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IMCPL Foundation Meets Financial Goal to Receive Lilly Endowment Challenge Grant
June 30, 2003
A major funding milestone has been achieved by the Indianapolis-Marion County Public Library Foundation in its efforts to obtain community support for the transformation of Central Library downtown.
Recent gifts of one million dollars each from the Eli Lilly and Company Foundation and the Simon Family have allowed the IMCPL Foundation to complete a campaign to raise $18 million before June 30, 2003 in order to receive a $25 million challenge grant from Lilly Endowment Inc.
These generous gifts, along with those previously-obtained, fulfill the IMCPL Foundation's commitment to generate $43 million for the expansion and renovation of Central Library. The estimated cost of the project is $102.7 million. The remainder of necessary funding is being obtained through the issuance of general obligation bonds.
The Central Library's Capital Campaign Chair J. Albert Smith, President of Bank One, Indiana, stated, "We have been thrilled with the wonderful community support this project has received. Local families, corporations and foundations have made leadership gifts demonstrating their support of lifelong learning in Indianapolis."
Smith expressed thanks to all of the Campaign's 575-plus donors for making the Central Library Transformation a reality.
The IMCPL Foundation will continue to focus on providing funding for programs and services that will enable the transformed Central Library to serve as a vibrant community resource. Later this year, the IMCPL Foundation will begin a public campaign that encourages the community to support the project.
Rapid progress in construction is taking place at the Central Library site at 40 E. St. Clair Street. Recently, crews completed excavation for a 400-vehicle, two-story underground parking garage. Plus, a 180-foot tower crane was erected that will be used to transport materials throughout the construction process.
The transformed Central Library is scheduled to open in early 2006.
The public is invited to follow construction progress by visiting www.imcpl.org.
