(Arnolds Park)– How to make good on a 1.7 million dollar debt was again a topic of discussion at Monday’s meeting of the Iowa Great Lakes Maritime Museum Board of Directors.
The board ruled out several options…including a plan for potential donors to buy and hold the mortgage. Al Maser, Chairman of the board’s fundraising and long range planning committee, said it certainly never was anticipated that potential donors would have ownership rights to the land. Previous reports to that effect following the board’s March meeting have stirred controversy. Maser says deed restrictions make it impossible for them to do that.
Other options discussed Monday but deemed impractical or unacceptable include operation of the park by a governmental entity; and reorganization under bankruptcy laws.
After ruling out those possibilities, the board decided to appeal to those who have yet to make good on their 1999 Save The Park pledges. It was estimated that 300-thousand dollars could be generated if that effort is successful. Other 1999 donors will be contacted, and a major fundraiser will be held in August in conjunction with the Iowa Great Lakes Maritime Museum’s annual meeting.
Board members say the very future of the park operations will hinge on those fundraising efforts.
