Politics & Government
Madeira Beach Backing Loan for Aquarium
St. Petersburg's Pier Aquarium will be moving to John's Pass with the help of a loan backed by Madeira Beach.
Madeira Beach government is making steps to get the Pier Aquarium in John's Pass by backing a $2.5 million one year bridge loan, according to Tampabay.com.
On Tuesday, city officials said they were continuing to work the terms with the aquarium and the Bank of America.
Madeira Beach officials stated the loan is risk free as payments would be made through money already gained by the aquarium through donations.
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A final decision will come in June, when the loan has been verified by a third party.
When the Pier Aquarium moves to John's Pass, it will be renamed to the Secrets of the Sea Marine Exploration Center and Aquarium and take 12,500 square feet of space by Bubba Gump.
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