Stalled museum now battles bank

  • Article by: RANDY FURST , Star Tribune
  • Updated: September 1, 2012 - 10:31 PM

The Minnesota African American Museum's $1.2 million mortgage and rules tied to a $1 million state grant are the focus of the fight.

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maddyinmplsSep. 1, 1210:41 PM

Here's the key to the story: "Roxanne Givens, the museum's founder, said the delays have been caused by the slow pace of fundraising." No wonder the bank and the state are arguing about who is in position uno on the loan. Strange project. One the legislature should never have funded. Or at least made the state funding contingent on the private money. Maybe take a closer look at who has actually made money from this project?

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binky11010Sep. 2, 1212:40 AM

While banks certainly aren't always saints, the museum created this problem itself. The bank has no choice but to re-do the loan since it will no longer be in first position on the loan's main collateral. Hopefully, the museum will raise the money to pay off the original loan soon and this problem will go away.

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moandaaSep. 2, 12 8:03 AM

The crux of the matter is that Roxanne Givens expects the bank to violate bank regulations. Because they refuse to do so, they are racially insensitive.

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choochoo12Sep. 2, 12 8:15 AM

Just another example of Democrats steering money to their political backers. "Thanks for voting Democrat. Here's some free money we stole from people who work for a living. Just remember to vote Democrat every two years, and we'll give you more free money."

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ontheroadagnSep. 2, 12 8:36 AM

playing the race card is very serious but knowingly decieving the bank about state grant crosses the line and could be considered a crime using race is wrong

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kingcoleySep. 2, 12 8:37 AM

How is this a "grant" if the state is concerned about getting it's million dollars back. I understand the banks point of view. They are providing a loan, not a grant. Giving out loans without proper collateral is how we got into this financial mess to begin with. I'm also all about the state getting it's money back, but lets not call it a grant when it's a conditional loan that will be forgiven only if the museum is a success. After reading the story, I think Givens rant is misdirected.

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cambec0523Sep. 2, 12 8:39 AM

"It is a sad day in history," Givens said last week. "Why would you place an African American museum, of all institutions, in jeopardy?" This is a sad statement and clearly shows that Givens is pandering to politics and wants to politicize her special project. It is a loan that requires payment, was based on specific conditions and performance. When you don't follow through, fail to perform, those who own the money you borrowered have every right to demand it back and change the agreement. Givens must think a bank loan is charity. Givens has made a mess out of this and the choice to use the focus of the museam as justification to not perform and follow through on commitments made to get the money....is simply disgusting!

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nogophersSep. 2, 12 8:52 AM

No lender will take 2nd position on a loan. Perhaps Givens can personally guarantee the loan if that works. Regardless, she and her staff or attornies should have understood the lending documents before signing. There may be a plausible case of fraud on her part. Her rant against the bank deserves a public apology,

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munsterlandrSep. 2, 12 9:02 AM

Where have all the donations to date gone for this "museum"? I think it is time for transparency on who is taking how much as salary and wages and living expense from this "museum".

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fentanylSep. 2, 12 9:10 AM

MAAM was in the planning for years. Roxanne has given her heart and soul in her charitable work to Minnesotans. I am saddened by the personal attacks. The money the museum was given by the state was in the paper many times, Roxanne is not hiding anything.

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