History and Culture Interior Renovations
The Legislature, by a vote of 12-1 (Legislator Shawna Black voted no; Legislator Deborah Dawson was excused), authorized a loan of up to $500,000 to the History Center, to enable completion of interior renovations to the Tompkins Center for History and Culture, pending receipt of approved grant and funds pledged through the Center's capital campaign. The interest-free bridge loan, to be repaid within three years, is provided to the History Center, as representative of the Center partners, and supplements similar bridge financing provided by The Park Foundation and to be provided by Tompkins Trust Company. The loan amount will equal that provided by the Trust Company, not to exceed $500,000.
Tompkins County, traditional underwriter of the History Center, in 2017 purchased the historic Tompkins Trust building, located at 106-112 N. Tioga Street in Ithaca, in anticipation of the bank's relocation to its new headquarters, to house the History Center, along with other co-located non-profits, having financed the acquisition through casino revenue received by the County, including $1.9 million in licensing fees. Center partners are responsible for all non-code related and structural costs for interior renovations, tenant improvements, and exhibits, with a total cost of just under $3,750,000—$2 million in grant funding committed and a capital campaign of $1,750,000 in progress, including support pledged over a three-year period.