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Parks staff: state will fund $50,000 for EG Hill Fountain but community must raise matching $50,000
Summary
The board discussed the EG Hill Fountain restoration: the state pledged $50,000 that must be matched by $50,000 in patron donations (cannot be paid from the bond anticipation note); the accepted bid is $164,000 and staff are launching crowdfunding (IHCDA/Patronicity) to close the gap.
At the April 9 meeting the Richmond Parks and Recreation Department told the board that the EG Hill Fountain historic restoration has state funding of $50,000, but that matching $50,000 must come from patrons and cannot be paid out of the department's bond anticipation note.
"The state has required that they will fund this project at $50,000 ... but we have to raise $50,000. That $50,000 cannot come from the bond," the presenting staff member said, explaining the department is using a Patronicity crowdfunding campaign in coordination with IHCDA to secure the match.
Staff said the accepted bid for the project is $164,000. The department is pursuing the $50,000 match to leverage the bond anticipation note and other funds, describing the crowdfunding requirement as part of the state's 'quality of place' initiative intended to engage patrons.
Staff asked the board and community to help raise the match so the department can 'leverage' bond funds for additional park projects; staff said they will report back on crowdfunding pledges and progress toward the match.
