4.a.1. Jaycee Park \u2013 Partial Term Sheet \u2013 COW Presentation 2-25-26 (1)<\/a><\/p>\nThe Kearns Restaurant Group was the only party to submit a proposal for management and operation of the planned concession area and food truck court at Jaycee Park.<\/p>\n
Term sheet details\u00a0negotiated by the city and the group call for a 20-year agreement with an option to renew for another 10. \u00a0<\/p>\n
It also outlines three types of concession fees to be paid to the city: Approximately $1.06 million plus interest to be paid monthly over 20 years;\u00a0minimum guarantees of $75,000 per year or $6,250 per month; and an escalating\u00a0 percentage of total gross receipts.<\/p>\n
Any agreement for the boats slips remains under negotiation.<\/p>\n
With Cape Coral City Council approval, city staff issued a request for proposals on Dec. 12, 2025, with a close date of Jan. 13.<\/p>\n
The city\u2019s posted documents were downloaded by 11 parties with four expressing interest in \u201cselect areas of the solicitation but did not progress to submission,\u201d according to a staff presentation to be made before council at its workshop meeting Wednesday.<\/p>\n
City staff deemed the proposal from the Kearns Restaurant Group responsive and compliant with city procurement procedures and a city negotiating team met internally on Jan. 21 to review the proposal, the presentation states.<\/p>\n
The parties met again on Jan. 28 and Feb. 4 and drafted a partial term sheet for the development of a concessionaire agreement for the park.<\/p>\n
The city of Cape Coral and the Kearns Restaurant Group negotiated a similar concessionaire agreement for the Yacht Club where the group operated the popular Boathouse Tiki Bar & Grill. That agreement, which allows for the rebuild of the restaurant, was approved by council in September.<\/p>\n
Council is expected to discuss the terms for Jaycee Park at the 9 a.m. workshop.<\/p>\n
According to the presentation:<\/p>\n
\u2022 The agreement would be between the city and an LLC owned and controlled by Kearns Restaurant Holdings, LLC.<\/p>\n
\u2022 The agreement would be for the \u201cConcession Area\u201d with same \u201cWet Zone\u201d restriction for sale of alcoholic beverages as was previously outlined during discussions related to the rebuild of city park on the\u00a0 riverfront at the end of Beach Parkway<\/p>\n
\u2022 The agreement type is a Concessionaire Agreement that would grant exclusive rights for the management and operation of the Jaycee Park Concession Area and Food Truck Court.\u00a0<\/p>\n
\u2022 The term of the agreement is 20 years with an option to renew for 10 years for total of 30 years.<\/p>\n
\u2022 Hours of operation would be be determined by the concessionaire with the understanding that no operations would occur from 9 p.m to 8 a.m. (except for usual closing and cleaning processes). Extended hours could\u00a0be requested for specific holidays, city special events or concessionaire events.\u00a0<\/p>\n
\u2022\u00a0Maintenance and repairs would be the responsibility of the concessionaire, \u201cwho must keep Concession Area maintained in exceptional condition and make immediate repairs after notice from City.\u201d<\/p>\n
\u2022 All facets of Food Truck Court operations would be managed by the concessionaire. \u00a0<\/p>\n
\u2022 The Concessionaire would be responsible for cost of utilities \u2013 under negotiation, taxes and assessments associated with the Concession Area and Food Truck Court.<\/p>\n
The financial elements term sheet calls for:<\/p>\n
\u2022 Concession Fees\u00a0<\/p>\n
A. Initial Payment: $1,064,876 plus interest to be paid in 240 equal monthly installments of $4,437 (plus interest costs)\u00a0<\/p>\n
B. Minimum Guarantee: $75,000 per year ($6,250 per month)\u00a0<\/p>\n
C. Percent of Total Gross Receipts: 4% in years 1-10; 5% in years 11- 20; 5.5% during any renewal term\u00a0<\/p>\n
\u2022 Boat Slips \u2013 Under Negotiation<\/p>\n
The workshop meeting is scheduled for 9 a.m., Wednesday, in the Council Chambers at City Hall, 1015 Cultural Park Blvd. The meeting is open to the public.<\/p>\n
To reach VALARIE HARRING, please email vharring@breezenewspapers.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The Kearns Restaurant Group was the only party to submit a proposal for management and operation of the…\n","protected":false},"author":2,"featured_media":167837,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[209,211,210],"class_list":["post-167836","post","type-post","status-publish","format-standard","has-post-thumbnail","category-cape-coral","tag-cape-coral","tag-cape-coral-headlines","tag-cape-coral-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/167836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=167836"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/167836\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/167837"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=167836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=167836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=167836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}