Newport Beach city officials will hold a public meeting Thursday to discuss tripling the rent paid by commercial marinas in Newport Harbor.
The 4 p.m. meeting in City Council Chambers is part of an ongoing review of all fees paid for harbor use. The city is looking to cut the amount it pays in subsidy to harbor operations and further fund infrastructure projects.
In the last fiscal year, the city paid $17.4 million in subsidies for harbor operations, according to its annual financial report. That was on top of the $1.5 million raised by licenses and permits at the harbor, just part of $10.5 million in harbor-related revenues.
At the March 13 study session, the City Council discussed a new fee proposal by the Tidelands Management Committee. The plan calls for a rent increase on commercial marinas, from 36 cents to $1.20 per square foot, or 20% of the marina’s gross revenue, whichever is greater.
Not only is the city subsidizing the harbor, it must also find $15 million to dredge the Lower Bay. In all the city has about $160 million in harbor projects to fund, according to the committee report.
— Jon Cassidy