St. Petersburg voters will decide this fall whether to extend the city’s submerged lands lease with downtown’s Harborage Marina. The extension would allow the marina to invest more than $2 million into new docks and waterfront improvements without using taxpayer dollars.
Proposal Details
The proposal would extend Harborage Marina’s lease to 30 years, giving the marina enough time to finance approximately $2.15 million in capital improvements. Planned upgrades include 200 linear feet of additional dock space, new boat lifts, and expanded restroom facilities.
According to city documents, all improvements would be privately funded by Harborage Marina and would become city property when the lease expires. Supporters say the longer lease simply gives the marina enough time to recover its investment.
City officials estimate the extended lease would generate approximately $4.5 million in additional lease revenue over its lifetime while modernizing aging marina infrastructure. The proposal does not expand the marina’s footprint, but instead extends the lease term, allowing Harborage Marina to amortize the cost of the improvements over a longer period.
Original reporting: St. Pete Catalyst — read the source article.
