Jungle Island $2 million short on loan payment
MIAMI (AP) -- Miami's Jungle Island zoological park is short $2 million needed for a federal loan payment.
The Miami Herald reports park owner Bern Levine says an outside investor is ready help make the payment but only if Jungle Island's lease is extended another 50 years. The park also wants to expand its reach on Watson Island to attract a hotelier, restaurants and retailers.
Miami Mayor Tomas Regalado says the request is impossible. He says the park needs to come up with the money.
The city and Miami-Dade County are on the hook for up to $40 million if the park defaults on its federal, city and county loan obligations.
City commissioners will discuss the park's future at a special meeting Tuesday. No immediate action is expected to be taken.
(Copyright 2012 by The Associated Press. All Rights Reserved.)