Confederation Centre pitches provinces for funding
Charlottetown's Confederation Centre of the Arts is going back to the provinces and territories for help creating an endowment fund, similar to their contributions that helped build the national memorial in 1964.
Centre CEO Jessie Inman told CBC News they're asking for a one-time investment of $1.10 for each person in Canada for a project called Evolution: Chapter 2. With inflation, she said, that's about equal to the 15 cents a person that was given by all the provinces and territories to help build the centre.
In total, the centre hopes to raise $38 million and use the interest income for operating costs.
"Even though that endowment fund number might sound like a large number, if you look at interest rates, even at an interest rate of three per cent, which is about average these days, that's still only about $1.1 million per year," said Inman.
"It would be very beneficial to the centre to have that steady income that we know is there."
Inman said the centre has already approached Manitoba, which along with British Columbia and Quebec has stopped providing annual contributions. It has not yet received an answer.
Inman said the same pitch will be made to all provinces and territories in the next couple of years.