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PA L
Sebastian delays decision on working
waterfront
SEBASTIAN—The city council Wednesday decided it needed more time to discuss
the future of a waterfront project based on the city's Old Fishing Village history.
Meeting in their capacity as the Community Redevelopment Agency, council members
decided to table taking action on a project that would involve the purchase of two
waterfront properties along Indian River Drive.
The owners of one of the pieces of property that the city was hoping to purchase for
the project is seeking substantially more than the state-funded appraisal for the site.
Speakers at Wednesday's meeting were divided in regard to the worthiness of the
project, but the majority of the council members spoke positively about the venture.
Last April, the city was notified it was the recipient of up to$3.1 million available
through the Stan Mayfield Working Waterfront Grant Program.
The original plan was to use the money to buy the shuttered sites of the former Captain
and the Cowboy(previously Hurricane Harbor) restaurant and the Sebastian
Entertainment Center. The state will not pay more than 90 percent of the appraised
value of a site.
The state reached a tentative agreement for the purchase of the former Hurricane
Harbor site, which was appraised at$2.3 million. The state would provide$2.07 million,
while the city would contribute $230,000 in community redevelopment area fund
money.
State officials could not reach agreement on the price for the Sebastian Entertainment
Center and in October, the city decided to modify its original grant request and look at
purchasing a site to the south of the former Hurricane Harbor property.
That property, known as the Dabrowski parcel, has been appraised at$500,000 by
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Sebastian delays decision on working waterfront : tcpalm.com Page 2 of 2
state appraisers, but the owners had an appraisal estimating a value of$1.5 million,
City Manager Al Minner.The price was negotiated to $750,000.
The state will not pay more than $450,000, which is 90 percent of its estimate, which
means the city would have to come up with the other$300,000.
Minner said the city had allocated $351,000 in Community Redevelopment Area
money toward the purchase of both sites.
Minner recommended the Community Redevelopment Agency make a counteroffer of
between $550,000 and $600,000 for the property.
Under the conditions of the grant, the only businesses that could be located at the site
are those related to the commercial fishing industry.
Local businessman Damien Gilliams said the city would be throwing money down the
sinkhole by doing the project, but others thought the creation of a working waterfront
could help to spur more economic development in the area.
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