WFHB Bloomington Community Radio
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“We saved the Waldron”. That was Bloomington mayor Mark Kruzan’s triumphant declaration as the Bloomington Area Arts Council announced it has signed an agreement for the city to take over the John Waldron Arts Center from the financially troubled council. The BAAC is getting a good deal, walking away from the Waldron without any debt. The city is getting a good deal too, as the holders of a clear title to a historic building worth anywhere from one to two million dollars, and careful control over its destiny. Here’s the score: the city tears up the $270,000 mortgage debt owed to them by the BAAC. Then the city buys the contents of the building for $150,000. The BAAC now no longer owes on the mortgage, and they can use the $150K to pay off their debts. The city has complete and total ownership of the building, and for now will run it using city staff from Parks and Recreation, Public Works, and other departments. But it’s only an interim solution – Kruzan is not interested in the city keeping the building. Instead he will try to find a buyer who is willing to agree to strict deed restrictions outlining what can and can’t be done in or to the Waldron. Hear the details straight from the source in our extended on-location coverage from the announcement. Click here for the entire unedited event audio.
