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More bad news, Museum of Broadcast Communications

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Posted by ChiTownRadio.com on May 06, 2008 at 12:17:11:

BY ROBERT FEDER Sun-Times Columnist
More bad news has clouded the future of Chicago's Museum of Broadcast Communications.

With construction stalled for two years on the museum's new home at State and Kinzie, the project's general contractor has filed a foreclosure lawsuit over $4.5 million in unpaid bills plus interest and legal costs.

Pepper Construction Co. said it was paid only $2.9 million after doing $7.3 million in work when it shut down construction in 2006. The job was contracted for $14.34 million, according to Crain's Chicago Business.

Bruce DuMont, founder and president of the museum, said he was disappointed by the news, but remains hopeful he can raise the money needed. He's also still waiting for millions he said he was promised in state funding.

"We continue to seek a resolution to the state funding stalemate," DuMont said Monday. "In addition, we are aggressively seeking alternative funding sources, including commercial development of our first and fourth floors. Those new partnerships will allow us to meet our fiscal obligations for past work and allow us to restart and complete our project."

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: BY ROBERT FEDER Sun-Times Columnist : More bad news has clouded the future of Chicago's Museum of Broadcast Communications. : With construction stalled for two years on the museum's new home at State and Kinzie, the project's general contractor has filed a foreclosure lawsuit over $4.5 million in unpaid bills plus interest and legal costs. : Pepper Construction Co. said it was paid only $2.9 million after doing $7.3 million in work when it shut down construction in 2006. The job was contracted for $14.34 million, according to Crain's Chicago Business. : Bruce DuMont, founder and president of the museum, said he was disappointed by the news, but remains hopeful he can raise the money needed. He's also still waiting for millions he said he was promised in state funding. : "We continue to seek a resolution to the state funding stalemate," DuMont said Monday. "In addition, we are aggressively seeking alternative funding sources, including commercial development of our first and fourth floors. Those new partnerships will allow us to meet our fiscal obligations for past work and allow us to restart and complete our project."

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