Wednesday, January 07, 2009

Problems in MadistanLand: Overture Center

Seems that the arts in Madison are having a hard time.

Overture Center's owner wants to give the $205 million arts facility to the city of Madison or another entity for $1 as part of a complex deal to secure its long-term future, a letter obtained by the Wisconsin State Journal shows.

City officials are balking about taking responsibility for the gleaming but financially strapped facility on the 200 block of State Street.

The alternative may be a bank foreclosure on the building, the letter says.

Do you s'pose that Madoff had something to do with it? From the "victims list":

Support Organization for the Madison Cultural Arts District

Wisconsin cultural organization

$18 million invested with Fairfield Greenwich until September.

A spokesman for the Overture Center in Madison, Wis., built with SOMCAD funds, said, "Speculation that SOMCAD could be on the hook is not outlandish."

Meantime, Madistan's Gummint is looking a $200million+ gift horse in the mouth. Classy!

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