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Commission approves $1 million loan to Museum of Discovery & Science affiliate for Deerfield exhibits
Summary
The commission approved a $1,000,000, 0% short‑term loan to New World Aquarium (Museum of Discovery & Science affiliate) to secure exhibit payments for a planned Deerfield Beach nature‑center exhibit; the museum said JM Family Enterprises pledged $2,000,000 to support exhibits across two projects.
The Deerfield Beach City Commission approved a $1,000,000, interest‑free short‑term loan May 5 to New World Aquarium, an affiliated entity of the Museum of Discovery and Science, to secure payments for exhibits intended for a Deerfield Beach nature‑center.
Kathy Nannemacher, CFO of the Museum of Discovery and Science, told the commission that JM Family Enterprises has pledged a $2,000,000 gift: $1,000,000 for the Museum’s current exhibit project and $1,000,000 to fund exhibits for the Deerfield Beach nature‑center slated to open later this year. The museum requested the city loan to bridge timing for exhibit payments and said the loan would be secured by a gift agreement and repayment would occur within a year.
Public comment during the item included both support and fiscal caution. One resident urged the commission to ask JM Family Enterprises to provide the funds now rather than rely on a city loan that forgoes potential short‑term investment income; he estimated a modest opportunity cost to taxpayers for the one‑year, 0% loan.
The commission voted to approve the resolution. The city attorney said the loan is secured by the museum’s gift agreement and that when the loan comes back for final contract terms it will be agendized per city code.
What was said: “The JM Family Enterprise gift is $2,000,000… one million dollars is dedicated to building the exhibits for the Museum of Discovery and Science Deerfield Beach Nature Center,” Kathy Nannemacher told the commission.
Next steps: City staff will execute the loan agreement as authorized and the museum will proceed with exhibit procurement and installation under the terms described in the meeting.
