UPDATE @ 3:35 p.m.
Dayton Art Institute leaders said during a Thursday press conference that they have paid off a 30-year bond that was initiated in 1996.
DAI leaders burned papers in a barrel to celebrate the retiring of a bond “so that we can move forward into the next century.”
The Dayton Art Institute’s Director and CEO, Michael Roediger, said the institute’s debt that was around $16.5 million a few years ago is now under $600,000. Leaders said the shortfall will be made up by unrestricted gifts to DAI in the next few years.
The Dayton Art Institute’s Director and CEO, Michael Roediger, is expected to make a major announcement Thursday at 3:30 p.m. We will be streaming the press conference live on WHIO.com and you can watch by clicking here.
The Dayton Art Institute was founded in 1919 as the Dayton Museum of Arts. Its founding patrons included community leaders such as Orville Wright and the Patterson brothers, founders of NCR.