Anacortes City Council members and Port Commissioners are set to get an update on plans for a community event center and improvements around the northwest corner of Cap Sante Marina.
Included for tonight’s joint city-port meeting at City Hall is an update on event center plans and a market analysis.
The Port estimates total cost for improvements to the West Basin at Cap Sante will be just over $16 million, with cost for an event center at $8.5 million.
The Port hopes to put port improvements out to bid later this month with construction starting early next year. Improvements include the event center, a joint City-Port project, a new 15,000 square foot waterfront park, improved parking and changes to the streets around the Ninth Street-R Avenue-Market Street intersection.
The city would foot the $8.5 million construction cost of the event center, funded by the sale of bonds repaid fromlodging tax revenue, a variety of local, state and federal grans, and potentially also private donations. No property tax or sales tax revenue will go toward funding event center construction.
Meanwhile, a market analysis by McKinley Research of Anchorage, Alaska, studied market conditions, potential revenue and operating costs for an event center with 400 seat capacity from Bellingham to Everett.
Their conclusion, based on proposed rates, “The Port facility will have positive net income even if it is only booked 50% of the available days throughout the year. This is likely to be an achievable goal, given the amenities and the prices being offered lower than many of the private and publicly owned facilities in the area. Beyond 50% capacity the facility will generate six figure positive net income each year.”
The rates in the analysis are lower than those of similar private facilities, and in line with those of municipally owned facilities in the region.
The joint City-Port meeting starts at 5 pm at City Hall.
image courtesy Port of Anacortes