Admiral John H. Fetterman State of Florida Maritime Museum and Research Center
Maritime park board OKs pursuing stimulus money
(Pensacola News Journal © 08/22/2009 By Jamie Page jepage@pnj.com)

The Community Maritime Park Associates took a first step toward pursuing $13 million in federal stimulus funds to fast-track construction of the Maritime Museum.

The park board voted unanimously on Thursday to begin working with Capital Trust Agency Community Development Entity — a for-profit development group — to secure federal stimulus money for the project in time to put it to use on an accelerated schedule.

If the deal works out, the funding will flow from a U.S. Treasury program known as New Market Tax Credits, which saw a huge infusion of federal stimulus funds this year.

The $13 million would be used with the $5 million the University of West Florida already has raised for the building to build the $20 million museum. To be eligible for the stimulus money, UWF must come up with the $2.8 million shortfall.

"You give me the ball. I will take it to the hoop," UWF President Judy Bense said. "Trying to figure out how to fund this museum in time has been the biggest anchor around my neck, and now the weight has been lifted. I am 100 percent confident that we will raise that money, and we will have the doors open on a maritime museum one to two years early."

The developer is ready to break ground Sept. 17 on the $40 million park, but it may take longer than needed for the site to be made ready to build. Pursuing the stimulus funds means speeding up the construction schedule, said CMPA Board Chairman Lacey Collier.

The condition for receiving the money is that UWF must have a construction contract in hand and break ground by September 2011.