Beverly Arts Center Issues Challenge To Further Reduce Debt

The Beverly Arts Center (BAC) delivered a payment of $500,000 to Fifth Third Bank today to meet its four-for-one challenge in which the bank will forgive $2 million of BAC’s long-term debt of $4.713 million. The residents and business owners of Beverly, Morgan Park and Mount Greenwood led the way in raising more than a half million dollars in ten months.

The bank’s four-for-one incentive was announced in September 2013 during a news conference led by Mayor Rahm Emanuel and 19th Ward Alderman Matt O’Shea (19th) at the arts center located at 2407 W. 111th St. It became the cornerstone of an ambitious fundraising campaign called the BAC Challenge.

“We are very gratified by Fifth Third Bank’s generous support to help us fortify the Beverly Arts Center’s future,” O’Shea said. “Our community’s response has been much greater than we ever hoped or imagined.”

Three major donors, including County Fair’s Baffes Family, Gary and Denise Gardner, and Lori and Ed McGunn, helped the arts center exceed its initial goal, O’Shea said.

“We are also grateful to Mayor Emanuel for donating $250,000 from unused privately-raised NATO funds and to State Rep. Fran Hurley (35th District) for securing $100,000 to apply to the principal of the construction loan,” the alderman added.

Mike Stanton, co-chair of the BAC Challenge campaign, said that donors contributed $1.147 million in response to the bank’s challenge.

“But a significant debt-burden still remains,” Stanton said. “So we want to reduce it more to ensure the financial strength of the Beverly Arts Center for years to come. Our ultimate goal is to eliminate the debt. With our success to date, we are confident we can further reduce the arts center’s long-term debt by raising an additional $500,000 between now and the end of August 2014.”

Stanton added that while 1,285 individuals and businesses have supported the fundraising campaign, “there are many thousands more families who enjoy what the Beverly Arts Center has to offer. As we approach our deadline, we encourage these families to contribute to our BAC Challenge, and we are asking loyal donors to consider a second gift.”

Presently, the Beverly Arts Center has met its obligations for the first loan. The additional $647,000 in donations will be applied to its remaining debt, leaving the arts center owing $1.039 million.

We’re counting on our community’s continued enthusiastic support, allowing the BAC to commit more funds to programs,” said Tim Enright, treasurer of BAC’s board of directors.

The arts center’s new executive director, Heather Ireland Robinson, hired five months ago, said that more music and theater entertainment will be added, as well as fine art exhibitions.

“We also have focused considerable attention on building a sustained development program. We are revitalizing our 555 Club for donors who commit $500 a year for five years, expanding our member-benefits program and adding an annual appeal,” Robinson said. “The momentum the Beverly Arts Center has gained during the past year demonstrates our community’s commitment to ensuring the arts remain a central part of their lives.”

To make a contribution to the BAC Challenge before Sunday, August 31, please call 773-445-3838 or visit the Beverly Arts Center’s website.