Regional Performing Arts Center "Thrilled" by Announcement of Challenge Grants from Pew Charitable Trusts, Lenfest Foundation and Annenberg Foundation
October 4, 2001
Flanked by representatives of its resident performing companies, the Regional Performing Arts Center leaders today expressed their appreciation for the extraordinary series of challenge grants, totaling $31 million, announced today by a partnership that includes the Pew Charitable Trusts, the Lenfest Foundation, and the Annenberg Foundation.
Under the terms of the grants, the Pew Charitable Trusts will contribute $17 million, the Lenfest Foundation a total of $9 million, and the Annenberg Foundation a total of $5 million to help underwrite the costs of repairs and renovations at the Academy of Music (now part of RPAC), aid RPAC’s resident companies as they move into new space in the Center, and strengthen the financial underpinnings of The Kimmel Center for the Performing Arts, the spectacular new venue set to open on December 16th on South Broad Street.
"We are thrilled and gratified by the remarkable generosity of these gifts," said Willard G. Rouse III, RPAC’s Board Chairman. "These joint gifts will play a major role in ensuring that Philadelphia takes its place as an internationally recognized center for the performing arts."
The Academy will receive $5 million to make roof alterations so that it can accommodate touring Broadway shows, which will significantly expand the venue’s ability to attract events and increase its revenues. In addition, six of the resident RPAC companies - The Philadelphia Orchestra, the Opera Company of Philadelphia, the Philadelphia Chamber Music Society, the Chamber Orchestra of Philadelphia, the Pennsylvania Ballet, and Philadanco - will receive a total of $13 million over five years.
The grant awards call for the resident companies to increase admissions revenues by five percent each year (after year one) as a condition of receiving the grant funds in those years.
RPAC itself also will receive $13 million over five years, to be distributed on a declining basis to defray the Center’s operating deficit during that period. Under the terms of the grant, RPAC will receive funds to cover 100 percent of its operating deficit in year one, 80 percent in year two, 65 percent in years three and four, and 40 percent in year five. To continue receiving funds after year one, RPAC must raise $10 million for its endowment during 2002 and an additional $10 million each in 2003, 2004, and 2005.
"There is no question that these gifts also constitute a real challenge to RPAC to raise the endowment fund over the next five years," said Leslie Anne Miller, RPAC’s Interim President. "But we are confident that we can meet the challenge. The Philadelphia community has embraced the Center, and it has responded in extraordinary fashion over the last three years.
"Three years ago, the challenge was to build the building and pay for it," said Miller. "Today, we are nearing completion of that remarkable goal. We will open this performing arts and community center on time on December 16th, and we are closing in on completion of our capital fundraising."
"We are deeply grateful to The Pew Charitable Trusts, the Lenfest Foundation, and the Annenberg Foundation for this tremendous gift," Miller said. "It’s a great day for all of us, and for the performing arts in Philadelphia. Through the generosity of these gifts, we are assured that the Academy renovations can be completed, that the resident companies will be able to make a smooth transition to their new home at RPAC, and that the Center’s long term financial stability is secured."
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