City leaders approve up to $60K loan for CWCM
By Taylor J. Hale
STEVENS POINT – City leaders unanimously approved up to $60,000 in a loan to the Central Wisconsin Children’s Museum (CWCM) at a special redevelopment authority meeting on Oct. 7.
The loan is needed for roof and structural repairs. The group has been working on fundraising efforts for the project since last February.
The building is leaking, due to the roughly 30-year-old roof, according to CWCM staff. The funding would allow the museum to finish its needed repairs, which include removing two existing rubber padding layers.
The seven percent interest loan from the city is slated to balloon in June of 2020 and fall to a six percent interest rate. The CWCM used their downtown property, located at 1100 Main St., Stevens Point, as collateral for the loan.
“The building itself is the collateral,” said CWCM Executive Director Sandy Williams. “We intend to pay off the loan with our fundraising efforts as soon as possible so we can keep that interest at a minimum.”
Roof patching and preparation work is set to be completed by mid-October before securing the structure for winter. According to Williams, the commercial roof repair work will begin around April 10.
Staff hopes to see the repairs finalized by the summer of 2020. Williams noted that the community has already helped raise roughly $22,000 for the project. The CWCM has a fundraising goal set of $75,000 to help repay the loan and additional maintenance fees. They will continue their fundraising efforts until the goal is met or until the loan balloon date in June.
To learn more about the CWCM or to donate, visit: www.cwchildrensmuseum.org/.
Contact Taylor J. Hale at [email protected] with Portage County news and information.