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Council presses ClearPath on financing, easements, manatee protections and contingency assumptions
Summary
Council members sought details about ClearPath's financing partners after a prior backer withdrew, asked whether easements or FDOT restrictions affect design, and flagged low contingency assumptions; ClearPath said Hageman is engaged and the team will comply with manatee-plan updates.
Council members focused follow-up questions on financial readiness, easement needs, marina permitting and contingency planning during ClearPath’s presentation to the Vero Beach City Council.
A council member asked about an earlier financial backer that had dropped out; ClearPath said that party’s withdrawal was unrelated to the project and that Hageman has been brought on as a financing partner. Tom Peck of Hageman, joining remotely, told the council Hageman can fulfill part of the financing role and could help establish a local investment fund. Lloyd said the team expects to finalize financing options within roughly 90 days if selected.
Council members also raised site-control questions: the team said they saw no additional easements needed at this stage but would respond to any that emerge. Kimley Horn staff noted familiarity with FDOT easements on the bypass and confirmed work to update a manatee protection plan; a draft had been submitted to the county and U.S. Fish and Wildlife Service and reviewers’ comments were expected in early May.
On contingency, the council observed exhibit figures that appeared to show construction contingency carried at 3% during schematic design—below common industry guidance. Turner’s representative explained estimating contingency is embedded in other line-item estimates and said a typical guaranteed maximum price contingency at construction-document stage is 2.5–3%, with broader estimating contingency approaching levels council members described as 10–15%.
Council raised connectivity concerns as well: a remote parking lot south of 17th Street would exceed a recommended 0.25-mile pedestrian distance, and members asked whether shuttle services would be provided. ClearPath said shuttle or electric tram options were part of their thinking and that the event center would include drop-off areas for accessibility.
No formal vote or commitment was taken during the presentation; council members concluded with requests for continued transparency and more detailed financial and permitting documentation in subsequent rounds.
