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    News in Depth

    Archived Audio: Hear What Council Was Told, And Said, In 1995 About Aquarium Paying Its Bond Debt Without Taxpayer Bailout

    (September 29, 2005) -- In the public interest, posts below archival, extended audio coverage of salient portions of what took place on August 1, 1995 when Long Beach City Councilmembers voted to put public money at risk if Aquarium visitors and revenue didn't materialize as predicted.

    The first Aquarium-related agenda item (#23) was a "receive and file" item that included presentations by Kajima, a financial feasibility report then being finalized by Coopers & Lybrand (retained by Kajima), an independent consultant retained by city management to review Coopers & Lybrand's report, a VP from Goldman Sachs, an Aquarium boardmember and then-City Manager Hankla. Our coverage of this item begins with presentation of the financial feasibility report.

    The second item (#24) was a Council action item approving use of public money to back the Aquarium bonds. It included presentations by then-Deputy (now Ass't) City Attorney Heather Mahood and then-City Manager Hankla.

    To provide a listenable presentation, we've posted the salient portions of these agenda items, omitting less pertinent portions, meaning some speakers and statements are not included, indicating edits/omissions with a "whoosh" sound (our version of an audio ellipsis).

    Agenda item 23, Aug. 1/95 (excerpts) (38:40)

    Agenda item 24, Aug. 1/95 (24:47).

    [Audio segments are in the "real audio" format which many people already have on their computer. If necessary, the player can be downloaded free at: RealOne player download]

    Related coverage:

  • Long Beach Aquarium: "Long Beach" Quietly Deleted From Aquarium of the Pacific's Name

  • Editorial: Feeding Taxpayers To The Aquarium

  • Council Votes 9-0 For Aquarium Rent Freeze, 29-Yr Lease Extension And Bondholder Payments Of Roughly $5+ Million Per Year In Public Money...While Aquarium Mgmt. Pursues Privately Funded Expansion Plan

  • Drummond re Aquarium's Public Costs: "Very Disappointed In Use Of Consultants Without Accountability," Says '95 Financial Feasibility Report Merits Inquiry

  • Aquarium Wants Council Rent Freeze, 29-Yr Lease Extension; Could Consume $5+ Million In LB Public Money Starting in FY07 & Beyond ($4+ Million In FY06)...While Aquarium Mgmt. Pursues Expansion Plan

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