AGC Helps Secure LeMay Museum Construction Financing

AGC testified before the Tacoma City Council in support of a resolution clearing the way for the LeMay Museum to apply for a $3.5 million loan from the federal Department of Housing and Urban Developments Section 108 program. AGC testified alongside the Lemay Museum and the Pierce County Building & Construction Trades Council. Ultimately AGC efforts proved to be successful and the $3.5 million HUD loan was approved by the Council.

LeMay - Americas Car Museum will be the largest auto museum in the world housing over 1000 diverse vehicles spanning a century of automotive history and highlighting the future of our transportation system. David Madeira museum president and chief executive said the loan - combined with funding from the New Market Tax Credit Program - would give the museum 100 percent of its goal and allow it to move ahead with construction of the $28.4 million first phase.

The Museum had spent the last couple years raising a significant amount of money from the private-sector but needed the HUD loan as the last piece of the puzzle. Construction of the $28.4 million first phase will commence this year and will result in 165 full-time construction jobs.

Once completed the Worlds Best Car Museum is expected to draw between 425000 and 500000 visitors a year resulting in $34 million in local revenue. The Museum will be constructed adjacent to the Tacoma Dome.

In addition AGC received significant coverage in the local newspapers for its efforts at the City Council. Good luck to the AGC members bidding this project! For more information contact Tim Attebery AGC Southern District Manager at 253-272-7725.