SACRAMENTO (CBS13) — Wonderful works of art may hang on the walls of the Crocker Art Museum, but debt has been knocking on its door.
The museum owes the city of Sacramento $10 million stemming from the 2009 Crocker expansion loan.
It’s not that director Lial Jones has no money now.
“We do not know when the estate gifts will be fulfilled.”
She’s secured $10 million in estate gifts from donors who are still alive, meaning the museum can’t collect from their estate yet.
“We know that there could potentially and most likely will be and we hope will be a timing difference, because we never want anyone to pass away in an untimely manner,” she said.
The city has agreed to forgive the debt through an arrangement that includes transferring the museum’s parking revenue rights toward the building of a downtown Sacramento Kings arena.