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Commission weighs CMP term sheets versus city‑led build; management, lease and financing options remain unresolved
Summary
Commissioners reviewed multiple term sheets from City Marina Partners (CMP) that vary on who funds, builds and manages the marina; CMP proposes equity/lease options while the city explored construction, conduit/CDD financing, or hiring an operator. No final management decision was made.
City staff summarized the offers from City Marina Partners (CMP) and described three principal approaches: a CMP equity/lease arrangement with conduit financing or bond support; a CMP‑led build with a long lease/operating agreement; or a city‑led construction followed by either city operation or hiring a management company.
Mr. Zimmerman explained that CMP’s option 1 resembled the Saint Joe model, offering equity contributions and the potential for…
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