Lindsay Park Yacht Club asks commission to back 20-year lease to finance dock replacements

Members of the Lindsay Park Yacht Club asked the Riverfront Improvement Commission on June's meeting to recommend a 20-year lease and accompanying management agreement so the club can secure loan financing to replace multiple aging docks at Lindsay Marina.

The request came from Chris Clements and Jeremy Richard, who identified themselves as members of the club's board of directors. Clements told commissioners the club has been managing the marina for decades and is seeking a longer lease term because its lender requires the loan amortization to match the lease and management-agreement term. "IH Street Valley Credit Union has done several loans for previous boards ... The only thing we ask is that the amortization schedule of the loan matched the lease term and the management agreement term," Clements said.

The change is intended to fund replacement of at least five piers currently deemed in poor condition and not insurable, the presenters said. Clements described the piers targeted for immediate replacement as roughly "30 to 40 years" old and said the club has saved about $1 million for replacements but would use loan proceeds to complete the work sooner. He said the project is planned in two phases, with a first phase to replace uninsured piers and a second phase to bring other docks to the same standard.

The club described planned improvements including new floating pier components (poly-plastic floats with metal framing and concrete 2x2 slab tops), upgraded electrical and water service, added dock lighting and ramps to improve accessibility. The board also said it would add a transient, uncovered dock to accept short-term visitors and noted the marina provides fuel, pump-out and showers, services the club argues serve the broader riverfront economy.

Commissioners and staff pressed on timing and process. City staff noted council approval is required for lease terms longer than three years, and commissioners were told the earliest likely council approval cycle would be in August if the commission forwards a recommendation in July. Club presenters said their contractor is asking for a signed contract and deposit by July 30 to secure current pricing; the club said its lender has completed underwriting and is waiting for the lease and management agreement.

Commissioners and presenters also discussed access, parking and recurring flooding at the marina site. Clements described an "oddly intertwined relationship" between club-managed buildings and city-owned docks and noted recurring basement flooding and access problems at higher river levels. He also said the club intends to add security measures such as gate passcodes and, with steady internet, camera systems to deter trespass and vandalism.

No formal motion to approve a 20-year lease was taken at the meeting. Staff agreed to prepare an updated draft of the lease and the management agreement for the commission's review, and the commission discussed scheduling either a special meeting or addressing the item at its July meeting so that a recommendation to city council could be made in time to match the club's contractor schedule.

The commission's next steps are to review the existing lease language, receive the city-drafted lease and management agreement for comment, and decide whether to call a special meeting to consider a recommendation before the council's agenda deadline.