[Bboa-members] Waterfront Commission Meeting

[Tom & Lori Jeremiason]

There was a fairly good turn out at the Waterfront Commission meeting last
night. A number of topics were discussed, but obviously the big one was fee
increases and declining infrastructure. The meeting ended at about 10:30 pm.


A good thing is that the Commissioners seem to be moving forward with a long
term business plan for the Marina.  The Waterfront Commission is looking at
ways of amortorizing over the long term, which will save money. It appears
they are finally starting to hear us and are focusing on the deteriorating
infrastructure.

The Finance Sub-Committee submitted a new Proposed Budget deferring costs
and there by saving money. It puts the Marina in a better position
financially.

The botom line for the Boat Owners was that the new proposed rate increase
in July has dropped to 8% (Instead of 14%) with a 5% per year increase in
Fiscal years 2008, 2009 and 2010. The projected revenues are very
conservative and do not take into account the new restaurant, increased
revenues from the other properties (ie: Hotel/Restaurants) or a possible
Ferry dock, which would save dredging fees. These are all wild cards at the
moment, but should bring additional monies into the Marina in the long run.

Cliff Marchetti is looking into diverting some of the Boating and Waterways
loan to repair the J - O Docks to bring them up to standards.

The H & I docks went out to bid. The bids were as much as $900k over the
proposed budget and so they will rework proposal and put it out to bid
again. There is also a concern over the additional $500-700k required for
the Houseboat slips. According to the Marina Staff; Boating and Waterways
does not allow loans to be used for Houseboats and therefore the Marina
would have to absorb the cost of building those docks. The Houseboaters had
a strong attendance at the meeting and expressed thier concerns.

That's my short summary of the meeting ... Keith can probably explain the
budget stuff in more detail.

Tom Jeremiason
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