Proposed plans for a $225 million reconstruction of the Yacht Club Park will be presented Wednesday.<\/p>\n
As prepared for Cape Coral City Council discussion at a workshop, the project incorporates a \u201ccoastal design\u201d and amenities to include a new marina, boat slips and ramps, a two-story community center, concessions, resort-style pool, a riverfront beach, a playground and more.<\/p>\n
The presentation for the city\u2019s planned \u201criverfront destination\u201d includes a marine package and proposed construction phases and amenities.<\/p>\n
The project\u2019s various components include a marine package to include boat slips, ramp, seawalls and more; upland phases to include, in phase 1, a harbormaster building, multi-story parking garage and site improvements; and a community center, concession building, resort-style pool, beach, playground and landscaping in phase 2.<\/p>\n
Additional considerations for council consideration include boat slips and floating docks and co-ordination for the construction of the returning Boathouse restaurant.<\/p>\n
Councilmember Bill Steinke said he is looking forward to moving the discussion forward to get all the facts on the table.<\/p>\n
\u201cAt least we can get some of the more factual stuff out there in the public\u2019s eye and have an open discussion,\u201d he said of the workshop.<\/p>\n
The Cape Coral Yacht Club on Driftwood Parkway was built by the city\u2019s developers in 1962 as the then-fledgling community\u2019s first public amenity. It included a mid-century community center, pool, pier and beach along the Caloosahatchee and quickly became a gathering center, complete with teen club.<\/p>\n
The popular park was slated for a $12 million renovation in 2022.<\/p>\n
Those plans changed after Hurricane Ian, which made landfall in Southwest Florida on Sept. 28, 2022 as a Category 4 storm, heavily damaged the historic park.<\/p>\n
The cost to build a resort-style replacement is now estimated at $225 million.<\/p>\n
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.<\/p>\n
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\u2019s 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.<\/p>\n
As proposed, the debt service of $225 million would be paid back over 30 years.<\/p>\n
Steinke said he does not have a stance on anything at this point regarding the information to be presented and he pointed out that all the fees are assumptions, as they have not yet been brought before council.<\/p>\n
\u201cThey are looking at revenue sources and expenses. If in fact it is done \u2014 this is how it will pay out,\u201d Steinke said. \u201cIt really is crystal ball work right now.\u201d<\/p>\n
Steinke said he does have some questions and they stem around whether to do the docks component now, or wait.<\/p>\n
\u201cWhat is not a part of the backup that certainly will be a question that I ask is with the price of the docks today, what will the price of the docks be three years from now if we wait to do the docks,\u201d he said. \u201cThere is always a cost of waiting, which we have seen with the variety of other things.\u201d<\/p>\n
The presentation does not include the potential of a P3 relationship, Steinke said, adding he thinks the idea of partnering with a private entity, which could shift costs and so impact the financing plan, may come up for discussion.<\/p>\n
\u201cI am guess that will at least be brought up in discussion,\u201d he said, as it would change the performa complexity.<\/p>\n
Steinke said with the discussion happening at a workshop, the city has to put together something to use as a \u201cstraw dog\u201d to work from and have items discussed.<\/p>\n
\u201cI would certainly be a proponent of getting the docks done sooner rather than later for a few reasons,\u201d he said. \u201cIf you are going to have a boat ramp, you are going to need to have a way for people to wait for their turn in both directions \u2013 putting boats in and taking it out.\u201d<\/p>\n
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.\u00a0<\/p>\n
\u201cWe worked feverishly on that permit and hit a number of hurdles we didn\u2019t expect,\u201d Steinke said, adding that now with those two components set, \u201cI think we can actually gain ground here now. The hinge pin in all of it was certainly the seawall. You can\u2019t do anything until the seawall gets done. We just recently got our approval and permit for that. I think we are heading in the right direction, and I think a lot of things will be able to be solidified on Wednesday \u2013 this is the direction we need to go, what estimates we need to get and what projects need to be bid out.\u201d<\/p>\n
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.\u00a0<\/p>\n