Minnesota Discovery Center to Temporarily Close
Posted at: 11/18/2009 9:21 PM
| Updated at: 11/19/2009 6:23 PM
By: Renee Passal
Because of a funding shortage, the Minnesota Discovery Center, formerly known as Ironworld, says it will be shutting down temporarily.
Eyewitness News first reported the shutdown Wednesday. The IDC met on Wednesday with Iron Range Resources, the former manager, and asked about emergency funding. IDC Chairman Rich Puhek said that there are too many hurdles for that possibility at this time.
A statement released Thursday said 47 employees would be affected. It's likely the facility will be closed to the public starting on Saturday.
The facilty is funded from a $10 million endowment fund that plunged to just under $6 million last spring. Managers blame the drop in the fund on the global economy. Funding also comes from an IRR subsidy and attendance income.
The MDC is managed by a non-profit board, called the Ironworld Development Corporation.
Puhek said that the income from interest is lower now, because there's less money in the endowment due of the stock market plunge. Attendance is also down.
He remains optimistic that the facility will re-open. It has been shutdown in the past.
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