Jaycee Park concessionaire terms; $65 million bond proposal back on council agenda
Updated – Presentation – Special Obligation Bonds and Capital Planning of Government Projects
Cape Coral City Council will discuss again concessionaire terms sheet for Jaycee Park as well as the issuance of up to $65 million in special obligation bonds Wednesday.
The workshop discussion pertaining to Jaycee Park will address whether the concessionaire contract will allow assignability and balance of the building repayment.
The highlights of the term sheet discussed at last week’s meeting include a 15-year initial term with provision for one five-year renewal for a total of 20 years.
The initial concession fee was was proposed is $130,000 with the remainder of the $1,170,000 to be paid in 240 equal monthly installments of $4,875 plus interest with a fixed interest rate not to exceed 5%.
The continuation of the not-to-exceed $65 million in special obligation revenue bonds also will be discussed during the workshop. The proceeds from the bonds, if issued, will be used to finance capital improvements, repay commercial paper and pay issuance costs.
The first public hearing, which was held on May 20, had a continuance to the June 2 regular meeting to consider future debt-supported capital improvements and the use of the city’s general fund undesignated fund balance.
The 2026 projects that would be funded by bonds include Jaycee Park for $18.7 million; $2.5 million for golf course irrigation; $14 million for North 1 West transportation and $23 million for the Yacht Club seawall for a total of $58.2 million.
Proposed 2027 bond projects include $17 million for fire station 10; $15.7 million for the charter school athletic facility; $4.5 million for the Lake Kennedy parking lot; $9 million for the Yacht Club design, $17 million for the EOC expansion, $54 million for the fleet facility, $3 million for Yacht Club construction phase one; $35 million for Yacht Club phase two and Bimini East land acquisition for $25 million for a total of $189.2 million.
The presentation breaks down the general fund projects – the undesignated fund balance available to fund general fund projects, which includes $29,935,656 as of Sept. 30, 2026, and Seven Islands proceeds of $10,563,772 for a total of $40,499,428.
Council will also hear about funding options, including he city’s public service tax — a tax largely on electric bills — and amending a financial policy.
In the examples provided in staff’s updated presentation to council, increasing the public service tax from 7 % to 10% would create an additional $2.07 million per percentage point or approximately $6.22 million from a 3% increase.
The city could coup $1.9 million in reoccurring revenue by amending its fiscal policy pertaining to state-shared revenues, franchise fees, the public service tax and gas taxes from 95% to 98%
Staff recommends council authorize Ordinance 27-26 and Resolution 106-26 as originally presented last week,
Other presentations include a continued discussion regarding the special obligation revenue bonds, North 3 Utilities Extension Project update, athletic programs, hurricane season outlook, and permit data search tool.
The meeting will take place at 9 a.m. Wednesday, May 27, in City Council chambers, 1015 Cultural Park Blvd. The meeting is open to the public.
To reach MEGHAN BRADBURY, please email news@breezenewspapers.com