Oak Harbor consultants warn marina revenues fall short of costs for major repairs; redevelopment could require $30'$40 million

Summary

A consultant's review of Oak Harbor's marina found operating expenses have risen faster than revenues, leaving limited net revenue for capital work; consultant Paul said dredging, breakwater and redevelopment could cost $30'$40 million and would require grants, partnerships or significant rate changes to fund.

Oak Harbor's marina lacks the operating cash flow to pay for large-scale repairs and redevelopment, a consultant told the committee, outlining options that range from phased repairs to privatization or seeking federal and state grants.

Paul, the consultant presenting the committee's business plan and financial review, said the marina's largest revenue stream'permanent moorage fees'grew only about 0.6% per year on average from 2009 through 2021 while operating expenses rose roughly 4.9% annually. "The existing funds are not sufficient to fund marina development," Paul said, urging the committee to consider a mix of rate changes, cost savings and grant or partnership strategies.

The presentation included several specific figures: Paul said the dredging fee has increased from roughly $22,000 in 2010 to about $140,000 most recently, and that net operating income (excluding debt) averaged about $188,000 per year and has declined slightly over the study period. He estimated dredging…

Oak Harbor consultants warn marina revenues fall short of costs for major repairs; redevelopment could require $30'$40 million

Summary

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