Monday, May 5, 2014
According to Patriots Point Executive Director Mac Burdette, there is no way Patriots Point can succeed on the capital costs unless they use their land wisely. He said his board understands that and there is a sense of urgency to get a plan approved and a developer in and start working forward that will pay off in the long run.
The Patriots Point Development Authority only leases land to ensure revenue is perpetual. The goal is to get it to $5 million a year.
The board has spent many hours talking about what needs to be built at Patriots Point. They’ve all embraced the destination, but there can only be so many hotels and restaurants.
They have looked at mixed-used and will entertain multi-family apartments, but the board will not consider a large amount of buildings that would dominate the landscape.
Burdette said the land available totals about 50 acres. Upon termination of a 99-year lease, property reverts to the ownership of Patriots Point. There is a clause that in the 75th year, the lease would be renegotiated so a developer would know they can go beyond the 99th year.
All proposals must be submitted to the Office of the State Budget and Control Board.
Any developer chosen to develop the property must submit a timeline which will be shared with town officials.
None of the timelines at Patriots Point have ever been executed he said because they were not made on any financial model.
Burdette said the property would not be subdivided. It has to be a linked together plan that supports everything that is happening at Patriots Point.
Developers must work with the town and submit a plan for public access. Burdette said there hasn’t been much of a partnership with their tenants, although the tenants have been good.
Any future developers will have a hand in helping the museum to be successful. “We are looking for a partnership, not just a tenant,” he said.
Even when Patriots Point approves a lease, they must make a recommendation to the State Budget Control Board for formal approval.