The vendor is required to provide the study is to assess the existing rates and to recommend a rate structure and financial plan to adequately operate, maintain, and improve the infrastructure in the harbor and marina.
- Marina rate study shall include:
• Policy and financial analyses of marina rates to develop a financial plan with recommended fees and charges to support the operation and maintenance of the physical system, as well as oversight and management of performance.
• Draft a long-range financial plan to support establishment of financial goals and indicators, reserves, debt coverage policies, financing strategies and revenue policies.
• Prepare documents establishing cost of service charges and develop a recommended rate structure. 
• Financial data and records will be provided by city staff.
• Analyze discounted rate structures for annual rates, resident rates, and seasonal mooring dinghy rates.
• Analyze the currently established rate structure and propose modifications, if warranted, that are legally defensible. 
• Develop a project schedule with timelines and key project milestones for presentation to staff and city council.
• Prepare and present the final rate study to the city council in coordination with city staff.
- Data gathering and analysis:
1. Current fee structure analysis:
• Detailed review of the current marina and mooring fee structure.
• Analysis of historical revenue generated from existing fees.
2. Operational and maintenance cost analysis:
• Comprehensive review of the cities operational and maintenance costs for the marina and harbor.
• Identification of all cost centers, including personnel, utilities, repairs, and maintenance.
• Projection of future operational and maintenance costs, considering inflation and potential increases in demand.
• Assess the feasibility of charging for electricity usage at the marina, considering whether to meter electricity on a per-use basis or implement a flat fee structure. 
• Analyze the financial implications of installing meters at each berth, including installation costs, ongoing maintenance, potential revenue generation, and a long-term cost-benefit analysis to determine if metering is financially viable and sustainable.
3. Infrastructure assessment:
• City staff will provide an evaluation of the current condition of marina and harbor infrastructure (slips, moorings, utilities, facilities).
• City staff will provide an assessment of required rehabilitation, replacement, or upgrades.
• City staff will provide an estimation of the costs associated with infrastructure improvements, including long-term capital improvement planning.
4. Market analysis and competitive benchmarking:
• Research and analysis of marina and mooring fees charged by comparable marinas in the region.
• Identification of market trends and demand for marina services.
• Assessment of the city's competitive position in the marina market.
5. Revenue stream evaluation:
• Analysis of existing revenue streams, including slip rentals, mooring fees, and other related income.
• Evaluate if berth rates should be charged by the foot when a vessel exceeds the length of the assigned berth, and provide a recommendation based on industry standards, financial impacts, and operational efficiency.
• Identification of potential new revenue streams, such as event fees, concessions, or enhanced services.
• Analysis of the yearly operated moorings vs the seasonal moorings, and the revenue differences. 
- Financial planning and rate development:
1. Development of a financial model:
• Creation of a financial model to project revenue and expenses over a five-year period.
• Incorporation of various scenarios, including different occupancy rates and cost assumptions.
2. Establishment of financial goals and indicators:
• Identification of key financial indicators, such as debt service coverage ratio and reserve levels.
• Development of financial goals to ensure the long-term sustainability of the marina and harbor.
3. Reserve and debt coverage policy development:
• Recommendation of appropriate reserve levels for future maintenance and capital improvements.
• Development of a debt coverage policy to ensure the city's ability to service any outstanding debt.
4. Financing strategy development:
• Exploration of potential financing options, such as grants, loans, or bonds.
• Evaluation of the financial impact of different financing strategies.
5. Revenue policy development:
• Development of a revenue policy that balances the need to generate revenue with the goal of providing affordable marina services.
• Consideration of tiered rate structures, seasonal variations, and discounts for long-term tenants.
6. Development of a five-year rate schedule:
• Creation of a detailed, legally defensible five-year rate schedule for marina slips and moorings. 
• Develop a minimum of three alternatives to meet the marina’s current financial obligations, including planning for new state and federal requirements to be implemented.
• Justification of the proposed rates based on the financial analysis and market research.
• This should include a methodology for how the rates were derived.
7. Draft long-range financial plan:
• Create a long-range financial plan that supports the establishment of financial goals and indicators, reserves, debt coverage policies, financing strategies, and revenue policies. 
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: June 19, 2025