Exactly one year after the board of a jazz orchestra run by Grammy-winner Irvin Mayfield said it would quickly pay back more than $1 million to the city’s public library support foundation, sources close to the negotiations say the two entities finally have an agreement-in-principle for the money to be returned.
Two sources tell WWL-TV that about $483,000 of the $1.03 million would be paid back in installments over five years, and the balance – about $547,000 -- would be in-kind contributions, such as fundraising concerts the Jazz Orchestra could do to raise money for the city library charity. Any balance after five years would have to be paid in cash.
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