Bank of America Awards $1 Million to Motown Museum

Rhea-AI Summary

Bank of America announced a $1 million grant to the Motown Museum on Feb. 10, 2022, contributing to its $55 million expansion campaign. This funding aids the museum's $38 million raised for its expansion, which includes phase two construction of an outdoor plaza and educational programming. The museum aims to enhance community engagement and artistic development. Completion is expected by Summer 2022. The grant aligns with Bank of America’s commitment to supporting cultural initiatives that stimulate local economies and tourism.

Positive

• Grant of $1 million aligns with Bank of America's strategy to support cultural initiatives.
• Total of $38 million raised towards the $55 million expansion campaign enhances community engagement.
• Phase two construction underway, providing economic mobility and increased tourism.

Negative

• Indoor tours of Hitsville U.S.A. paused during construction, potentially impacting visitor engagement.

DETROIT, Feb. 10, 2022 /PRNewswire/ -- Motown Museum today announced a $1 million grant from Bank of America to further its innovative programming and expansion campaign. Motown Museum Chairwoman and CEO Robin Terry made the announcement.

The $1 million grant from Bank of America, which will help strengthen the surrounding neighborhood and deliver life-changing programming, is the most recent contribution to Motown Museum's expansion initiative. This award brings the museum's total amount raised for the expansion to $38 million of the $55 million expansion campaign. The first phase, Hitsville Next, comprises three original Motown-era homes that have been transformed to serve as the centerpiece of the museum's expansive suite of educational and creative programming. As home to the museum's mix of camps, workshops, master classes and community events, Hitsville Next is designed to provide artistic development and inspiration for future generations of creatives and entrepreneurs.

Construction on phase two of the expansion is already underway, including work on what will become an immersive outdoor plaza that will serve as a multipurpose community gathering place and welcome destination for museum visitors. The plaza will be regularly activated with memorable performances by local talent and will afford unique visibility opportunities for emerging artists and entrepreneurs. Due to the phase two construction, indoor tours of Hitsville U.S.A. are temporarily paused, while restoration of the world-famous historic building begins. Construction is projected to be completed by Summer 2022.

"We are incredibly grateful to Bank of America and can't thank them enough for their partnership, which is impactful as we prepare for our expansion and tell the stories of the incredible Motown legacy on a larger scale," said Terry. "Their commitment to supporting culture and taking meaningful action to build thriving communities is admirable and reflective in this generous gift."

A longtime partner of the Motown Museum, Bank of America recognizes the power of the arts to help economies thrive, connect individuals with each other across cultures, and educate and enrich societies. Bank of America is committed to providing arts and cultural organizations with vital support across the State of Michigan and around the world. Partnerships include exhibition sponsorships, as well as support for programs that help arts nonprofits deliver arts outreach and educational programs to ever-broader audiences, celebrate diverse cultural traditions and protect cultural heritage. In 2021, Bank of America distributed over $6 million in grants to Southeast Michigan organizations that create pathways to employment, provide job training, support food access and distribution.

"A vibrant community is fueled by its artistic and cultural centers, and in Detroit, there's no better example than the Motown Museum," said Matt Elliott, President, Bank of America Michigan. "Detroiters and visitors from around the world will now enjoy new and inspiring experiences at the museum, made possible in part through financial support from Bank of America. This not only celebrates the Motown legacy, but will also spur new investment and tourism, aligning with our pledge to support initiatives that help create economic mobility."

Announced in late 2016, the Motown Museum expansion will grow the museum to a 50,000-square-foot world-class entertainment and education tourist destination featuring dynamic, interactive exhibits, a performance theater, recording studios, an expanded retail experience and meeting spaces designed by renowned architects and exhibit designers. When completed, the new museum campus will have a transformative impact on the surrounding Detroit neighborhoods, providing employment, sustainability and community pride by serving as an important catalyst for new investment and tourism in the historic area.

For more information on programs, visit www.motownmuseum.org.

Motown Museum
Founded in 1985 by Esther Gordy Edwards, Motown Museum is a 501(c)(3) not for profit, tax-exempt organization in Detroit. The museum is committed to preserving, protecting and presenting the Motown story through authentic, inspirational and educational experiences. Announced in late 2016, the Motown Museum expansion will grow the museum to a 50,000-square-foot world-class entertainment and education tourist destination featuring dynamic, interactive exhibits, a performance theater, recording studios, an expanded retail experience and meeting spaces designed by renowned architects and exhibit designers. When completed, the new museum campus will have a transformative impact on the surrounding Detroit neighborhoods, providing employment, sustainability and community pride by serving as an important catalyst for new investment and tourism in the historic area.

Bank of America
At Bank of America, we're guided by a common purpose to help make financial lives better, through the power of every connection. We're delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It's demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Connect with us on Twitter (@BofA_News).

For more Bank of America news, including dividend announcements and other important information, register for news email alerts.

Reporters May Contact:
Andrea Trapani (PR Agency for Motown Museum)
Phone: 1.312.220.9500
atrapani@identitypr.com       

Diane Wanger, Bank of America
Phone: 1.312.992.2370
diane.wagner@bofa.com

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SOURCE Bank of America Corporation

FAQ

What is the significance of Bank of America granting $1 million to the Motown Museum?

The $1 million grant supports the Motown Museum's $55 million expansion campaign, enhancing cultural programming and community engagement.

When is the Motown Museum expansion expected to be completed?

The construction for the Motown Museum expansion is projected to be completed by Summer 2022.

How much total funding has the Motown Museum raised for its expansion?

The Motown Museum has raised a total of $38 million towards its $55 million expansion initiative.

What are the plans for phase two of the Motown Museum expansion?

Phase two includes the construction of an immersive outdoor plaza to serve as a community gathering space with performances by local talent.

How does the grant from Bank of America impact the Detroit community?

The grant aims to spur investment and tourism in Detroit, enhancing community pride and economic mobility.