Southeast : Council OKs Bonds for New Aquarium
The Long Beach City Council has taken the final plunge, authorizing the sale of up to $130 million in bonds to pay for the construction of a world-class aquarium to boost the city’s downtown economic revival.
The bonds, which the city plans to sell next month, are to be repaid from ticket sales and other revenue generated by the “Aquarium of the Pacific,” officials said. The aquarium is expected to cost about $110 million. City officials are considering using the rest of proceeds from the bond sale, which was approved Tuesday, to build a parking structure.
Construction of the aquarium is expected to start in October and end in 1998. The aquarium is the linchpin of the city’s proposed Queensway Bay project, which also calls for additional waterfront restaurants and shops.
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