Under pressure to complete its new downtown Miami home amid a severe fundraising shortfall, the Frost Museum of Science dissolved its board of trustees Wednesday and will take a bridge loan from its chief benefactors, The Miami Herald and the South Florida Business Journal write.
Phillip and Patricia Frost, who have donated $45 million to the museum, will make up half of a four-member panel that initially replaces the 40-member board. The quartet will recruit additional members to a smaller governing body. The Frosts have also agreed to provide a loan to continue construction of the new downtown site pending consideration by Miami-Dade County commissioners of a plan to provide $45 million in hotel tax revenue for the work. The size of the loan was not disclosed.
The museum said last month that it had exhausted $160 million in taxpayer funds earmarked for the new building and has fallen short of fundraising goals, complicating efforts to get a bank loan to complete the project. The financing issues have pushed the museum's scheduled opening date from this summer to late 2016.