VERO BEACH — At a special call meeting on July 18, the Vero Beach City Council convened to discuss the future of its ambitious marina project, weighing multiple funding and management strategies.
The meeting began with a detailed presentation assessing the financial feasibility of the $25.9 million project. It was determined that the project would be good for the city within a 50 years, but it would take 25 years for it to see a profit. The presentation set the stage for a debate among council members on the best path forward for the city's waterfront investment.
While the marina's financial forecast painted an optimistic picture, Mayor John Cotugno raised concerns about the city's ability to execute the project efficiently, referencing past challenges with city-run initiatives.
He noted, "As the devil’s advocate here, based on track record, we have had execution issues because we are a government. We have to do things a certain way. It takes time."
Cotugno also emphasized the need to maximize revenue from the project.
"It means more money to the general fund," Cotugno said.
Council Member John Carroll, who opposes the idea of leasing the marina to private firms, recalled a 2018 proposal to do so, which was ultimately rejected.
"I’ll never vote to lease the property," Carroll declared, underscoring his belief that the marina should be lead by the city.
Cotugno, however, suggested that recent changes in the city's approach to private partnerships, particularly with the Three Corners project, could offer a new model for the marina.
"Look at Three Corners. We got viable proposals with a very strict RFP," Cotugno said.
The mayor also raised the issue of the marina's financial burden on the city, which includes a $13 million loan. He stressed that the city must carefully consider all options to ensure the project is financially sustainable.
"This city is under a lot of pressure, from revenue sources going forward. If we are going to be in this business, we need to maximize this revenue and minimize risk," he said.
Marina Director Sean Collins said that sooner the permitting plans could be submitted, the better, both for the project timeline and the cost. He said permitting should take anywhere between 12-18 months.
City Manager Monte Falls emphasized that the council had time to explore all options before making a decision.
"The city council is not bound to anything until we go out to bid," Falls said. He supported moving forward with the design and permitting phases of the project while the council continued to deliberate, and update the model if needed later.
The meeting was adjourned after public comment, leaving the council with several paths to consider as it moves forward with plans for the marina’s future. The marina and its funding will be brought to the table again during the city budget hearing later this week.