“In 2006, the port and the Exploratorium executed a three-year exclusive negotiating agreement in which the museum would spend nearly $100 million to repair and retrofit the decrepit piers 15-17 and build a new museum. In return, the museum would obtain a 66-year lease that would enable it to move from the Palace of Fine Arts, its home since 1969.
As part of that deal, the museum stood to receive roughly $18.5 million in free rent from the port over about a 30-year period. But construction costs have escalated to $175 million, mainly due to increased pier repair costs, port project manager Jennifer Sobol said.
As part of the new agreement, the museum would get about $30 million in rent credit over a 50-year period, she said.”
∙ Exploratorium wants 50 years free rent from port officials [SFGate]
∙ Exploratorium: Embarcadero [exploratorium.edu]
∙ Piers On Which People Can Play (Albeit More With Their Minds) [SocketSite]