TITLE
Recommendation to consider approval of up to a $10.5 million, ten-year loan to the Aquarium of the Pacific Corporation (Corporation) from the Tidelands Fund, subject to terms; and, authorize City Manager, or designee, to execute the necessary documents in connection therewith including necessary amendments to the Implementation Agreement between the City and the Corporation. (District 2)
DISCUSSION
The Aquarium of the Pacific (Aquarium) is managed and operated, on behalf of the City by the Aquarium of the Pacific Corporation (Corporation), a 501(c)(3) non-profit organization. The Aquarium currently features 19 major habitats and 32 focused exhibits. The Aquarium is home to more than 11,000 ocean animals that represent nearly 500 species from the Pacific Ocean. It provides educational programs for children, families, and adults.
Since the Aquarium opened in 1998, both the City and the Corporation have worked together closely to provide an educational and safe environment for visitors. In 2006, the City and the
Corporation entered into an Implementation Agreement that described the relationship from a formal perspective, including requirements with regard to maintenance and preservation of the facility.
Since the inception of the Aquarium, the Corporation has worked diligently to enhance the facility and attract visitors to the region. The Corporation has completed Phase I of the Campus Master Plan. Phase I included the Watershed, the Molina Animal Care Center, the Science on A Sphere, and expansion of retail facilities. Now, the Corporation wishes to proceed with construction of the Pacific Visions Project (Project), which is Phase II of the Campus Master Plan. The Project is a $53 million educational exhibit expansion to the facility, which will feature a two-story, 50-foot high wing that will contain an immersive theater, a changing exhibit gallery, a pre-show area, a post-show gallery, as well as guest services for ticketing and membership. The Proj...
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