At a time when endowments are down, a major endowment benefiting Belo Garden in Downtown Dallas has just been announced.
Officials of The Belo Foundation, Belo Corp. and A. H. Belo Corporation announced today the establishment of a major new endowment benefitting Belo Garden in Downtown Dallas, and also provided an update on funding support for the restoration of Dealey Plaza.
Amy M. Meadows, Vice President and Executive Director of The Belo Foundation, said that a new permanent endowment of approximately $1.5 million is being established at The Dallas Foundation to support the annual maintenance of Belo Garden, which was completed earlier in 2012 under a development agreement with the City of Dallas. The City of Dallas owns Belo Garden, which was funded jointly by the City, Belo Corp., The Belo Foundation, Maureen H. and Robert W. Decherd, and other donors including Downtown Dallas, Inc. and The M. R. and Evelyn Hudson Foundation.
Meadows said that the new endowment is the result of a conscious decision by the private sector donors to overfund the construction of Belo Garden as a contingency. The project came in on budget and now this overfunding from gifts originally made by the private donors will form the corpus of the new endowment. In addition to the available income from the endowment, annual maintenance of Belo Garden will be provided by the City of Dallas and The Belo Foundation, which has made a multi-year financial commitment for this purpose.
Robert W. Decherd, Chairman of The Belo Foundation, said “The trustees of The Belo Foundation and the management of Belo Corp. are extremely pleased that we are able to establish this additional financial resource to ensure the long-term quality and utilization of Belo Garden. In cooperation with the Park and Recreation Department, we have planned this project from the outset to be a funding model for other urban parks wherein the public and private sectors join together in funding land acquisition and construction, then create endowments to provide long-term support of the park.”
Park Board President Max Wells noted, “Once again the various entities that comprise the Belo family have set an example for private sector involvement and support of the City’s urban spaces. The leadership of The Belo Foundation and the Belo companies in promoting Downtown Dallas over many decades is unmatched.”
In conjunction with the announcement of the new endowment for Belo Garden, Decherd and Dunia A. Shive, President and Chief Executive Officer of Belo Corp., announced that both companies have recently doubled their commitment to the restoration of Dealey Plaza. A. H. Belo Corporation has now contributed a total of $50,000 and Belo Corp. $100,000 toward this project. These gifts supplement those made by members of the Dealey family and The Decherd Foundation, which has contributed $100,000. In the aggregate, contributions from A. H. Belo Corporation, Belo Corp., The Decherd Foundation and members of the Dealey family total $400,000 out of the $810,000 raised thus far for the restoration project in the private sector.
Dallas Mayor Mike Rawlings, who is leading the effort to restore Dealey Plaza and has appointed a blue ribbon committee to oversee the 50th anniversary of President Kennedy’s death, said, “The timely restoration of Dealey Plaza is essential as we prepare for the 50th anniversary of President Kennedy’s death. The Plaza is recognized around the world as a National Historic Landmark, and the City of Dallas is indebted to the Dealey family and to all the private donors who are ensuring that this important park is restored to its best possible condition and remains that way for years to come.”