Art Museum delays groundbreaking
By David Bonetti
POST-DISPATCH VISUAL ARTS CRITIC
2008-11-06

The St. Louis Art Museum has decided to delay the groundbreaking of its $125 million expansion. The museum’s Board of Commissioners cited the current financial markets for the move.
“With the current disruption in the financial markets, we believe it is in the best interest of the museum and the St. Louis community to temporarily delay our expansion,” Board president John Weil said.

During the past four years, the museum has received commitments of more than $120 million toward the $125 million capital campaign goal. During recent months, not one gift or pledge has been withdrawn.
“Our financial plan included debt,” museum spokesperson Jennifer Stoffel said. “Not all gifts to a financial campaign come in the form of cash. There are pledges, bequests, estates and stocks. A certain amount of the plan required the museum to go to the debt market to borrow enough money to fill the gap between the cash we have in hand and the pledges.”
Because of financial conditions, borrowing at reasonable rates is not feasible at the moment, Stoffel said.
Weil said that the museum would set a date for groundbreaking once the market stabilizes.
dbonetti@post-dispatch.com | 314-340-8351