PUNTA GORDA -- The city and the company developing the second phase of Laishley Park have hit a snag but predict they will make a deal on the project -- riverfront restaurant, retail space, fountain and outside fish and produce markets. "I'm confident we will get an agreement that is fair to all parties," Punta Gorda Mayor Larry Friedman said Tuesday. The city staff proposed a different set of rental fees, a change that the five businessmen who formed Marina Park LLC say took them by surprise.
The city also wants an 8 percent return on its investment and Marina Park is offering 6.5 percent. The changes go today to the Community Redevelopment Agency, composed of city council members and two residents.
"We've been operating under the assumption that we had a done deal," said Chris Evans, a partner in Marina Park. The original deal called for Marina Park to get a 50-year lease without paying rental fees on the land for 25 years. In return, the developer was to pay $1.
3 million to cover the cost of two outdoor markets, an interactive fountain and additional landscaping and parking. Instead, city officials said they want to pay for the extras and charge Marina Park rent once the restaurant is built. The total cost of the project is estimated between $4.
6 million and $5 million. The rent would be based on the market appraisal on the 20,131-square-foot commercial property. The city wants the land appraised every five years while Marina Park wants it done every 7.
5 years. Friedman said the city will get one or two appraisals as a guide to determine the amount of the land lease. "The important thing to me is to allow the process to work," Friedman said.
The city wants to use the rent payments to help cover construction of the extras and to operate and maintain Laishley Park on the Peace River. Chris Evans, one of the Marina Park partners, said he believes the deal eventually will come together. "It just takes time," he said.
Evans said that if the city does pay for such extras as the fountain and additional parking, he and his partners want the city to do the work before the restaurant opens, as Marina Park had agreed to do. "We don't want the city to wait five or 10 years. We want the city to do them right away," Evans said.
He said his company already has invested about $100,000, including about $32,000 for electrical work, carpet, air conditioning and painting in the community room at the marina to help get it ready for the recent "Oh Boy! Oberto Redfish Cup Tournament." He said his company also coordinated the Laishley Park grand opening, has been managing the city's marina building and has provided a dock master.
"We did it in good faith," Evans said. PUNTA GORDA -- The city and the company developing the second phase of Laishley Park have hit a snag but predict they will make a deal on the project -- riverfront restaurant, retail space, fountain and outside fish and produce markets.
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