APNewsBreak: $7.5M to Repair Washington Monument A billionaire history buff has stepped forward to donate the $7.5 million matching gift that's needed to start repairing cracks near the top of the Washington Monument from last summer's East Coast earthquake. Businessman David Rubenstein told The Associated Press he was inspired to help fund the repairs to the 555-foot obelisk when it became clear how severely damaged it was by a 5.8-magnitude quake on Aug. 23. The monument received about 1 million visitors a year before the famous landmark was closed to the public after the quake. The Park Service hopes to have a contractor begin work by the end of August. The repair work is expected to take a year to complete, likely keeping the monument closed for two years. Congress allocated $7.5 million in December on the condition that private donations would match that amount. The National Park Service and nonprofit Trust for the National Mall are expected to announce Rubenstein's gift Thursday morning. It will be the largest gift to the nonprofit group, which aims to raise $350 million to restore the mall's grounds and facilities. The combined $15 million in public and private funds is expected to cover the cost of repairing damage directly caused by the quake, said National Park Service spokeswoman Carol Johnson. Repairing water damage will cost more, as would a seismic study or reinforcements to strengthen the obelisk against future earthquakes, she said. 28, 2011, file photo, Dave Megerle, a member of Wiss, Janney, Elstner, Associates (WJE) "Difficult Access Team," attaches ropes to the top of the Washington Monument, on the National Mall, in Washington, from which four people will rappel down the sides to survey the extent of damage sustained to the monument from the Aug. 23 earthquake. Congress allocated $7.5 million late in 2011 to repair the damage to the monument caused by the Aug. 23, 2011, 5.8-magnitude earthquake. Philanthropist David Rubenstein tells The Associated Press he felt inspired to help after learning about cracks and chipped stonework high up the 555-foot obelisk and on Thursday, Jan. 18, 2012, will announce he is donating the final $7.5 million needed to repairs cracks atop the monument. (AP Photo/Evan Vucci, File) Close Rubenstein, a co-founder of The Carlyle Group, began building the private equity firm's business in Washington and said he wanted to restore a symbol of the nation and hasten repairs to reopen the landmark. "This Washington Monument is probably one of the most recognizable buildings in the United States next to the Capitol and the Empire State Building," he said. It could use a little repair work, and I wanted people to get to see it as soon as possible. Experts have noted the monument needs more than just a little repair work, though it has been deemed structurally sound. The August quake was centered some 40 miles west of Richmond, Va., and felt from Canada to Georgia. It damaged the Washington National Cathedral, where pieces of mortar rained down from its vaulted ceiling. At the Washington Monument, panicked visitors fled down flights of stairs on the day of the big shake, but there were no known deaths or serious injuries in the region. The earthquake caused numerous cracks to form in the obelisk, which was the tallest man-made structure in the world when it was completed in 1884. Surveillance video taken the day of the quake and later released by the park service showed the spire shaking violently. Daylight could be seen through some of the cracks, the largest of which was reported to be at least 4 feet long and about an inch wide. A report in December recommended extensive repairs and reinforcements to preserve the spire. It said some marble panels were cracked all the way through near the top portion of the monument. Cracks near its peak also have left the monument vulnerable to water damage from rain, engineers noted. Last fall, daredevil engineers on a "difficult access team" rappelled from the top to conduct a visual inspection of the exterior of the obelisk. Officials said it's unclear whether the work will require scaffolding to be built around the monument, similar to what was erected during a restoration project from 1999 to 2001.