Stalled Broadcast Museum Gets Big Offer

June 12, 2006

Chicago's Museum of Broadcast Communications says it's secured enough private financing to restart construction on its new downtown building.

Construction on the museum's new 70,000-square-foot home stopped in early May when it couldn't afford to pay contractors.

When a private charitable trust learned of the museum's money troubles, they wanted to help. Museum president Bruce DuMont confirms that the trust sent him an offer that would more than fill the financing gap, and trigger the release of millions of dollars in state funding.

A spokesperson for Gov. Rod Blagojevich's budget office, Becky Carroll, called the trust's offer great news, but says the deal with DuMont is not quite closed.

Carroll says, "Now it's a matter of getting the terms of that agreement on paper, sitting down with him and going through the process so we can bring this to a finality."

Carroll says the state doesn't yet know the name of the charity, and Bruce DuMont declined to release its identity.

But DuMont says he's confident the state will accept the offer, allowing construction to restart, and the museum to open by next spring.