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Marina redevelopment talks continue; city prepared $26M back‑up plan if private deal stalls
Summary
City staff told council negotiations with Safe Harbor (new parent Blackstone/BlackRock reported) are ongoing; the city has drafted an agreement and would pursue a $26 million marina redevelopment option if a private operator deal does not finalize.
City staff briefed the committee on ongoing negotiations over the redevelopment of the municipal marina following the Safe Harbor transaction. Administration said it has provided a draft agreement to the marina operator’s legal team and expects a red‑lined response in the coming week. Staff also said they were preparing a contingency budget in the Marina Capital Projects Fund that would let the city proceed with redevelopment work if a private operator arrangement is not finalized.
Why it matters: the marina sits in downtown waterfront and represents both a revenue‑generating enterprise and a significant capital asset. Council members said they want certainty and expressed concern over the new private equity ownership reported in the marketplace.
Update and options: staff said they have submitted a draft agreement to Safe Harbor and are awaiting a marked‑up version; as of the briefing an updated response was expected the following week. Administration reported total FY26 resources in the marina fund could include $26,000,000 in bond proceeds for a Marina rebuild in an internal contingency scenario. Staff stressed that the city prefers a private partnership but must be ready to preserve and rehabilitate marina assets if the private deal falters.
Council reaction: some members urged swift movement to conclude a private operator agreement; others said the city should avoid taking on large redevelopment costs and continue pressing for a private operator solution. Members asked to be notified promptly when a counterproposal is received; staff committed to send a status update to council when the red‑line reply arrives.
Next steps: staff said they will review any operator red lines, bring proposed revisions back to council, and in parallel continue preparing a city‑led option that could be advanced if needed. No formal appropriation or contract award was requested at the committee meeting.
