City requests structural clarity from Civil Rights museum

Staff at the International Civil Rights Center and Museum have until March 11 to answer more than a dozen questions from City Council related to the corporate structure of the entities attached to the struggling organization.

City Manager Jim Westmoreland sent the letter to ICRCM Board Chair Deena Hayes-Greene on Feb. 24, as first reported in the Rhino Times.

The letter seeks clarification on 15 specific issues, highlighted by a request for clarity on the “rationale, function, relationship of the five LLCs.”

“The for profit LLC seems to own the building, does another LLC own the exhibits, etc.?” Westmoreland wrote. “Please provide a summary overview of the LLCs, how monies are transferred between the LLCs, and a graphic which shows how these are connected.”

The letter goes on to request an explanation of how the corporate tangle impacts the tax credits the museum relies on and “implications of defaulting on the debt?”

The letter also states that asset management fees “seem very high.”

“Where does that money go? Please provide documentation showing how this works,” the letter requests.

City Council has a work session scheduled March 13, where this status of financial support to the museum could be discussed. Westmoreland’s letter explains that city council has directed him not to finalize the much talked about loan agreement “until the requested information is received and found to be acceptable by the Council.”

 

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One thought on “City requests structural clarity from Civil Rights museum

  1. Pingback: City forced to ask again for insights into ICRCM financial structure | Yes! Current

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