Woodruff Arts Center announces $100 million Transformation Campaign (Atlanta, Buckhead: 2015, credit rating)

[Airforceguy]

“Our new campaign will quite literally transform the arts center, in both physical and financial terms, as well as allow us to provide heightened access to the arts in the community,” said arts center board chairman Doug Hertz, who also will chair the Transformation Campaign.

It’s a startling turn of fortunes for the Woodruff after a bruising nine-week lockout of ASO musicians this fall. The second lockout in two years sparked harsh rebukes from the players and their supporters of the orchestra’s stewardship by arts center administrators and board members.

The complete renovation of Alliance performance, education and public spaces and additional Woodruff capital improvements carry an estimated price tag of $35 million.

But the big-ticket item is endowment funding at $56 million, with the remaining $9 million earmarked for the expanded family-oriented programming.

Arts center vice president of advancement Janine Musholt said leaders target the end of 2016 to complete fund-raising.

Woodruff Arts Center announces $100 million Transformation Campaign | Atlanta Arts and Culture Blog

[cqholt]

Plans have been released

Arguably, the biggest transformation would be elimination of the monolithic, fortress-like relationship the building has with Peachtree Street. A never-before released rendering shows a large new lawn, linking up with the entrance to the High Museum, which will provide a grand experience from Atlanta’s premiere street.

Major Overhaul Plans Unveiled for Woodruff Arts Center - Curbed Atlanta

[arjay57]

Thank goodness for our city's generous benefactors who make these amenities happen.

[AnsleyPark]

Originally Posted by arjay57

Thank goodness for our city's generous benefactors who make these amenities happen.

Indeed! Gee, arjay, I'd be willing to bet that a majority are in Buckhead.

[Born 2 Roll]

The Woodruff Arts Center saw its credit outlook downgraded from stable to negative as analysts expect further weakening in revenues. In addition, revenues had been declining for years before COVID-19, Woodruff has disclosed to investors.

Moody’s Investors Service downgraded the credit outlook of Robert W. Woodruff Arts Center, Inc. from stable to negative in a rating action dated Dec. 15, 2020. The action affects $112 million of rated debt for bonds that are to mature in 2044.

Woodruff’s credit rating was not affected and remains investment grade, at A2. However, analysts warned the rating is subject to a downgrade in the upcoming fiscal year if Woodruff’s financial picture doesn’t improve.

Woodruff Arts Center credit outlook dropped to negative as revenues deteriorate (SaportaReport)

[seussie]

I read about this. It's in my industry. It's a major concern. Other truly major art institutions to the nation are facing massive deficits and worse, which has lead many to raise their eyebrows as to the swiftness of Moody's change to WAC. Most immediately it means that the health of our endowments across those buildings are insecure, and that is part of the major cause for concern.