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Council approves Yacht Club boathouse lease, mayor praises settlement
Summary
Council unanimously approved Resolution 195‑25 to grant a new concessionaire lease for the Yacht Club boathouse and a settlement for the prior lease; staff said the agreement raises the city's minimum guarantee and broadens profit‑sharing.
The Cape Coral City Council unanimously approved Resolution 195‑25 on Sept. 17 to authorize a new concessionaire agreement for the Yacht Club boathouse and to adopt accompanying settlement terms addressing the prior lease.
City Manager presented the term sheet and noted the city will participate in an increased profit‑sharing model and has removed certain exclusions that existed in the prior agreement. The manager said the city also negotiated a higher minimum guarantee and expects the newly renovated restaurant to be a larger operation with an estimated capital investment around $5 million, of which the city will contribute approximately $1 million to the restaurant improvements as part of the term sheet.
Councilmember Kilrain praised the proposed contract and said the concessionaire has been a good operator historically. Mayor Gunter thanked the Kearns Group and their attorneys and said both sides appeared satisfied with the outcome.
Why it matters: The lease affects use and revenue at a prominent waterfront facility and involves city capital and profit‑sharing terms that will influence local tourism and dining options.
Next steps: Staff will finalize execution of the lease and prepare implementation steps so the concessionaire can reopen the establishment.
