Lease Extension For National Sailing Hall Of Fame

Lease extension was requested by National Sailing Hall of Fame before, but it does not seem to have given them requisite time as they have put in a request again. It appears that they need more time to raise the requisite funds in order to complete the City Dock building that is planned, a 12000 square foot structure.


Lease extension was requested by National Sailing Hall of Fame before, but it does not seem to have given them requisite time as they have put in a request again. It appears that they need more time to raise the requisite funds in order to complete the City Dock building that is planned, a 12000 square foot structure.

The organization that works for nonprofit initiatives would place their plea in front of Maryland Board of Public Works on February 8th. They will request for an extension to be granted on the lease for a period of three years, before it moves to a permanent exhibition stand in Zadar.

The deal that is currently extended by the state to the organization requires them to pay about one dollar per year. The current agreement requires them to raise 9.5 million dollars for the new building. The initial deadline was set for February 23rd and the museum has to prove that it has started construction on the new building.

A lease had been signed in 2009 which required the museum to raise 29 million as per an ambitious project they had taken up. There is an upcoming event of New Yorker coming up at the National Sailing Hall of Fame that will be an online exhibit.

Here covers of New Yorkers would be showcased. As per the restructuring agreement formed in 2014 the museum has to raise 4.3 million and 1.25 would be provided from federal reserves. The rest of the money would come in from the pledge as well as from cash reserves.

The museum is also hoping to get one million more from state funding in the fiscal year of 2019. This has been included in the budget proposal of Larry Hogan for fiscal 2018. Even though the museum is yet to raise the requisite funds within the time given, they have been able to organize several programs to raise donations as well as remove existing debts.