ALA Gets $3-Million Windfall
from Building Refinancing
American Library Association Executive Director William Gordon announced November 5 at an ALA Executive Board meeting that the Association can expect a check for $3 million in December, as a result of the refinancing of the ALA building at 40 East Huron Street.
Gordon said Habitat, the company that owns the building, informed him of the windfall earlier that day. ALA owns the first seven floors of the 58-story highrise, built in 1981, on a condominium basis in limited partnership with Habitat. He told the board that the original funding arrangements for the building, including the part played by the ALA endowment, would have to be examined before any decisions could be made about what would be done with the money.
A full report on the Executive Board's weekend meetings will appear in the November 15 American Libraries Online.
Posted November 8, 1999.
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