By Bill Dries - The Daily News -

A $500,000 grant to the Overton Park Conservancy from the Hyde Family Foundations is the latest contribution to the nonprofit group that manages and maintains the Midtown park for the city of Memphis.

The $500,000 will be paid in three installments through 2014 and goes to the growing fund the conservancy has established for operation of the park as well as a list of $2.3 million worth of capital projects.

The Hyde Foundations were among the first donors to pledge to the effort.

The conservancy has raised $3.2 million in private donations toward its goal of a five- year $6-million operating and capital budget. The city is putting up $1.1 million over the next five years as well.

The other donors include the Plough Foundation which put up $1.5 million and individual citizens have made more than $1 million in pledges so far.

The Burch, Porter & Johnson PLLC law firm, which helped the conservancy get its nonprofit status, also made a year end cash donation of an undisclosed amount.

Meanwhile, the conservancy is about to create a search committee to find a permanent executive director of the nonprofit.

George Cates, who along with Methodist Le Bonheur HealthCare CEO Gary Shorb served as co- chairman of the effort as it moved toward conservancy status, has been serving as executive director on an interim basis.