The Frost Museum of Science had some major funding issues earlier this year after swallowing up nearly all of the $165 million pledged by Miami-Dade County during construction, while coming up short in private funding.
The Frost family -- who had already donated $45 million to the project -- kindly provided the museum with a bridge loan until the county came up with a plan to move forward. That plan just hatched as Miami-Dade Commissioners passed a $49-million bailout package, per the Real Deal:
"This is certainly not my preferred action, but it is our only opportunity to complete this project and hopefully open the museum’s doors by the end of this year," county Mayor Carlos Gimenez said at the meeting. "The Frost museum is far too important to let it fall through the cracks."
The approved plan would take away a $4 million annual subsidy proposed for the museum’s operating costs, and instead give the museum a lump sum so it can complete its construction. The subsidy would begin again once the debt is paid off in 15 years, but until then, the museum has to run within its budget — commissioners stressed the project won’t receive any more county dollars.
The museum is located at the rapidly changing Museum Park, next to the Perez Art Museum in Downtown Miami.