Huntington Beach Loans $300,000 for City Art Center
The City Council has agreed to loan $300,000 to a foundation raising money to build the city’s first art center.
Including the loan, the foundation has collected enough money to cover the $698,000 cost of converting a downtown building into the Huntington Beach Art Center.
The foundation to date has collected about $450,000 in private pledges and public grants. Its members requested the loan so the city can begin seeking builders to renovate the former Southern California Edison office building at 538 Main St.
Under the loan agreement, the Huntington Beach Art Center Foundation will repay the money plus interest by November, 1992.
Ron Hagan, the city’s community services director, characterized the loan as “a line of credit” because he expects the foundation will raise enough money for the project before spending the loan.
The council has approved the art center as part of the city’s downtown redevelopment. Center officials say the facility will offer a diverse range of displays, including gallery exhibits, video productions and live presentations.
The center was originally scheduled to open in June, but planning delays and lack of funding postponed the opening by a year.
Officials now project that the facility will open next summer. Construction is expected to begin within two months.
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