From 1969 to 1988, the campus was a high-security storage facility operated by the Federal Reserve Board. With the approval of the United States Congress in 1997, it was purchased by the David and Lucile Packard Foundation from the Federal Reserve Bank of Richmond via a $5.5 million grant, done on behalf of the Library of Congress. With a further $150 million from the Packard Humanities Institute and $82.1 million from Congress, the facility was transformed into the National Audio-Visual Conservation Center, which completed construction in mid-2007, and after transfer of the bulk of archives, opened for free public movie screenings on most weekends in the fall 2008. The campus offered, for the first time, a single site to store all 6.3 million pieces of the library's movie, television, and sound collection.