Decision Comes After Competitive Bid Process;
Guarantees Continued High Quality Community Programming, Public Access and Design Improvements, Sustainability Features and Viable Financial Plan for Marina’s Future Use and Upkeep
NEW YORK, January 22, 2015 — The Board of the Battery Park City Authority today voted to award BOP North Cove Marina LLC, a wholly-owned subsidiary of Brookfield Property Partners, a license agreement to operate the North Cove Marina through 2025. BOP North Cove Marina’s proposal, which included a commitment to Minority and Women’s Business Enterprises (MWBE), robust sustainability features, expanded community programming available to all income levels, specific capital improvement plans, and viable future financing to support the marina and Battery Park City operations, gave it the highest rating among the specific criteria outlined in the Authority’s public request for proposals, and represents the best deal for taxpayers.
The marina’s previous operating license agreement expired on December 31, 2014. Prior to the expiration, the Authority launched a competitive bidding process, conducted in accordance with State law and the Authority’s bylaws, and received qualified bids from four applicants: Liberty Landing Marina and Suntex Marinas, North Cove Marina Management Inc., Edgewater Resources, and BOP North Cove Marina LLC. An evaluation committee comprised of Battery Park City Authority staff reviewed and interviewed all proposers in order to select an experienced firm that could provide the highest quality of community programming, while demonstrating the ability to run a sustainable operation and increase revenues delivered to taxpayers. Throughout the entire process, the BOP North Cove Marina proposal consistently ranked the highest.
“The North Cove Marina is a focal point of Battery Park City, and today we have selected a forward-looking operator who will expand its programs, its accessibility, and its vibrancy for residents, tourists, and all New Yorkers.” said Dennis Mehiel, Chairman and Chief Executive Officer of the Battery Park City Authority.
“The Authority conducted a fair, comprehensive bidding process to choose the next operator of our beloved marina,” said Shari C. Hyman, President and Chief Operating Officer of the Battery Park City Authority. “We’re looking forward to the partnership with BOP North Cove Marina in order to provide the best programs and public amenities to all of our residents and neighbors in Battery Park City.”
FEATURES OF BOP NORTH COVE MARINA’S PROPOSAL
COMMUNITY PROGRAMMING:
- Wide variety of programs targeting broad audiences – adults, children, and families – locally and citywide
- Sailing school, accessible to all income levels, providing sailing lessons, sailing certification classes, and racing programs
- Summer camp programs for elementary/middle and high school students
- Water safety classes for all ages
- Opportunities for additional waterfront entertainment programs, educational seminars, seasonal festivals, trade shows, and sailing school competitions
- Corporate Sailing League
CAPITAL IMPROVEMENTS:
- Invest roughly $450,000 in capital improvements, including: upgrades to aging infrastructure, marina beautification, security, and sustainability
- New signage
- Additional lighting
- Public space enhancements such as waterfront accessibility features and seating areas
NOTE: BOP North Cove Marina LLC was the only proposal to include specific resources dedicated to aesthetic improvements
LICENSE PAYMENTS/REVENUE SHARING:
The Battery Park City Authority has a responsibility to ensure taxpayers are afforded an advantageous financial position, which allows the Authority to contribute to the City’s treasury for the development of affordable housing citywide. Over the 10-year term of the license agreement, BOP North Cove Marina payments to the Authority will exceed $4.5 million; while also sharing 8% of their revenues over $1 million, providing the Authority BPCA with an additional $500,000 over ten years. In addition, BOP North Cove Marina LLC will allocate 2% of gross revenues toward community engagement and educational programming.
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Contact: Battery Park City Authority
(212) 417-2276
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