The U.S. Slavery Museum has filed a reorganization plan that assumes that it can raise at least $900,000 a year and would repay the city of Fredericksburg $15,000 per quarter for back taxes over four years.
The Fredericksburg museum envisioned by former Gov. L. Douglas Wilder owes creditors about $7 million, and has filed documents with the U.S. Bankruptcy Court in Richmond spelling out how it intends to repay them.
The Free Lance-Star reports that the museum's lawyer said in the filing that the museum “conservatively estimates” that it can raise $900,000 in the first full year of fundraising and that donations will increase by 50 percent in subsequent years.
Besides Fredericksburg, other creditors include Pei Partnership Architects, which the museum owes $3.68 million.
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