Galesburg City Council on Monday will vote on a grant agreement for the Discovery Depot.
The Children’s Museum is in need of additional funds for operational expenses, and in the past was included in a Tax Increment Financing District.
TIF District 1 recently dissolved after existing since 1985 and those funds aren’t available to provide financial assistance for capital projects at the museum anymore.
According to Council documents this requires the Museum to utilize funding from operations for capital expenses.
All the while, costs have increased for staff, utilities, and other operational expenses.
Discovery Depot is not able to keep up with these increased costs even though they hold several annual fundraisers and charge admission.
The resolution before the Council would authorize a grant agreement with Discovery Depot for $60,000 towards operational expenses in 2023.
The amount will be paid on a prorated monthly basis in the amount of $5,000 per month.
Discovery Depot shall be required to submit quarterly financial reports as well as an annual report to the City.
