Statement by Mayor Brian Smith on Council's Unanimous Approval of Deal with Sunray Group

Today Mayor Brian Smith issued the following statement regarding Council unanimously approving terms for a purchase and sale agreement with the award-winning Sunray Group:

“Today, Council unanimously approved the terms of a purchase and sale agreement with the Sunray Group for a portion of Town-owned land near our beachfront and main tourism area at Beach Area 1 — this is where the award-winning hotelier plans to build a premium-brand hotel, restaurant and other amenities.

The land being offered for sale to Sunray is situated within a Community Improvement Plan Area (CIPA). This CIPA was created intentionally, almost a decade ago, to provide the Town with the ability to offer financial and other incentives to attract specific types of investment and development to Beach Area 1 that aligns with the Town’s vision and Downtown Redevelopment Master Plan.

Here are key terms of the deal that Council has approved:

• Sunray will pay the town $580,000 for the 1.5 acre parcel of land where the hotel will be built.
• The company will invest over $45 million to build the facility
• Sunray will pay full development charges
• Sunray will also invest $1.5 million to design and build a “Festival Square” near the beachfront, which will be used by the municipality for outdoor entertainment and special events.

The hotel in phase one is proposed to include the following year-round elements:

• a high-quality restaurant
• convention facilities
• fitness, spa or pool area
• commercial shops
• wedding facilities

Council continues moving forward with our plan to make life better for our full-time residents. Sunray’s proposed investment represents over 100 good-paying jobs. It will enable higher-value tourism and multi-day visits to our community, which will support our small businesses. It represents a growing commercial tax base, which takes pressure off of our home-owners.

We are excited to partner with Sunray, as we continue to redevelop our beachfront commercial area and unlock our community's full potential to become a thriving, year-round destination.”

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