One of the San Fernando Valley's wealthiest businessmen donated $25,000 Monday to the Cultural Foundation and suggested that other business leaders may soon join the foundation's crusade to build an arts complex in the Sepulveda Basin.
Louis Foster's gift was in the form of stock from his 20th Century Industries, a $622-million company best known for offering inexpensive auto insurance.
The $25,000 will go toward building the $45-million Arts Park L.A. The donation proves that local business leaders have confidence in the foundation and consider Arts Park a worthy cause, foundation leaders said.
"We need to be recognized by the leaders of our community," said Doris (Dodo) Meyer, the foundation's chairman. The donation, she said, helps generate interest among members of the business community.