Subject:
Title
Approval, Re: Extension to the multi-year grant agreement to the Brevard Zoo Aquarium project, formerly entitled Indian River Lagoon Conservation Campus & Aquarium.
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Fiscal Impact:
A total of $10 million was awarded to the Brevard Zoo Aquarium. This would extend the first payment of $1,250,000 from 2020 to 2023 if construction begins by September 18, 2023. It would be followed by seven additional payments of that same amount in the following years from Capital Facilities fund #1443.
Dept/Office:
Tourism Development Office
Requested Action:
Recommendation
It is requested that the Board of County Commissioners approve the Tourist Development Council's recommendation to extend the timing of funding for the Brevard Zoo Aquarium project for an additional three years to October, 2023. If construction begins by September 18, 2023, the first of eight payments in the amount of $1.25 million will be made after all secured matching funds, final master plan, financial statements, and compliance with the Tourism Development Council Statute is included and verified.
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Summary Explanation and Background:
At the July 5, 2018 meeting, the Capital Facilities Committee approved funding for the Indian River Lagoon Conservation Campus and Aquarium project. The multi-year grant agreement between the County and the Brevard Zoo was for $10 million, paying $1,250,000 per year over 8 years. Funding would be via cash reimbursement from available fund balance or the most economical funding available to the county and recommended consideration and approval of the Tourism Development Council. The TDC approved this project at their July 25, 2018 meeting. The Board of County Commissioners, in regular session on September 18, 2018, approved the Tourism Community Development Plan Phase II Capital Projects which included the Aquarium project. In this agreement, the project was due to commence construction by September 18, 2020 or funding would be withdrawn. The B...
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