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Council approves option agreement for Port Royal Marina improvements; lease extension tied to private $14M rebuild
Summary
City council approved an option agreement allowing the Port Royal Marina leaseholder to pursue entitlements and invest in a multi-million-dollar rebuild; approval sets framework for a long-term lease extension tied to meeting permit and construction thresholds.
The City Council voted to approve an option/lease framework for Port Royal Marina that authorizes the current leaseholder to pursue entitlements and to rebuild marina slips and facilities, subject to permitting and other conditions. The city—s waterfront and economic development director told the council the private sector operator proposed a minimum investment of about $14 million for slip replacement and related improvements; if required entitlements and thresholds are met the agreement will permit a long-term lease…
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