Dana Point Boaters,
We appreciate your continuing feedback with information and suggestions about the imminent slip rate increases. In fact, one concerned boater went above and beyond by producing a detailed comparative analysis of the current slip rates versus the impending, increased slip rates (click here). There is also an accompanying narrative explaining the analysis titled “The Cash Cow.” It is a very interesting and informative read (click here).
For those who want the cliff notes:
This analysis estimates that DPHP makes $12.1 million in annual net revenue off OUR boat slips today, and after the slip rate increases, will pocket at least $17.7 million annually! And this is AFTER estimated rent to the County and maintenance costs and does not include sublease premiums and new overhang charges, which surely adds significantly to their profits. And remember, this marina and all the docks are owned by YOU, the citizens of California.
And this expected $17 million annual profit is made by just one-third of the DPHP partnership but accounts for more than two-thirds of Dana Point Harbor's total revenue to DPHP. Boaters, let that sink in. With an estimated cost of about $115M to rebuild our marinas, but more than $200M to renovate the commercial core, it’s clear that boaters are financing the new shops, restaurants, and hotels with these slip rate increases. Dana Point boaters, is it worth it to you?
Remember, this analysis considered the income derived only from posted slip rates and did not include revenue from the commercial core. So now for the rest of the story. We received a copy of the audited financial statements DPHP is required to provide the County at the end of each fiscal year (click here). DPHP’s fiscal year-end is 12/31. For the first fourteen months of the lease from October 29, 2018, through December 31, 2019, DPHP’s gross slip revenue was $18,926,100, and the gross slip revenue for the twelve months ending December 31, 2020, was $16,587,441. The twenty-six-month total was $35,513,541. The added fees for overhang and sublet slips really pays off for one party, Dana Point Harbor Partners, doesn’t it?
What do Dana Point Boaters get in return? Crumbling docks, dilapidated restrooms and showers, sea lions lounging on docks, wi-fi which doesn’t work, and a parking system which only works part of the time. Now you know the rest of the story.
Your DPBA wants to remind you, the County of Orange is contributing $20 million of Tidelands Trust 108 Fund money to the project.
We hope to see you at the July 27th Board of Supervisors meeting. Boaters are Voters. Stand up and be heard.
In the meantime, please continue to submit your comments over slip rate increases by Click Here.