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When postmodern architect Michael Graves sheathes the Washington Monument in a transparent blue stone-and-mortar-patterned scaffolding this July for the obelisk’s exterior renovation, his 555-foot condom will mark Phase 2 of a $7.9 million overhaul, funded in large part by corporate monoliths like Target. Private financing of the monument is not new: In its earliest days, the exclusive Washington Monument Society proffered funds for architect Robert Mills to design the obelisk. When funding collapsed, it was the Grant administration that convinced the society to turn the monument over to the public in 1876, and our national phallus got going. Today, Target’s hefty $5 million investment should prevent another fiscal disaster. The monument’s colorful funding and construction history and the current project are the subjects of National Park Service architectural conservator Judith Jacob’s lecture “Inside and Outside: The Preservation of the Washington Monument.” At 6 p.m. at the Corcoran Gallery of Art’s Hammer Auditorium, 7th & New York Ave. NW. Free. (202) 452-9545. (Jessica Barrow Dawson)