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Museum races to meet deadline

If museum officials can't turn in all of their documentation by noon today, Mayor Pam Iorio will move to Plan B, which could mean a scaled-down project.

By JANET ZINK
Published March 24, 2005

TAMPA - In a race to the finish line, Tampa Museum of Art leaders rushed Wednesday to resolve conflicts with city officials and secure a construction loan for a new museum.

Mayor Pam Iorio has said she will pull the plug on the $76-million project if museum officials can't turn in all of their documentation by noon today. She is scheduled to meet with museum leaders at 3 p.m.

"The deadline is firm," city finance director Bonnie Wise said Wednesday afternoon in an e-mail to City Council and museum board members that listed outstanding items.

Among other documents, Wise said she still needs written assurance that there are individual donors in line to cover possible construction cost overruns and operating deficits. She also wants assurances that those donors have accurate financial projections for the museum.

"Whether you buy a car or get a mortgage, at some point it has to be reduced to a legally binding document," Iorio said Wednesday.

Museum board member Don Wallace "single-handedly" elicited verbal commitments from museum supporters to back up operating expenses, Iorio said. "All that has to be reduced to legal documentation."

In an e-mail sent late Wednesday, board president Cornelia Corbett said museum leaders had met all of the city's requirements, had received a final letter of commitment from its bank, JPMorgan Chase, and would deliver documents to Iorio today.

"The mayor has been a prudent, tough negotiator, and we commend her for looking out for the taxpayer," Corbett wrote.

Iorio said the paperwork would be reviewed today by Wise and city attorney David Smith.

"They will be the judges of whether or not it meets our requirements," Iorio said. "The previous versions of the letters of commitment had some language that was not acceptable to the city." Iorio set today's deadline so that the City Council can hold a public hearing March 31 and vote on whether to spend more than $21-million of city money to help build the museum and $2-million a year for operating expenses.

Museum backers have raised more than $47-million to secure a loan from JPMorgan Chase for construction of the 150,000-square-foot building designed by renowned architect Rafael Vinoly as a showpiece for downtown Tampa.

But much of that money is in pledges and guarantees, not hard cash, which has prompted bank officials to require the museum to raise $25-million more in the two years after construction begins. JPMorgan Chase has also said it will provide only a $30-million loan. The museum needs $40-million. Wise said she needs documents showing that there's another bank to provide the remaining $10-million.

Iorio has said she doesn't want to give taxpayer money to the project unless she's certain the museum won't have to come back to the city and ask for more. The city has already spent about $6.7-million on architectural and consulting fees.

"It's important for there to be minimal subsidy by the city government to not-for-profits," Iorio said. "We have a very limited amount of general revenue, and we have a very broad set of needs."

Once money is budgeted for employees and the police and fire departments, there's little left for parks and recreation, code enforcement and other city departments, she said.

"We want to make sure the city of Tampa is a well-managed government where taxpayers' money is reinvested in the community and no one project has taken the lion's share of city revenue," she said.

Iorio said she's working with Florida Aquarium officials to eventually eliminate the $850,000 the city contributes each year to operate that facility. The city also pays $4-million to $6-million each year to pay off the aquarium's debt.

"That's an extraordinary cost to the city," she said. "We don't want to create new subsidies for the city that are not affordable."

If the museum meets today's deadline, the City Council may schedule a special meeting before next Thursday to discuss the issue before a vote.

If the museum doesn't meet the deadline, Iorio said she'll go to the City Council with her vision for a scaled-down project.

Iorio said she would like to see the orientation of the museum change so that there's more green space along the waterfront and a better view of the river from Ashley Street. She also would like the museum design to incorporate the planned Riverwalk and a new Children's Museum.

Those features weren't part of the equation when the design was conceived.

"You have to look at what changes have taken place in the downtown area and community thinking," she said.

Janet Zink can be reached 226-3401 or jzink@sptimes.com

[Last modified March 24, 2005, 01:19:16]