It may be many years before township taxpayers recoup their investment in the purchase and development of Traders Cove Marina and Park – but the marina is finally profitable and growing, Brick officials said.
In a review of the township’s Parks and Recreation Division budget for 2016, it was revealed that the marina made a profit, albeit a small one, in 2015.
During its first year of full operations in 2015, the marina’s operating costs were $261,738 and its revenue was $338,866, marking a profit of $77,128. It was technically the second year of profitability for the marina; in 2014, the township realized a profit of $9,555.
The marina has two full time and six seasonal employees, said Daniel Santaniello, the township’s recreation director. Last year, payroll rose by about 7.8 percent.
“All expense accounts increased, however so did revenue,” said Business Administrator Joanne Bergin.
The township purchased the former commercial marina in order to develop it as a park that could generate revenue through continuing marina operations. It was slated to have been developed into condominiums had Brick not purchased the site, partially through state Green Acres funds.