DUKE ENERGY ANNOUNCES $2 MILLION LEAD GIFT TO CULTURAL FACILITIES MASTER PLAN
Company results could lead to gift being doubled
“The Cultural Facilities Master Plan has the potential to transform our community and region, which is important to our focus on economic development and a strong quality of life,” said Paul Anderson, chairman and chief executive officer of Duke Energy. “Beyond Duke Energy’s base contribution of $2 million, we are linking our gift with our business success. If Duke Energy succeeds in meeting its earnings per share incentive target, the community will share in that success.”
Anderson explained that the $2 million pledge will be doubled to $4 million if Duke Energy achieves its 2004 internal earnings per share (EPS) target of $1.20, which is the same EPS target being used for the company’s employee incentive.
Combined with additional private investments of $35.5 million, the private sector would contribute $88 million to the Cultural Facilities Master Plan package.
The overall Cultural Facilities Master Plan is estimated at $176 million. The partnership group leading the efforts on the plan include: the Arts & Science Council, Charlotte Center City Partners, the Foundation For The Carolinas and the John S. and James L. Knight Foundation. The plan presented to Charlotte City Council on May 3rd proposes the city match the private sector dollar for dollar.
Duke Energy’s contribution is contingent upon the Cultural Facilities Master Plan campaign proceeding, matching public and private funding.
Projects that would benefit from the public/private partnership, include the renovation of Discovery Place, the expansion of the Afro-American Cultural Center, the Bechtler Art Museum and a 1,200-seat theater housed in a future development on South Tryon Street. The Mint Museum, North Carolina Dance Theatre, Charlotte Symphony and proposed community cultural centers will also benefit from the campaign.
Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in