The total cost to redevelop the marina is now estimated at $165.45 million, up from an earlier $148 million construction budget.
A significant portion of the funding, about $84.83 million, will go toward utility upgrades and replacing docks and facilities in the south and central basins.
Another $54.22 million is earmarked for additional improvements, including the installation of living or hybrid seawalls designed to enhance coastal resilience.
The first phase, which includes site studies and seawall work, is expected to be funded by $65 million in Tax Increment Financing (TIF) funds.
“What’s going to happen in 2032 when the TIF money is exhausted?” committee member Brandi Gabbard asked during the meeting.
In response, Prayman said the marina will remain operational throughout construction. The marina, which is typically fully occupied, is expected to generate enough revenue to support the remaining $100 million debt tied to the project.
The final agreement with Skanska and Cummins Cederberg is expected to go before City Council in June.
If approved, the project will move forward in multiple phases, each requiring separate approvals.