RME Pays Off Debt
October 21, 2013
The River Music Experience has reached an important financial milestone. This month, and nine years after it opened, the music education and performance non-profit organization in Davenport has paid off its debt.
Executive director Tom Swanson says the debt dates back to even before the RME opened in the Redstone Building, when the first floor restaurant, now the Woodfire Grill, was created.
"You know if you have debt hanging over your head, the dollars you'd allocate to service that debt over time, including interest, can really be used to do other things that are part of the RME mission and so forth."
And he credits gifts and grants from local residents and businesses, and the Riverboat Development Authority, plus help from US Bank.
Swanson says another distraction has been operating the cafe - next month Falbo Brothers Pizzeria will take over the space on the first floor.
"We've been seeking out potential operators for that space for some time now, again in the interest of focusing on the mission of providing opportunities for our community to listen to, learn about, and play music."
Falbo has franchises in Wisconsin, Colorado, and Iowa, with the closest Iowa location in Iowa City.
He estimates the RME attracts about 50,000 people each year for education programs and performances, including about 3,000 students.