The Evanston Art Center has withdrawn its request for a $500,000 loan from the city to help buy its new headquarters at 1717 Central St.
City Manager Wally Bobkiewicz this evening announced that the center’s officials withdrew the loan request this afternoon after obtaining the remaining financing to close on the purchase of the $2 million building from another source.
The center had previously secured a commitment from First Bank & Trust to provide a $1.5 million mortgage to cover most of the purchase price.
That eliminates the need for City Council debate on the proposal, which had been scheduled to take place at next Monday’s council meeting.
Norah Diedrich, the art center’s executive director, told aldermen Monday night that the center had raised $1.6 million in just over two months of a capital campaign for the project — the center’s first capital fundraising effort in several decades.
Diedrich says that in addition to the purchase price of the vacant office building, the center also needs to raise an additional $1.8 million to renovate the building for a scheduled opening on May 1 next year.