Eau Claire (WQOW) - The first donation is made toward a major downtown project.
On Wednesday, RCU announced they are donating $1million to a new community arts center in Eau Claire. The arts center is a part of the Confluence Project. In May we learned about that project, which also calls for a six-story building, home to commercial and retail space and student housing in downtown Eau Claire. Altogether the price tag could hit $85 million.
Doug Olson, the Chairman of the Board for the Royal Credit Union, says, "We believe that by being the first to announce a major gift, we'll lead others, both in the area of philanthropy, that will make major gifts, but also, in the case of the state of Wisconsin, who will have to help with the university piece."
The $1million from RCU is a step in the right direction. But ultimately, the project needs about $10 to $12 million in donations in order to help fund the community arts center.
Stuart Schaefer, the President of Commonweal Development, says, "If more philanthropy is available then that would help the project to be expanded and enhanced but that's kind of the range that we were targeting and feel fairly comfortable with being able to achieve that."
The total cost of the community arts center could get up to about $50 million. Besides donations the community arts center could be paid for through state funding and taxpayer dollars.
Commonweal Development says the collaboration is unlike any other project it's worked on in the past. "In a traditional commercial development we wouldn't look for any philanthropy, nor would we expect much interest in anybody donating to a profitable organization. This is a community project. This would be owned in part by the community," says Schaefer.
Eau Claire Regional Arts Center Director, Ben Richgruber, says, "I know that all of the writers, performers, entertainers, singers, dancers, in this town, are very appreciative of this gift. A new arts center has been a dream for many people for a long time."
RCU will have naming rights to the 450 seat theater.
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Eau Claire (WQOW) - Royal Credit Union announced Wednesday morning they're donating $1 million to the Community Arts Center portion of the Confluence Project.
We have a reporter at the news conference being held Wednesday morning. We'll have more information on our newscasts at 5, 6 and 10.
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Press Release from RCU:
Eau Claire, WI – This morning at a Clear Vision Press Conference held at the RCU Corporate Center in downtown Eau Claire, Rudy Pereira, RCU's CEO and Doug Olson, RCU's Board Chairman made an announcement confirming RCU's commitment to help fund the Community Arts Center; part of the Confluence project that was introduced by Clear Vision this past May.
"At Royal Credit Union we pride ourselves for being good Community Partners. We actively support youth, education and the betterment of our communities. We know that by giving back we can make a difference in the lives of our Members and community" said Olson.
The Confluence Project, located in Eau Claire across the river from the RCU Corporate Center, is a collaborative effort of public/private partnerships. This partnership will construct a new public Community Arts Center, with a private commercial/retail complex and UWEC student housing at the confluence of the Chippewa and Eau Claire rivers in downtown Eau Claire. It will showcase the vibrant local arts scene, cultivate emerging creative talent and could serve as a catalyst for revitalization in the South Barstow district.
"As Corporate Citizens, we feel our participation in this collaborative project is necessary and are looking forward to playing a key role in the cultural expansion of Eau Claire" said Pereira.
The gift from RCU will be paid over 5 years and will be used to help build the Community Arts Center, including naming rights of the 450 seat theater.
RCU, Royal Credit Union, is a federally insured credit union serving over 140,000 Members with 22 full service offices in Amery, Balsam Lake, Centuria, Chippewa Falls, Colby, Eau Claire, Menomonie, Milltown, New Richmond, Osceola, Rice Lake, River Falls, St. Croix Falls, Somerset, Star Prairie, and Whitehall in Wisconsin and 3 full service offices in Edina, Coon Rapids, and St. Paul in Minnesota. You can open an account or apply for a low-cost loan at RCU if you live or work in 18 counties in Western Wisconsin, 12 counties in the Twin Cities Metro in Minnesota, or are a Realtor in Wisconsin or Minnesota. Visit www.rcu.org or call RCU at 1-800-341-9911 for more information 7 days a week.
