In Monday’s (7/8) Tennessean, Jessica Bliss reports, “The Nashville Symphony has filed an appeal with the Federal Emergency Management Agency over some of the money obligated to it after flood waters overtook the lower levels of the Schermerhorn Symphony Center in May 2010, significantly damaging the world-class building and its equipment. The appeal is under review, putting a small portion of the multimillion-dollar grant approval from FEMA on hold. But even with the final amount in dispute, the symphony already has received a combined $32.8 million in flood-related payouts from FEMA, government grants and commercial insurance … An additional $4.4 million in recovery money is pending after a recent FEMA inspection and resolution of the FEMA appeal. … Symphony officials often point to the flood as a significant factor in its current fiscal crisis, as millions in funds were needed to” extract water, remove debris, restore building structure and mechanical and electrical systems, and replace instruments. “In recent weeks, the financial crisis became so serious that lenders threatened to auction off the Schermerhorn—a specter averted after a deal was made that involved philanthropist Martha Ingram. … Symphony officials have said in the past that the flood caused an estimated $40 million loss.”
Posted July 9, 2013