State OKs $31.5M package to help Mystic Aquarium survive pandemic

MYSTIC — A $31.5 million public-private restructure package has been reached with Mystic Aquarium to help the Connecticut tourist attraction recover from the COVID-19 pandemic.

Under the restructure, Mystic Aquarium has raised more than $10 million from private donors and eliminated $14.5 million in long-term debt. Part of the package also includes a $7 million line of credit with the state for working capital.

The plan calls for Mystic Aquarium to replace the state funding with private capital following recovery from COVID-19.

The aquarium closed to the public on March 17 and reopened July 1.

It has been operating at 50 percent visitor capacity since it reopened. It also has safety protocols that includes advance purchase of timed tickets, discrete mandatory temperature checks and a one-way path through the exhibits.

Before the pandemic, Mystic Aquarium had a yearly attendance of 800,000 people and serves 100,000 students in the state with distance learning and other education programs. It is home to 5,000 animals, including endangered and threatened marine mammals.

“This is a great deal for Connecticut,” Gov. Ned Lamont said in a statement. “This is an investment in one of our treasured assets, and which the state leveraged its support to get significant investment from the private sector, including debt forgiveness and incredible support from the philanthropic community.

“Mystic Aquarium worked diligently to raise an impressive amount of private donations from its board and other donors and to work with its banks on a global solution in which the state was one of many partners,” Economic and Community Development Commissioner David Lehman said. “This is a model for economic development in COVID-19 and beyond with shared public-private investment.”

U.S. Rep. Joe Courtney and Sens. Richard Blumenthal and Chris Murphy assisted aquarium officials in reaching agreement.