A group of Chicago corporations and foundations said Thursday it plans to pledge $100 million toward renovation and expansion of two of the city’s premier cultural institutions, the Chicago Symphony Orchestra and the Lyric Opera.
The $100 million in donations will be about half the $200 million required for the two projects. The CSO and the Lyric each will get $50 million of the donations and each will be responsible for raising on its own another $50 million.
With at least another $100 million to be raised and still considerable planning to be done by the Lyric and CSO, it was uncertain when construction might begin on the separate projects. The best guess is that, once started, construction could take three or years.
The contributions were announced at a City Hall press conference, at which Mayor Richard Daley praised the corporate and foundation donors for their civic-mindedness and vision. However, the mayor said the city, given its budget predicament, wouldn’t provide money to the projects. The city’s contribution essentially will be to wish those involved good luck.
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Appearing with the mayor were representatives of many of the 22 area corporations and two foundations that have pledged $87.5 million so far. Pledges for the remaining $12.5 million are expected soon.
The donations will help the CSO and Lyric proceed with plans disclosed last year. The CSO wants to buy the neighboring Borg-Warner Building, raze it and then construct on the site an addition to Orchestra Hall. The Lyric wants to buy the space it currently leases at the Civic Opera House and Civic Theater and modernize the facility.