City Agrees to Terms of Sale of Dayton Marina to Manhattan Harbor Developers
Tue, 07/15/2014 - 21:06 RCN Newsdesk
Dayton City Council convened Tuesday night to negotiate a contract with Manhattan Harbour developer DCI Properties for the sale of the Watertown Marina.
In a five to one vote, Council approved the terms of the $900,000 deal.
After returning from a private executive session, Councilman Virgil Boruske moved that the $900,000 be paid by DCI to the city over the course of the next four years. $50,000 of the sum was paid upfront, when Council approved DCI’s proposal in May. DCI now owes another $175,000 to the city by July 31 of this year, and another $225,000 on July 31 of each following year, for 3 years. DCI will also pay the city a 3% interest rate.
While DCI has not commented on its intentions for the 9acre marina and adjacent property, ground has already been broken on one of the luxury homes planned as part of the Manhattan Harbour riverfront development project elsewhere along the riverbank.
For Council and the city, the sale means the unloading of over $60,000 in unpaid utility bills, which the city inherited with the property from Waterfront Development Group last fall.
Excitement over the sale was not totally unanimous, though. While he did not comment specifically as to how, Councilman Jerry Gifford, who voted against the contract, said, “We could have done better.”
“No other city has anything like this marina,” Gifford added, to a resident after the meeting. “With the right management there, it will be a great place for Dayton."
With the contract approved, the role the marina will play in Manhattan Harbour is now up to DCI Properties.
Written by Pat LaFleur, RCN contributor
Photo: Dayton Marina/RCN file