May 20, 2015 - 4:33 PM
PENTICTON - Waterfront redevelopment has seen a new pedestrian walkway along Lakeshore Drive and plans are in the works for a redesign of the area around the S.S. Sicamous as Penticton’s Okanagan Lake shoreline sees renewal.
Now it’s Skaha Lake’s turn.
Plans were unveiled at the Tuesday, May 19, council meeting for major redevelopment along the Skaha Lake shoreline adjacent to Skaha Lake Marine.
City of Penticton Director of Operations Mitch Moroziuk unveiled plans for a two-phase, two-agreement development that will see the marina property redeveloped with new marina docks and a restaurant, and the construction of a waterpark nearby.
The city entered into final agreement with Trio Marine Group for a 29-year lease for a phased development of the Skaha Lake Marina area last week. The city will continue to own the land and a joint use agreement will see the city share in revenues from the development for a number of years.
Trio has already begun improvements to the marina moorage, with plans to complete an 85-seat restaurant attached to the marina by next year. The moorage slips and parking lot will be expanded in the first phase of development.
The second phase will see the construction of a 110,000-square-foot waterpark on land northwest of the marina, containing four watersides, a children’s slide area, an aqua play pool, food and a beverage concession along with a washroom building.
Trio Marine Group will pay a lease to the city, which will remain constant to 2021 and then will be adjusted for inflation. Both parties will have the right to determine the lease rate by appraisal.
The city will share in revenue from the marina restaurant on a per centage basis between 3.5 and six per cent, depending on the restaurant’s income. Revenue sharing on all other marina development agreement revenues commence in 2020.
Commencing in 2028, the city will share 50 per cent of boat trailer parking lot revenues.
The city will also begin receiving between seven and 12 per cent of waterpark revenues, beginning in 2020 and 50 per cent of revenue sharing dollars have been earmarked for future park purchases.
Trio Marine Holdings will have exclusive rights for commercial water and lake activities on Skaha Beach until 2019 for a section of the beach northwest of the marina.
The $4.3-million investment could generate between $55,000 and $262,000 annually in revenue to the city for the marina, and from $98,000 to $536,000 for the waterpark.
Council received the report for information on Tuesday and Trio Marine will now embark on a community wide public engagement process May 20 through June 19.
Public input will be reviewed at a special council meeting June 29, after which council may authorize execution of one or both agreements, or provide other direction to staff.
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News from © InfoTel News Ltd, 2015