ST. PETERSBURG — The city's iconic Pier is on such wobbly financial footing that taxpayers would save $1 million a year by simply shutting it down, according to a new report.

The report raises questions about the city's long-standing plans to spend $50 million to shore up the Pier's deteriorating infrastructure.

The Pier has cost city taxpayers nearly $12 million since 2001, budget figures show. Last month, the city further reduced rents for about a dozen struggling tenants who threatened to close.

City officials admit that there is no plan to ever break even, let alone turn a profit.

The sobering financial outlook surfaced during a discussion about spending $50 million to rebuild the Pier's quarter-mile-long approach and pier head. The project would not include replacing the actual Pier building.

"In the private sector, nobody would spend $50 million with an operating subsidy after that," said City Council member Karl Nurse. "Nobody in their right mind would build it, except the government."

City officials haven't decided whether to replace the Pier's infrastructure, and a decision could be years away. Mayor Rick Baker is forming a citizens task force to recommend a course of action.

But with the city facing a projected $20 million budget shortfall this year alone, the Pier is emerging as a candidate for cuts.

Long a postcard image of the city, the Pier has seen attendance drop by half this decade — from nearly 2 million visitors in 2001 to just over 1 million in 2008.

Saltwater breezes have weakened the Pier's approach, requiring costly maintenance and ongoing repairs.

The complex's limited retail space has made it unattractive to many regional and national chains, and uncertainty about the Pier's future means existing tenants are hesitant to upgrade their stores.

Negative perceptions of the touristy shops and fast-food joints have kept locals away.

Keeping the Pier open indefinitely would cost taxpayers more than $1 million a year, plus $50 million in needed infrastructure repairs.

Demolishing it altogether would cost $6 million, according to city officials.

"These are the doomsday scenarios that have to be said," said City Council member Herb Polson. "You could spend $50 million and not see a thing differently. That's hard for the common man to understand."