VyStar To Provide $1M Credit Line To Help Bring USS Orleck To Jacksonville
VyStar Credit Union has agreed to provide the primary financing in the nonprofit Jacksonville Historic Naval Ship Association Inc.’s effort to bring a warship Downtown.
JHNSA President Daniel Bean and Vice President Justin D. Weakland said Oct. 5 the organization secured a $1 million credit line to relocate the USS Orleck DD-886 Naval Museum from Lake Charles, Louisiana, to the St. Johns River, according to WJCT News partner the Jacksonville Daily Record.
Bean said VyStar offered to support JHNSA with a $300,000 emergency removal fee required in a one-year development agreement for the project by the Downtown Investment Authority.
The money is required as part of the agreement to remove the ship if it’s damaged or the museum experiences financial hardship.
“VyStar’s support is a huge fix for us. The ship is much cheaper than the (USS) Adams, so that’s relieved us from some financial burden,” Bean said. “That’s a lot of money to have to set aside. I don’t think there are a lot of business partners with the city that have to provide that type of protection.”
Read the rest of this story at JaxDailyRecord.com.