Three months ago, the nonprofit science and technology museum on Salt Lake City’s Library Square faced an uncertain future weighed down by millions in unpaid debt.
But members of The Leonardo say they can see a path forward, now that a third of the museum’s creditors have forgiven about 20 percent of its total debt outright. With the rest of their creditors, they’ve negotiated long-term payment plans for the remaining $2.9 million, according to Kathryn Smith, the organization’s chief impact officer.
“Facing a situation where we have to manage this debt or we had to explore what that meant long term for the museum, nobody wanted to see the museum close and they were willing to do whatever it took to help us manage through that,” she said.