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State Historical Society says private fundraising advancing for $78M military gallery; line of credit to be spent by April 2026
Summary
Bill Peterson said the $78 million military gallery project has raised $9.2 million in pledges so far; a $20 million line of credit is expected to be expended by April 2026 and SIF access requires 33% private fundraising verification.
Bill Peterson, director of the State Historical Society, briefed the Budget Section on the military gallery portion of the museum project, a $78,000,000 effort funded by legislative appropriations and private donations.
Peterson said legislative appropriations total approximately $32.4 million and private commitments will be used alongside bridge financing to support construction while three- to five-year pledge schedules conclude. "Access to the strategic investment and improvement funds will happen once private fundraising reaches 33% or $12,780,000 that will be verifiable to the office of OMB," he said. He reported $9.2 million in pledges to date and that construction site work and early foundation work are underway.
Peterson said current private fundraising prospects are active and that the pace of solicitations has accelerated since the 2025 legislative appropriation. He said details of bridge funding strategies are being developed and will be reported back to the committee once finalized.
