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The aquarium closed out 2020 with a net loss of $13 million, having lost $600,000 to $1.1 million per month due to coronavirus closures and restrictions. Regardless of attendance, the facility has about $2 million worth of necessary monthly expenditures that cannot be overlooked for the health and safety of its animal inhabitants.
Though she supported the motion to approve the loan, Councilwoman Suzie Price voiced some concern about the funding and backing source for the loan: the Oil Field Abandonment Reserve and the Tidelands Operating Fund, respectively.
The Tidelands Fund pays for various programs, services and projects, including the convention center maintenance and improvements, lifeguards, tree trimming, and developments. Two notable developments to be funded with Tidelands money are the Belmont aquatic center and the Belmont Pier upgrades, both of which reside in Price’s district.
Aquarium asks the city for a $5 million loan as attendance, revenue plummet during pandemic • Long Beach Post News lbpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lbpost.com Daily Mail and Mail on Sunday newspapers.