The Fredericksburg Area Museum & Cultural Center (FAMCC) will auction the McKann Center in order to meet its debt obligations, Board Chairman Tom Wack announced on November 17, 2015.
Wack, who is leading the organization since the resignation of Executive Director Susan Glasser in October 2015, said an on-site auction is planned for noon on February 12, 2016. Both the former Planters National Bank building at 1001 Princess Anne St. and the Carley building at 215 William St. will be sold. The museum purchased the properties in 2004 for $990,000 and physically joined them during the 2006 renovation. They were named the McKann center for one of the major donors to the project, Catherine W. McKann.
The outstanding balance on the original $5 million construction loan is $3.4 million, Wack said. Union Bank & Trust holds the note.
The museum ceased operations in April 2015. Then Executive Director Glasser said the move was necessary for “restructuring to ensure its [the museum’s] long-term financial viability.” Glasser is now serving as a consultant to FAMCC.
“That debt burden [of the renovation], coupled with the increased expenses associated with operating two historic properties, has brought the museum to its current financial position,” Wack said.
Following the sale, the museum plans to consolidate into the Old Town Hall at 909 Princess Anne St. That property was the museum’s sole home prior to the purchase and renovation of and expansion into the two other buildings.
“The city offer is that they [FAMCC] would get their financial house in order and re-establsih their museum presence in Old Town Hall,” said City Manager Bev Cameron. The City of Fredericksburg owns Old Town Hall. “There is a lease in place now for $1 a year,” he said.
FAMCC Board Members
FAMCC board members are:
– Thomas Wack, Chairman, President of Development, Wack General Contractor
– Andre Pineda, Vice Chairman, Financial adviser, Partner, Vice President, Cary Street Partners
– Liz King, Secretary
– Jeanette Woodcock, Treasurer, Managing Partner and President, Woodcock & Associates, PC
– John Coker, retired orthodontist
– Michael Colangelo, Executive Vice President, Johnson Realty Advisors
– Hap Connors, Vice President, Government and Public Affairs, Center for Innovative Technology
– City Councilor Bradford C. Ellis, financial adviser, Edward Jones
– Bill Freehling, City of Fredericksburg Assistant Director for Economic Development
– Mayor Mary Katherine Greenlaw, Mayor of Fredericksburg, Commercial Sales-Leasing, Cushman & Wakefield | Thalhimer (retired)
– Richard Harrison, CEO, CodeHERO
– William J. Lynch, Jr., General Manager, Williams Communications (Retired)
– Charles G. McDaniel, Chairman of the Board, Hilldrup Companies
– Nancy Moore, librarian and former Free Lance-Star managing editor
– Russell Roberts, retired attorney
– Nick Seay, Principal, Beveridge Seay, Inc.
– Doug Stewart, Board Member, Managing Director, Partner, Cary Street Partners
Sales Team
The museum has hired the collaborating team of Jamie Scully and Wilson Greenlaw Jr. of Cushman & Wakefield | Thalhimer and John Nicholls of Nicholls Auction Marketing Group to market the Planters Bank and Carley buildings for sale at auction.
Fund Raising
Wack said the museum board plans an upcoming fundraising campaign to preserve the museum’s collection.
The FAMCC is also receiving contributions through The Fund for the Fredericksburg Area Museum at Old Town Hall. The Community Foundation of the Rappahannock River Region is administrating the fund.
If people donate to this fund and the museum closes for good, what happens to their money? We asked Teri McNally, executive director of The Community Foundation of the Rappahannock River Region.
The IRS considers a gift “complete” once it has been accepted by the 501c3 organization. This is important because any donation given to the fund is the property of The Community Foundation. The gifts from any donors will be used for the FAMCC. The Community foundation is charging NO FEE for administrating the fund. The fund agreement dictates that if the museum ceases to operate, The Community Foundation will exercise it’s variance power to achieve a use for the funds that most closely serves the donor’s intention to collect, interpret and present the history and culture for the Fredericksburg area in order to share with residents and visitors alike the stories of those who shaped the region and its role in the nation’s development.
“The Community Foundation is hopeful that the FAMCC will be able to transition their operations and continue serving our community and visitors alike,” McNally said. “The museum is a valuable asset and is worthy of community support.”
More
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Riverfront Park Plan Downsized from $20M to $5M
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