Though FEMA and insurance cover much, a $10 million gap remains
The Nashville Symphony Association this afternoon announced that it estimates the total costs it incurred as a result of May's flooding to be approximately $42 million — far more than the $15 million it initially estimated.
That figure includes disaster response, cleanup, business interruption and the ongoing restoration of the Schermerhorn Symphony Center, which is now expected to reopen in January 2011. In the immediate aftermath of the flood, Symphony officials estimated the hall would be open again within four to six weeks.
The nonprofit organization is drawing on $10 million in flood insurance as well as what the announcement termed "substantial" aid from the Federal Emergency Management Agency. There is also insurance coverage to replace two Steinway concert grand pianos and the console of the concert hall's $2.5 million Schoenstein grand organ.
"Once all of these combined sources are exhausted, the remaining gap could be as much as $10 million," the announcement said.
"To close that gap, we are going to have to raise money," CEO Alan D. Valentine said in the statement. "We are actively exploring funding from grants and foundations and are counting on support from within the community.
Flood waters rose into the basement of the Schermerhorn following the massive rainfalls of May 1 and 2, 2010.
The facility, built at a cost of $123 million and opened in 2006, is located in the heart of what was the most flood-prone area of downtown Nashville before the Tennessee Valley Authority constructed dams on the Cumberland River starting in the 1930s. The area now called SoBro was known in the 1800s as "Black Bottom" because of the mud that often covered it after floods.
Today's announcement said the Symphony is "exploring options for changes to the Schermerhorn which would mitigate the hazards from any future disasters."