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Contents Under Pressure
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^^A close old friend is pretty high up the hierarchy at the Science Museum and in talking to him just a few weeks back he had some deep concerns about where things were headed---particularly in regards to funding.

Tough to find those deep pockets in a region that really isn't a big corporate headquarters center---at least not at the level of many other similarly sized big cities. Having to rely to a great degree on individual gifts is a real roll of the dice.

Hope they can find some answers.
 

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http://www.miamitodaynews.com/2016/01/19/plan-fund-arsht-center-frost-perez-museums/


Plan would fund Arsht Center, Frost and Perez museums

A deal to pour annual operating cash into the Arsht performing arts center, the Pérez art museum and the Frost science museum and help fund both a Baylink rail line to Miami Beach and a Miami streetcar system could flow from lengthening the life of a redevelopment agency.

The proposed deal to add life to the Omni Community Redevelopment Agency was outlined in a memo from county Mayor Carlos Gimenez to commissioners last week and is to go on the next available commission agenda.

The mayor is recommending that in return for extending the redevelopment agency’s life, the agency would fund transportation improvements for Baylink and the streetcar and provide operating subsidies and capital funding for the Adrienne Arsht Center for the Performing Arts, the Pérez Art Museum Miami, the incomplete Frost Museum of Science and also for Museum Park, where a conservancy has been proposed to operate parkland beside the two museums. No specific amounts were mentioned.

Under the mayor’s proposal, the agency would also develop unspecified affordable and workforce housing programs or projects in the Omni area, which centers on Biscayne Boulevard and 16th Street.

The Omni agency already pays the county 35% of its redevelopment funds, which come from the incremental property taxes the area collects above the level of revenues received when the agency was established in 1987. The agreement to continue the agency would extend that payment under the mayor’s plan.

The county would also approve the redevelopment agency’s budget prior to spending.

The agency operates as part of the City of Miami, but the county commission controls all redevelopment agencies within county borders and delegates the power to the city agency.

The five Miami city commissioners now make up the Omni agency’s governing body. Mayor Gimenez suggests in his memo that the county commission demand representation on the agency board in direct proportion to the amount of the agency’s budget derived from funds that would otherwise have gone to the county in taxes versus the amount that would have gone to city hall.

While Mr. Gimenez does not suggest total membership for the Omni board, a board of the five city commissioners complemented by three county commissioners would mesh with the Omni’s projected revenue distribution.

The mayor’s memo mentions issuing bonds that could be repaid with future Omni district revenue. It projects total tax increment revenues for the Omni agency from now through fiscal 2029-2030 of $445.6 million and tax increment revenues for the area from fiscal 2030-2031 to fiscal 2044-2045 of $772.3 million.

The agency’s life is now guaranteed until March 31, 2030, under a 2010 city-county agreement. By state law, the redevelopment agency has a maximum life of 60 years, until 2047. A city-county agreement would be needed to extend life those additional 17 years, a deal to which the mayor suggests his ideas be attached.

In his memorandum, he proposed attaching a similar cluster of requisites to extend the life of the nearby Southeast Overtown/Park West Community Redevelopment Agency.
 

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http://www.miamiherald.com/news/local/community/miami-dade/article59589251.html

Frost science museum dismisses board

BY ANDRES VIGLUCCI
[email protected]

The Frost Museum of Science, under pressure as the institution seeks public help to finish its new downtown Miami home amid a budget crunch, on Wednesday dissolved its board of trustees and replaced its co-chairs.

The move came in a board vote Wednesday morning, Frost spokesman Joseph Quiñones said.

Longtime chairs Dan and Trish Bell are out, along with 39 other board members, including the executive committee. Initially taking the old board’s place is a four-person board consisting of Cesar Alvarez, retired chairman of the Greenberg Traurig mega-law firm; Phillip and Patricia Frost, major contributors after whom the new museum is named; and Richard Pfenniger. Only Patricia Frost was previously on the board.

The four will recruit a new board, Quiñones said. Former board members will be invited to join new advisory committees. The Bells will continue to function as “chair emeriti” in an advisory capacity

In a release, the museum said the Frosts asked the board be reconstituted as a condition of providing the institution a bridge loan to pay its general contractor, Skanska, until Miami-Dade County can finalize a proposed $45 million grant to finish construction. The county, which would convert a promised operating subsidy into an upfront payment, had also asked for a board overhaul as a condition of its assistance.
Read more here: http://www.miamiherald.com/news/local/community/miami-dade/article59589251.html#storylink=cpy
 

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http://www.bizjournals.com/southflo...nited-wins-47m-bond-proposal-to-complete.html

BankUnited wins $47M bond proposal to complete Frost Museum construction

Miami Lakes-based BankUnited (NYSE: BKU) closed a $47.2 million bond to help the Patricia and Phillip Frost Museum of Science complete construction.
The tax-exempt loan was closed as a capital grant to Miami-Dade County, which had issued Florida Junior Lien Special Obligation Series 2016A bonds in March.
The largest of 50 South Florida-based banks announced the loan on Wednesday, just hours after releasing its first quarter results. BankUnited’s Q1 report revealed that of the bank’s new loans in the first three months of the year, just 5.3 percent were issued in its home state. The rest were originated by its New York and national franchise.

Banks are required to do a certain amount of lending in communities where they source deposits.
“BankUnited’s $47.2 million loan for this important project underscores our commitment to serving Miami-Dade County and communities throughout Florida as a major lender to public sector, not-for-profit and corporate clients,” BankUnited State President of Florida Thomas M. Cornish said in a statement.
BankUnited was one of several financial institutions to vie for the bonds. BBVA Compass Bank, Morgan Stanley, SunTrust Bank and others also submitted proposals for the deal, according to county records.
Earlier this year, the Frost Museum was caught short on cash and needed funds upfront to continue construction. The Frosts themselves came to the rescue, and provided a bridge loan to the museum in February.
The new bond will be repaid by Miami-Dade hotel bed taxes over 20 years.
 

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Hi everyone! I love to read here but never post. However, I got to do something exciting and fun yesterday and I wanted to share because some of you would definitely enjoy doing it too. I toured the construction site of the new Frost Museum of Science at Museum Park! I got some fabulous pictures but I have to figure out how to upload them from my iPhone. The tour was free and there seemed to be plenty of space available. Just add yourself to the waiting list and they will contact you. Some people just showed up and they were ok with that too. They took us inside the planetarium and showed us the shark tank from several vantage points and pretty much everything else too. Here's a link:

http://www.frostscience.org/blog/support/community-hard-hat-tours
 

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Really looking forward to this museum to finally be completed and gets all the construction vehicles out of there and adds more landscaping.
 

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Really looking forward to this museum to finally be completed and gets all the construction vehicles out of there and adds more landscaping.
Just sucks that they had to cut millions from the exhibit budget to cover construction cost issues. I just hope it doesn't turn out as the science museum equivilent of the PAM. An expensive builidng with nothing inside.
 

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Its been a long time, but I think once it's done, it will look amazing. With the planetarium and aquarium alone should make this place pretty incredible.
 

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Just sucks that they had to cut millions from the exhibit budget to cover construction cost issues. I just hope it doesn't turn out as the science museum equivilent of the PAM. An expensive builidng with nothing inside.
Does this mean no zipline over the shark tank? :(

Its been a long time, but I think once it's done, it will look amazing. With the planetarium and aquarium alone should make this place pretty incredible.
Going Bojack on that planetarium.
 

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Its been a long time, but I think once it's done, it will look amazing. With the planetarium and aquarium alone should make this place pretty incredible.
That's precisely what I'm looking forward to. :cheers:
 

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Contents Under Pressure
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Just sucks that they had to cut millions from the exhibit budget to cover construction cost issues. I just hope it doesn't turn out as the science museum equivilent of the PAM. An expensive builidng with nothing inside.
Yeah, that's the concern here. I have a pretty good friend who was brought in early in the process in a management/curatorial role but he wound up leaving because they reneged on his salary (basically broke the contract they had signed) and he could see the funding cuts leading to a much lessened overall product than the one he had signed on for.

Money is going to be an ongoing issue for them, I'm afraid. But here's hoping they can somehow make it a profitable venture and reincorporate what was cut sometime in the future. I would go for the planetarium alone, too! :cheers:
 

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The Planetarium this is replacing played Floyd too as well as Zeppelin.
 
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Hello, everybody! I'm from Brazil and my family and I will visit Miami during Christmas. This was the closest topic for tourism that could see, so sorry for any inconvenience. Btw is this museum will be ready for December? Do you recommend wich places to visit as a "must see"? We are going to stay for 8 days. Any tips? lol
And as a good brazilian :nuts: wich outlets and shopping malls do you suggest?Is there a data between dec21-dec28 to buy with huge discounts? Anyone know any used electronics stores to buy a MacBook (not looking for new-its not for me, closest friend).
ps: if there is a problem pls send me a pm. Thanks
 

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^^ Smiles and Happiness, Peace and Joy be with you, GabrielLDB:), and Welcome to the Magic City Of Moon Over Miami Cranes / Under Construction City of the Future ,World Class City of the Future in 2025:banana:, Miami is getting a Makeover for Nighttime enjoyment 24/7 , Miami this Christmas , Not good as the City is under construction, Cranes are everywhere, Trucks are everywhere, Dust and Cement Trucks are everywhere, , 2016, Miami is Under construction , not much this year, but next Year , 2017 The Mall will be wide Open for sure with More Stores and the Movie Theater at the Brickell CityCentre Mall should be open next spring, 2017, which would men Fall in Brazil, and The Science museum No Chance of opening this year, May Be By Easter next , 2017 into the Opening in the Summer of 2017 for sure, many Delays, and the funding is behind, Over 500 Million to complete that One Science Museum, My SSC Friend, Welcome anyway, but please come back Next Year, 2017 at the end of the Year for sure, 2017 The MetSquare 24/7 Nighttime entertainment all Night long , Movie theater ands 4 Floors of Shops and Dancing floor with open bars and Entertainment Plaza in Downtown Miami will also Be Open Late Next Year in late 2017 for sure , this Christmas, 2016:eek:hno:, the Whole City is Under construction:nuts: My SSC Friend:cheers: !
Hello, everybody! I'm from Brazil and my family and I will visit Miami during Christmas. This was the closest topic for tourism that could see, so sorry for any inconvenience. Btw is this museum will be ready for December? Do you recommend wich places to visit as a "must see"? We are going to stay for 8 days. Any tips? lol
And as a good brazilian :nuts: wich outlets and shopping malls do you suggest?Is there a data between dec21-dec28 to buy with huge discounts? Anyone know any used electronics stores to buy a MacBook (not looking for new-its not for me, closest friend).
ps: if there is a problem pls send me a pm. Thanks
 

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