Marina Dock Age

In early December 2009, the Petoskey, Mich., City Council approved a lease agreement that will ultimately sell bonds as the funding mechanism for two recreation projects, according to a Dec. 8 (Petoskey, Mich.) News-Review report. The city proposes bonding to provide $1 million toward the construction of an additional pier at the city marina and $2.9 million for other recreational amenities along a local river corridor.

The city council voted 5-0 in favor of the agreement. This was for an amended version of one that the city and its building authority passed earlier in 2009. The new agreement eliminated $1.5 million in bond funding for an additional public safety facility.

Under the newest agreement, the building authority would sell bonds to generate funding for the marina construction and other river amenities and maintain ownership until the bonds are repaid. They city would lease the amenities from the building authority during repayment.

Bonds financing the marina expansion are to be repaid with revenues provided by marina users.

The city is currently seeking contractor bids and expects to receive them by February 2010.