Theodore Roosevelt Presidential Library, Tr Library, North Dakota discussed on What's On Your Mind - Encore
I like to think of it this way. It's like it's like North Dakota has a bank account. In fact, they are the only state with as you know, with a state bank. And that state Bank is going to hold the $50 million forever. That $50 million never comes to the Theodore Roosevelt Presidential library directly, but we will get is the proceeds of the investment. Think of it, like the interest off of the investment of the $50 million it's the same. System that's in place to fund the education funds around the state. It's the same system that they used to fund a lot of arts and education programs. The state never transfers that money to the TR library. The state keeps the money. They give the proceeds of the investment, too. The TR Library for operations and maintenance moving forward. Basically, I think of it as at this stage a 2 to 1 match on the private donations side, right. We need to raise $100 million. For the state to set aside 50 and give us the proceeds of the investment in order to maintain operations. But we're going to raise more than $100 million again. I think at the end of the day this is going to be more like a 3 to 1 match or a 4 to 1 match because there's the presidential library itself, which is going to have course be an attraction for generations to come. It will diversify the economy. It'll mean Hundreds of millions of dollars in construction and related jobs over the course of actually building the library. But We haven't even begun to talk about the programming. I mean, with a presidential library comes an extraordinary bevy of programming that's going to be working with the North Dakota education system. It's going to be working with the universities and colleges with the with the state education system. They're going to be all kinds of programs and investment outside of the cost of the construction itself. If you really want to simplify the thinking about the endowment number one North Dakota never gives up to $50 million. They hold it and simply give us the results of the investment. And two. You are looking at at least a 2 to 1 private to state match, which again at the end of the day is going to be more like 3 to 1 or 4 to 1 over time. And again that the promise was hey of $50 million. Set aside. We were going to leverage that to tow one. So that's another reason for investment cause it makes the actual facility happened. And am I right that there was interesting doing this in New York and other places? No, absolutely. Yeah. I mean theater, Roosevelt is one of the most popular presidents of all time. I mean, Hey, there is, of course, Sagamore Hill, his personal home in Oyster Bay, New York, There was an effort in 2008 to build a presidential library in Oyster Bay in New York. The presidential library system really started with FDR and then Herbert Hoover. Read through while he was still alive, created his presidential library next to his home in West Branch, Iowa. But this has been a thought since the moment TR died. I mean PR, died unexpectedly on January 6th, 1919 and about 22 minutes later. The idea For a presidential library occurred to those who wanted to build a legacy to him and to learn the lessons of his life. I mean, think of citizenship, leadership conservation. I mean, this is the This is the person who expanded the National park to 219 million acres of land while he was in office alone in 7.5 years. This is someone who You still look to.