Nashville Symphony Estimates Overall Flood Cost At Schermerhorn Symphony Center to Exceed $40 Million

June 23, 2010

While repairs to Schermerhorn Symphony Center continue in the aftermath of last month's historic flooding, the Nashville Symphony's latest available estimates now indicate that the total cost to the organization will be approximately $42 million. These costs include disaster response, cleanup, business interruption and restoration of the building. The Symphony anticipates that assistance from FEMA, along with $10 million in flood insurance, will cover a substantial portion of the costs. In addition, insurance will cover the replacement of certain items lost in the flood, including two Steinway concert grand pianos and the console of the Martin Foundation Concert Organ. Once all of these combined sources are exhausted, the remaining gap could be as much as $10 million.

"To close that gap, we are going to have to raise money," said Alan D. Valentine, President and CEO of the Nashville Symphony. "We are actively exploring funding from grants and foundations and are counting on support from within the community. We hope that we can meet this challenge quickly in order to avoid any further interruption to the schedule of the repairs, or to our work and our mission."

Meanwhile, it now appears that the Symphony will resume concerts at the Schermerhorn in January 2011. This timetable will allow the Symphony to complete all repairs to the building, which include securing and installing the replacement components of the extensive electrical and mechanical systems destroyed in the flood. In anticipation of this, the Symphony is currently finalizing plans to relocate its complete fall schedule of classical, pops, jazz, family and special concerts to alternate venues.

Valentine added that the Symphony is also exploring options for changes to the Schermerhorn which would mitigate the hazards from any future disasters.

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