Artist rendition of the community center aspect of the proposed Yacht Club park rebuild.
CITY OF CAPE COAL
The price of the city’s plans to build a resort-style destination at the Yacht Club park is estimated at $225 million.
At that price, the estimated average annual debt service would be $14,218,742 with the city to carry the cost of that debt service for three to four years at an estimated cost of between $28 million and $43 million.
Proposed funding sources include the city share of revenue from the returning Boathouse Tiki bar & Grill; parking garage fees of $3 per hour; Community Center and pool fees and charges; adding an additional 3% to the city’s existing 7% public service tax on electric bills (estimated to raise $9.5 million per year); annual dockage fees and hourly boat slip fees of $5 per hour, and an $8 million general fund loan.
The debt service of $225 million would be paid back over 30 years.
The city has received the state and federal permits needed to rebuild the park and marina, and has awarded reconstruction contracts to Wright Construction and Kimley Horn and Associates, Inc.for design and other services for the project on Driftwood Parkway along the Caloosahatchee.
The project will incorporate a “coastal design” and amenities will include a new marina, boat slips and ramps, piers, a two-story community center, concessions, resort-style pool, a riverfront beach, a playground and more.
The proposal is set for discussion Wednesday, Oct. 15, at a Cape Coral City Council workshop scheduled to begin at 9 a.m. in the Council Chambers at City Hall, 1015 Cultural Park Blvd. The meeting is open to the public.
COW Yacht Club Staff Presentation CIP REV1 (1)
To reach VALARIE HARRING, please email vharring@breezenewspapers.com