Sale of Aquarium of the Bay to close

June 11, 2009 11:51:31 AM PDT
The new owners of San Francisco's Aquarium of the Bay say they'll be providing more opportunities in education and research after the deal closes to sell the aquarium.

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The sale of the financially troubled aquarium at Pier 39 to the nonprofit Bay Institute is expected to be completed Thursday, ending a 13-year struggle to keep the financially trouble aquarium open.

The Novato-based institute is using funds from municipal bonds, donations and loans to pay $9.5 million for the 65,000-square-foot aquarium.

The facility was appraised last year at $18.4 million.

The head of the Bay Institute says officials plan on expanding the offerings at the aquarium, including more educational services for schoolchildren.

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