Sequoia Park Zoo Foundation announces early resolution of $300K loan

 

The Sequoia Park Zoo Foundation (SPZF) announced its decision to dissolve on April 12, 2024. In winding up, SPZF is settling outstanding liabilities in a good faith effort to ensure the ongoing success of the City of Eureka’s Sequoia Park Zoo. 

During the implementation of the Watershed Heroes capital project in fall of 2015, SPZF acquired substantial loans to ensure the successful completion of the project. SPZF has been paying down this debt for just under 10 years and made its final outgoing payment to the Arcata Economic Development Corporation (AEDC) last Friday. The watershed heroes project is now a free and clear paid-for asset donated to the zoo on behalf of the Foundation and its contributors. 

The Watershed Heroes project encompasses the front-facing entrance splash area, the otter habitat and underwater viewing tunnel, the overhead dam, the Lamoree Learning Lab with adjoining steelhead and salmon tanks, and the raptor aviary which together all tell the story of the ecological connection among our watersheds, wildlife, and their habitats. “This educational project really makes a splash at the zoo and provides families an interactive and engaging experience. Children especially enjoy the winding spiral waterway, pumping the well, stomping in and racing leaves down the stream year-round,” dotes Alegria Sita, SPZF Executive Director. “The entire exhibit is impressive in its interpretive narrative of our watersheds.”

The Watershed Heroes exhibit cost over $3.7 million to achieve the award-winning, world-class standards desired by both the zoo and foundation. SPZF secured over $2.3 million in grant funding from CA Prop 84 the Safe Drinking Water, Water Quality and Supply, Flood Control, River and Coastal Protection Bond Act of 2006 through the California Department of Parks and Recreation. Final grant reimbursement remained inaccessible until completion of the project, which required SPZF to strategize cutting costs and secure additional loans. 

Greenway Partners, the project manager and design team partner, were instrumental in reevaluating design requirements, materials, finishes and layouts while maintaining exceptional design concepts. This effort saved the project $1.5 million and was integral to its successful completion. This was the beginning of ongoing partnership with Greenway and the Foundation and the City of Eureka, which has led to the completion of the Redwood Skywalk and Bear Exhibit among many other projects at the Zoo. 

“I queried support from my fellow Rotarian [and AEDC Executive Director] Ross Welch and others helped seal the deal,” recalled Chuck Dominick, SPZF Projects Chair. Redwood Capital loaned SPZF $455,000 during the project to cover costs until the final grant payment, then AEDC in collaboration with Humboldt Area Foundation (HAF), and Headwaters, loaned an additional $675,000. SPZF Board Member and Founding President Jeff Lamoree also loaned $75,000 for completion of the project. SPZF continued to fundraise with the community’s favorite events like Brew at the Zoo and Zootini. Since 2015, SPZF has successfully resolved all loan obligations for the project with its final payment to AEDC last week. “I'm so very grateful that we were able to meet our obligation,” Dominick said. The Watershed Heroes Project received national recognition when it was awarded “Best Exhibit” by the Association of Zoos & Aquariums in 2016.

2023 was one of SPZF’s most financially successful years with the highest yielding Zootini Gala with $83,500 in raised funds. “The Foundation is the financially strongest it’s ever been,” accounts Roy Corsetti, SPZF Treasurer. “We expect complete financial solvency upon the dissolution of SPZF. We look forward to leaving behind a 20-year legacy of transformative capital assets which have enhanced the zoo experience without transfer of any Foundation financial liabilities to the City of Eureka.”

The Sequoia Park Zoo Foundation wishes to thank Greenway Partners, Studio Hanson|Roberts, Redwood Capital Bank, AEDC, HAF, Headwaters, Jeff Lamoree, and all Watershed Heroes contributors for bringing this project to fruition. You may follow updates regarding the dissolution process at www.spzfoundation.org and in SPZF’s eChatter Newsletter.