Pledges were promised over a three year period. The Center borrowed funds to pay the builder and agreed to a flexible term payback to CFF over the next several years. Often a group wants to build or renovate a facility to fulfill a demand for expanded programming. Recently, the Massachusetts Cultural Facilities Project made a loan to the Cape Cod Repertory Theatre to renovate a former summer camp dining hall to serve as an indoor theater. Cape Rep's current main performance venue is an outdoor theater, which is limited by weather and the seasons.
Loans can also stabilize organizations.
The Clay Studio, an exhibition space and working facility for ceramic artists in Philadelphia, took out a commercial construction loan in 1990 with a high and variable interest rate. Last year CFF-Philadelphia refinanced the loan, cutting the interest rate in half and stabilizing payments. Loans can also cover the costs of renovations and major equipment. With CFF-San Francisco's assistance, Bay Area Video Coalition turned an expiring lease situation into an opportunity to fulfill organizational and programming needs through a facility move, expansion, and equipment upgrade. By financing the relocation, CFF helped us move into a position of strength for the future.