Two months after the Finnish government vetoed funding for the Guggenheim Helsinki project, following an international competition won by Paris-based practice Moreau Kusunoki, it has been reported that supporters of the scheme have presented an updated proposal for the construction of the museum. According to The New York Times, "of its expected $144 million building costs, the City of Helsinki’s investment would cover a maximum of $89 million."
In line with the new plan, the remaining $55 million would be paid by private investments and a loan, the costs of which would be covered by the Guggenheim Helsinki Supporting Foundation. In addition, "the licensing fee payable to the Guggenheim Foundation has been reduced by $10 million to $20 million and would be entirely financed by private donations" which, according to the report, have been secured.
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