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Port Richey board authorizes appraisals for waterfront parcels while weighing $1.2 billion water-plant cost
Summary
On March 10, 2026 the Port Richey City Council/CRA authorized staff to obtain appraisals on at least one waterfront parcel, including a bait-shop site on Miller Bayou, while members debated trade-offs against a projected $1.2 billion reverse-osmosis water-plant budget.
Port Richey City Council and the Community Redevelopment Agency on March 10 authorized staff to obtain appraisals on at least one waterfront parcel as the board continued to weigh priorities against a large water-plant expenditure.
City Manager Don King told the board that negotiations are underway for multiple parcels and highlighted the systemwide capital work: “we're currently at $1,200,000,000 projected to be spent for the ... reverse osmosis water plant,” King said, framing the acquisition discussion in the context of competing capital needs.
King said owner Billy (Bill) Koloketis has offered a bait-shop parcel for sale “at 1.5” million and is proposing flexible financing options, including a $750,000 down payment and financing of the balance. King said he would return with a packet of options if the board wanted to pursue purchase.
Council members pressed staff about appraisal procedure and cost. The board discussed the standard requirement of two independent appraisals, with members citing estimates of roughly $2,500–$3,000 per appraisal. One member cautioned against spending on appraisals before a clear path to acquisition is agreed: “I’m a no on this ... I don't think we have enough information to decide,” one council member said during debate.
A council member moved to authorize the city manager to obtain an appraisal on the bait-shop parcel; the motion was seconded by Vice Chairman Chris Mayer and carried by voice vote after discussion. The City Manager said he will return at the next meeting with a complete packet of estimated costs and negotiation options for the board to review.
Council members also debated whether to concentrate on the bait-shop parcel or pursue multiple properties, including an adjacent lot for Olsner Park on Miller Bayou. Some members preferred focusing on the bait-shop because of waterfront access and potential parking and pavilion uses; others expressed concern about tying up funds and urged staff to explore Pasco County grant participation to offset costs.
What happens next: King will obtain the appraisal(s) ordered by the board and present a formal recommendation and financial options at a future meeting; the board did not approve any purchase at this meeting.
