Quote:
Originally Posted by NYguy
By ROBIN POGREBIN
July 31, 2013
...a $50 million appropriation for a nascent arts organization, the Culture Shed. It is New York City’s biggest cultural capital grant this year — and an unusually generous contribution to an arts group that has yet to hire staff members, stage a performance or set a construction budget...
....The $50 million will probably cover only a minor portion of the Shed’s cost...
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First off, amazing news. The Shed is one of my favorite developments in the city and am so glad to see it getting nailed down.
Second, is the author of that article confused, or am I? In the beginning, the article says the 50 mil is for the organization, then later, asserts it won't be nearly enough to cover construction costs. Won't Related pay for the building and the 50 mil is for the Culture Shed org to rent the space, launch the organization, and day-to-day operations? Or the developer expects the Culture Shed organization to foot the bill for construction of the structure as well? And then the Culture Shed org will own it? It seems like someone's going to make a ton of money from this space renting it out to events like NY Fashion Week. I don't see why Related wouldn't want to own/pay for the Culture Shed and make bank renting it out. Sorry to be obtuse just trying to wrap my head around who owns what and who's paying for what.
