April 25, 2006
Belo-Related Parties Commit $6.5 Million to Fund One of Core Parks in Downtown Dallas Parks Master Plan
Gift to Build Belo Garden Is Largest Private Donation To Date for Downtown Parks
Dallas -- Belo-related parties announced today $6.5 million in commitments to create Belo Garden at one of the three Downtown Dallas core park sites identified in the Downtown Parks Master Plan. The gift from the Company's donor-advised fund at The Dallas Foundation, The Belo Foundation, and Robert and Maureen Decherd represents the largest private donation to date to support the Downtown Parks Master Plan. The gifts will provide slightly more than 50 percent of the cost to establish and maintain the park.
The park is included in the Downtown Parks Master Plan approved by the Dallas City Council in June 2004 and supports a dynamic approach to the greening of Downtown Dallas. The park site is located on Griffin Street between Main and Commerce. It faces the Earl Cabell Federal Building on the south and One Main Place on the north. The park will be named in honor of Alfred Horatio Belo, Belo Corp.'s namesake, and will recognize the Company's past, present and future employees.
Robert W. Decherd, Belo's chairman, president and chief executive officer, said, "We strongly believe that the parks in the Downtown Parks Master Plan represent a vital component in strengthening and improving the heart of the city. This commitment by Belo Corp. and The Belo Foundation reflects our long-standing support of parks and green space in Downtown Dallas, and the strong advocacy of Downtown Dallas by The Dallas Morning News for more than 120 years."
Paul Dyer, director, City of Dallas Park and Recreation Department, said, "Strong public-private partnerships are critical to achieving the vision of a more active Downtown Dallas, and parks are an integral part of the urban fabric in vibrant cities around the world. Belo Garden is an outstanding example of collaboration at the highest level. We look forward to partnering with other companies and individuals on similar projects and we hope they are inspired by Belo's leadership."
C. W. Whitaker, president of the City of Dallas Park and Recreation board, added, "This is an historic day for the City of Dallas. Belo Garden will provide an urban oasis for Downtown Dallas residents, workers, visitors and students and will also stimulate economic development."
Belo Garden will be located on the western side of the Downtown Dallas core and will serve its growing population. El Centro College is just one block away. Belo Garden's location on Griffin Street, which provides the primary vehicular access to the Convention Center, will also allow visitors to see and visit the park.
The Belo Garden budget developed by the Dallas Park and Recreation Department shows land acquisition, design, construction and maintenance endowment costs totaling $12.85 million. Belo-related parties will commit financial support as follows:
$3 million in cash. The donor-advised fund has been built up from Company contributions over a number of years;
These commitments are contingent on matching public funding in the amount of $6.5 million being included in the upcoming City of Dallas bond referendum and designated specifically for the acquisition and development of Belo Garden. The Park Department will work with Belo, the City Manager and City Council to finalize the details of this donation.
Decherd said, "Parks distinguish every great city. We hope our commitments to help create Belo Garden will encourage others in the private sector to partner with the City to build the remaining parks identified in the Downtown Parks Master Plan. These parks have the potential to change the function and perception of Downtown Dallas in fundamental ways and to accelerate the ongoing revitalization of the center of the city."
Belo Corp. is one of the nation's largest media companies with a diversified group of market-leading television, newspaper, cable and interactive media assets. A Fortune 1000 company with 7,700 employees and $1.5 billion in annual revenues, Belo operates in some of America's most dynamic markets in Texas, the Northwest, the Southwest, Rhode Island, and the Mid-Atlantic. Belo owns 19 television stations, six of which are in the 15 largest U.S. broadcast markets. The Company also owns or operates seven cable news channels and manages one television station through a local marketing agreement. Belo's daily newspapers are The Dallas Morning News, The Providence Journal, The Press-Enterprise (Riverside, CA) and the Denton Record-Chronicle (Denton, TX). The Company also publishes specialty publications targeting young adults and the fast-growing Hispanic market, including Quick and Al Dia in Dallas/Fort Worth, and El D and La Prensa in Riverside. Belo operates more than 30 Web sites associated with its operating companies. Additional information is available at www.belo.com or by contacting Nancy Del Regno, manager/Corporate Communications and Investor Relations, at 214-977-6825 or firstname.lastname@example.org.