NJPAC co-chair Arthur F. Ryan said in a statement that over $116 million of the $180 million has already been raised since the campaign was initiated (out of the public eye) in 2004. The aim is to raise $100 million in endowment funds, $60 million in annual operating support, $6 million for a "Reserve Fund for Innovation and Sustainability" and $14 million for capital and technology enhancements, according to the statement.
In this public phase of the fundraising, new gifts will be sought to support various components of the original NJPAC mission, including funds for community programs, arts education, revitalization of downtown Newark and other initiatives.
The arts center opened in 1997 and has since presented over 3,000 performances.
NJPAC recently embarked on the development of its 12-acre site as the centerpiece of a surrounding destination Cultural District. Two Center Street would be the first newly-constructed high-rise building in downtown Newark in four decades. Final selection of a development partner is scheduled for early 2007.