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Council hears Marina ownership change, lease assignment and breakwater concerns
Summary
Staff introduced a pending assignment of the Mile High Marina lease to a new investor, Resilient Capital Partners; council members asked about rent formula, breakwater replacement and how expansion conditions and park impacts will be addressed at lease renewal.
Community and Economic Development Director Michelle Grunewell briefed the council on a pending change in majority ownership of the Mile High Marina and three related applications the council will consider in February: assignment of the current city lease, consent to a leasehold mortgage/deed of trust, and an estoppel certificate.
Grunewell said marina owners Sam and Kelly Worley have entered an agreement with Resilient Capital Partners, LLC, which would become the majority interest owner while Sam and Kelly would remain minority owners and continue to operate the marina. "This transaction is a way to provide the funding…
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