The first preference for use of the Fund is for one half of the initial contribution to offset the costs of renovating the Performing Arts Theater space in the Oxford College Building on South College Avenue, Oxford, Ohio as part of the conversion of said building to the Community Arts Center. The remainder of the initial contribution shall be held as an endowed fund, the interest of which shall be used to further the goals of the Oxford Community Arts Center Fund within the Foundation. If the Oxford Community Arts Center initiative should not succeed in the above-mentioned project, the second preference for use of the Fund is that it be added to the existing Ernst J. Bever Old Mile Square Fund.