DELAWARE — Delaware County commissioners approved the issuance of $50 million in bonds to help finance construction of the new Wolfe Aquarium at the Columbus Zoo.
“It’s a very significant project. They’re going to build a world-class aquarium on the zoo property. They’ve started fundraising, and issuance of these bonds is a big part of putting the financing package together,” Commissioner Jeff Benton said.
“So we’re happy to issue these bonds through the Finance Authority, which is partnering with us on this project, and help the world-class zoo and aquarium come to fruition.”
The Delaware County Finance Authority (DCFA) will issue the bonds, but neither the county nor its taxpayers will be responsible for repaying them.
The DCFA is a political subdivision of the county created to help businesses, developers, nonprofits and local governments finance projects that support economic growth, infrastructure and job creation.
In this case, the authority is acting as what County Economic Development Consultant Dana McDaniel called a “financing conduit,” allowing the zoo to access the municipal bond market.
“This isn’t Delaware County borrowing money for the Zoo,” McDaniel said. “The Finance Authority is serving as a conduit issuer. It has statutory authority to issue bonds, so it puts the bonds into the market and passes the proceeds through for the Zoo’s project.
“The Zoo is responsible for the payments that repay the bonds.”
Background on the new aquarium
Earlier this summer, the Columbus Zoo unveiled plans for the John F. Wolfe Aquarium, which is estimated to cost approximately $175 million and open in 2029.
The 100,000-square-foot aquarium will contain more than 1 million gallons of freshwater and seawater habitats and feature more than 10,000 aquatic animals, according to the zoo.
The aquarium will require a separate ticket from zoo admission, creating an additional revenue stream for the zoo.
The project received a major funding boost this summer when the Robert F. Wolfe and Edgar T. Wolfe Foundation donated $50 million — the largest philanthropic investment in the zoo’s history, according to the zoo.
The donation, however, covers less than a third of the aquarium’s estimated cost. The zoo plans to use a combination of government funding, competitive grants and other financing strategies to pay for the project.
That’s where the DCFA comes in.
The authority has used similar financing tools for other projects in Delaware County. McDaniel said it supported the $40 million Mill on Flax development with a $2.5 million infrastructure bond and more than $216,000 in construction sales-tax savings.
Benton said Zoo Executive Director Tom Schmid envisions the property becoming a multiday regional destination, drawing visitors from across Ohio and the Midwest. Future development could include additional amenities such as hotels.
