During a recent city development meeting, Chris Balestra outlined plans for a new contract with Safe Harbor Marinas, expected to be presented in the fall. This contract will cover both the operations of the marina for five years and the construction of a new marina, including necessary sea walls.

Balestra emphasized that while there is a potential for a 10% increase in rental rates, the city intends to avoid imposing this increase on tenants during the construction phase. He noted that construction is not anticipated to begin within the next twelve months, which alleviates immediate concerns about rent hikes.

The revenue generated from rental increases typically supports the marina's operational fund balance. However, Balestra expressed optimism that the approval of the new contract would shift operational responsibilities away from the city, thereby reducing budgetary pressures and potentially eliminating the need for rental increases this year.

He also highlighted that Clearwater is undertaking similar marina redevelopment efforts, indicating a broader trend among local marinas. Balestra reassured attendees that the city is sensitive to the needs of liveaboard tenants, many of whom are lower-income or on fixed incomes, acknowledging the impact of rising costs on these vulnerable groups. The council's decision on the contract will be pivotal in shaping the future of the marina and its financial implications for tenants.