AugustWilson.net
August Wilson Center Gets Construction Financing From Local Bank Consortium
$7 million
construction loan provided by 7 local banks
Pittsburgh, PA: April 4, 2007 - In the midst of a multi-million dollar capital
campaign for their new home, the August Wilson Center for African American
Culture announced today that they will be receiving a $7 million construction
line of credit from seven local banks.
“Obtaining this loan at this stage of our campaign was critical to our plans to
open this magnificent cultural center,” explained the Center’s President and
CEO, Neil Barclay. “The warm and quick response from these local financial
institutions illustrates the broad support the community has for this
magnificent project and shows that the banks understand the economic impact this
center will have on the entire western Pennsylvania region. As August Wilson
himself once said, ‘We must develop the ground together,’ so I am especially
pleased that the banks participating in this loan are located from across
western Pennsylvania.”
Led by Dollar Bank, the lending consortium is regional in nature and includes
Allegheny Valley Bank, Community Bank of Carmichael, Fidelity Bank, Iron & Glass
Bank, Irwin Bank and Washington Federal Savings & Loan.
Named for the Pittsburgh-born, award winning playwright August Wilson, the
Center will be located on Liberty Avenue at the corner of Tenth Street and
William Penn Way in downtown Pittsburgh. The 65,000 square foot Center will be a
state-of-the-art, multidisciplinary venue celebrating the contributions of
African Americans in music, theater, dance, science, athletics, business and
more. The building will house a 500-seat theater for dance, theater and musical
performances, along with gallery space, a music café and a theatrically equipped
multi-purpose community center.
“Although our fundraising campaign is going well, obtaining this loan at this
stage enables us to continue to build this wonderful gathering place that will
attract visitors from around the world” explained Barclay. “The support of the
state and local governments, the foundation community, corporate friends,
individuals and now these local banks proves that the August Wilson Center is a
treasure already embraced by the entire community.”
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