A Closer Look At A County’s Plan To Save The Barnes

The Barnes Collection is set to move to Philadelphia. Now the county where the Barnes is located wants to buy the buildings and lease them to the collection. “The bonds are backed by the lease payments. The debt service would be $2.5 million per year but the interest on $50 million would be $3.5 million a year. Leaving the Barnes a profit for its endowment fund. After 40 years the debt would be paid off and the Barnes could probably get a 99-year lease at $1 a year. There could be an option to buy back the land and buildings whenever they wanted to. This is a way the Barnes could be economically viable without using millions in taxpayer money.”