Orange County's Segerstrom Concert Hall Gets $4 Million Donation (But It's Still Way in Debt)

Classic Arts News   Orange County's Segerstrom Concert Hall Gets $4 Million Donation (But It's Still Way in Debt)
 
The Orange County Performing Arts Center in Costa Mesa, California has received a $4 million donation from board member Jim Driscoll and his wife Jane, reports The Los Angeles Times. Mr. Driscoll is a manager and co-founder of a hedge fund based in the southern California town of Irvine.

The gift will help pay off some of the debt incurred by the new Ren_e and Henry Segerstrom Concert Hall, which opened last fall. The donation brings the amount raised to $164 million, according to the Times. (The Driscolls have already given $1 million.)

The campaign is still trying to raise about $76 million to reach its goal of $240 million. OCPAC has borrowed $265 million to cover construction costs and some of the early interest payments, according to the Times.

Standard & Poor's awarded OCPAC's bonds an A rating, but noted that the center has "high debt levels" for an organization of its size. OCPAC will need to generate about $9.4 million a year to meet interest payments alone between now and 2026, according to the paper.

Mary Peloquin-Dodd, Standard & Poor's managing director for higher education and nonprofit bond ratings, told the Times that an A rating is "very good" for an arts organization.

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