Chicago Foundation Puts Olson Library Drive Over Goal
A $1.6 million dollar grant from a Chicago Foundation has propelled the Walter E. Olson Memorial Library renovation project past it's financial goal.
The Tawani Foundation money is said to be paid over five years.
Capital committee co-chair Phil Jensen says they have been hoping to hear from the foundation...
",.,.it's something we've been working on for the better part of a year. Our first contact with them was last winter just about January. We've been in conversation with them ever since..."
Jensen says they've raised just short of a million dollars prior to the foundation grant. The revised projected cost was in the neighborhood of $2.3 million dollars. Jensen says with the five-year payments, they will need some short term help...
"....and we're already talking with the city of Eagle River and we're likely to use them as our financial agent. We will also need to finish out the construction drawings and prepare to take it to the construction community and see how the bids come back..."
Jensen says they hope to break ground in the spring. He thanked the Tawani Foundation and all the people who have helped them reach this goal.