Public / Private Partnerships:

Scarborough Properties has worked with local, county and state governments for many years either through the entitlement process where public benefits were delivered to a public body as part of the development process or through economic development agencies. Scarborough Properties has partnered with agencies such as the Camden County Improvement Authority and the Casino Reinvestment Development Authority on multiple occasions and with great success.

Recently, Scarborough Properties has entered into a direct relationship with the City of Ocean City to redevelop a 63 slip marina at a property currently owned by the Cape May

 

County and leased to the City of Ocean City under a long term lease. The plan calls for Scarborough to provide the development expertise and financing to deliver a new $1.650 million dollar marina to be completed for the 2013 season. The marina will be rented in its entirety by Ocean City with all revenues collected first going to pay the direct operating expenses of the facility and every dollar thereafter to be received by Ocean City until such time they “break even “ on their annual rent payment. Scarborough Properties will provide a $ 100,000.00 subsidy to the City at the beginning of the rental term to fund any anticipated shortfall of revenue to rent. The entire operation is projected to be “revenue neutral” for Ocean City and Scarborough Properties will not realize any profit until the City breaks even.

This plan represents a solution for Ocean City in that they wanted to have a new, first class marina to replace the current dilapidated marina but had neither the expertise nor capital to take on the project in the near term.  Scarborough Properties approached the City with a request to hold an RFP process. The City entertained proposals not on a low bid basis, but rather on multiple criteria with cost to the City being one factor. This gave Scarborough Properties the room to craft a clever and well received plan to develop the property with little risk to the City while at the same time accomplishing the mission to provide a new first class marina.

Partnering with governments is a specialty that Scarborough Properties have developed over the course of many years as a full service developer / owner of properties.  Going forward, government budgets will continue to shrink necessitating the need for creative solutions for local and county governments to continue to provide services to their constituents.  Scarborough Properties has a proven, successful track record in this regard and stands ready to partner with government to meet their needs.

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