The City of Sequim should purchase John Wayne Marina and operate it as part of the city’s Park & Recreation Department.
This serves three purposes. It would anchor the terminal point for the fast-growing eastward residential expansion to the water’s edge, provide Sequim with its own salt water access point and encourage annual water-related festivals and tournaments that highlight the beauty of Sequim’s outdoor opportunities.
Sequim could purchase the marina for $5.5 million. It’s assessed at $7.8 million (“Port of Port Angeles candidates discuss selling assets, other issues,” PDN, Aug. 6, 2017) but I think the port would sell it to Sequim at a discount.
Money could be raised by selling BAB [Build America Bonds] credit bonds to outside investors. The program is currently closed but it could be a good vehicle to raise cash for the purchase.
Sequim could raise $16 million for capital purchase, repairs and sewer lines.
Included in this project could be money for thoroughfare connectivity between Washington Harbor Road and Spyglass Lane.
This bond sale would not raise local taxes because the purchase and investment would attract development fees and revenues.
This purchase would become a revenue creator.
Consider easy driving with news access roads to a sparkling marina, utility fees revenue and amenity value due to recreation proximity.
After the purchase — and immediate and necessary repairs — I think the county would conservatively appraise the property at $11.5 million.
Meanwhile, Sequim could promote itself as having a “downtown to marina corridor.”
The area tourism calendar could start earlier and end later in the year.
Motel occupancy and overnight RV campers might increase.
Boat storage yards could be created.
Commercial property could expand into water-related businesses for engine repair, nautical-themed retail, navigation equipmant, interior and brightwork.
New jobs would be created.
The entire City of Sequim and the eastern Clallam County area would benefit.
Stirling Kent Hall,
Sequim