Rybovich and officials of Riviera Beach have released specifics on plans for a megayacht repair facility to be created in that Floridian city.
The new yard, part of a larger marina-redevelopment plan, will be built on land leased from Riviera Beach. According to a report in The Palm Beach Post, city officials say that Rybovich will pay $2.2 million in advance to cover the first five years of the lease.
Further review of the proposal is set to take place next week. One of the biggest issues is whether Riviera Beach can legally enter into the lease. That’s because the state of Florida set aside submerged lands at the marina strictly for municipal park and recreational usage. There’s also concern over whether the city can broadly apply additional funds intended for marina repairs to the overall proposal, given the inclusion of the service yard.
The Rybovich boatyard is just one component of a $59-million plan to redevelop the city marina and adjacent property. In fact, it’s part of the first phase, which could begin later this year if approved. City officials say that Rybovich, doing business as Rybovich Portside LLC, would lease 121,050 square feet, at $60 per square foot, over 25 years. There, it would work on yachts exceeding the size it can currently accommodate at its West Palm Beach facility. Starting in year six of the lease, Rybovich would pay Riviera Beach an annual sum of either $217,890 or six percent of its gross profit, whichever is higher.
More details here on Megayacht News as they become available.
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