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State to help OMSI pay $11.6 million debt
Monday, October 22, 2007 | No comments posted.
SALEM (AP) — State officials told lawmakers they have reached a new agreement to help the Oregon Museum of Science and Industry with an old state loan it has struggled to repay.
The restructuring calls for the state to forgive some of the $11.6 million debt piled up by OMSI while the Portland museum pays more than $3 million and tries to raise additional money.
About half of the remaining debt would be repaid over the next 31 years, starting with payments of $320,000 a year.
Some specifics are still to be worked out, and final details will need the approval of the museum board and the full Legislature.
The agreement was outlined to state lawmakers at a Friday hearing by the Joint Ways and Means Committee at the Capitol.
The restructuring calls for the state to forgive some of the $11.6 million debt piled up by OMSI while the Portland museum pays more than $3 million and tries to raise additional money.
About half of the remaining debt would be repaid over the next 31 years, starting with payments of $320,000 a year.
Some specifics are still to be worked out, and final details will need the approval of the museum board and the full Legislature.
The agreement was outlined to state lawmakers at a Friday hearing by the Joint Ways and Means Committee at the Capitol.
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