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Iowa Transportation Museum to break ground....
Reprinted Courtesy Of Poweshiek County CR, July 28, 2010 by J. O. Parker, joparker@dmreg.com
Efforts to build an Iowa Transportation Museum (ITM) in Grinnell received a boost last week with the issuance of $3.7 million construction loans.
ITM board members and others were present at the loan signing in the basement of the Lincoln Savings Bank on the morning of Wednesday, July 21.
‘We have been at this for a number of years,” said Gerry Schnepf, ITM board president. “In a way it’s a culmination but it is also a beginning. We are anxious to continue working with the City of Grinnell and all of the citizens to make this a world class facility that we can all be proud of.”
Chuck Brooke, executive director of ITM, said the money would be used to restore the administration building at the former Spaulding Manufacturing building and construct a glass atrium connecting the corner building and the L-shaped building to the south together. The museum is located on Spring Street between 4th Avenue and the railroad tracks in Grinnell.
The construction loan comes on the heels of a $1 million gift to the museum from the City of Grinnell earlier this year. The city will give ITM $100,000 per year over a 10 year period. It will be funded by the hotel and motel tax. The museum also has received grants and private donations to help with funding the project.
MidWestOne Bank furnished the construction loan in partnership with Lincoln Savings Bank of Grinnell.
“We are happy to play a role in helping ITM’s dream come to reality,” said Rich Gogg, Lincoln Savings Bank president.
“It has a dual purpose,” added Bill Pritchard, ITM secretary. “We are restoring a historical property and getting a museum.”
Bid opening for construction of phase one of the museum will take place at 2 p.n. on Aug. 3 in the Drake Community Library. A ground breaking is scheduled for late August at the museum. Construction of phase one is expected to take about 14 months.
To learn more about the museum visit the ITM Web site at www.iowatransportationmuseum.com.
