The Riviera Beach, Fla. city council this week agreed to lease the southern part of the city marina to Rybovich for 25 years, setting the stage for the boat company to establish a megayacht service yard there.
However, the approval does not guarantee that Rybovich will be able to establish a megayacht service yard at the marina, The Palm Beach Post reports.
The boat company must obtain state and federal environmental permits and win state approval for the commercial use of submerged lands at the marina. The lease also is subject to the outcome of a Nov. 2 referendum on the future of the marina.
Under terms of the lease, Rybovich will pay the city at least $14.5 million over the 25-year term of the lease, according to the newspaper.