Report: Frost Science Museum Out Of Construction Cash

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MIAMI (CBSMiami) – The Frost Museum of Science could really use some of that $1.5 billion Powerball jackpot money right about now.

CBS4's news partner The Miami Herald is reporting the museum has run out of cash to finish construction of its new Downtown Miami home.

According to the office of Miami-Dade County Mayor Carlos Gimenez, the county has already spent the $160 million it set aside for the project.

Even with the county chipping in such a large portion, the museum is far short of its $275 million goal because it has failed to garner the necessary private fundraising.

Michael Spring, a senior advisor to the mayor, said that even though construction has yet to stop, it means the museum won't be able to make its monthly payment of $5 million to $7 million to Skanska, its general contractor.

The mayor said they cannot afford to let this project stall because of the importance of the project to the county and the residents.

Gimenez's original plan was to give an annual payment to the science museum of $4 million for a decade. Instead of stretching out the money, the county is now planning on giving a lump sum of $45 million for the job to get done.

The $45 million would add to the $70 million the Frost board has secured so far. The combined amount would be enough to complete a majority of the construction, allowing the museum to open up in 10 months – which is near its target date.