Port fueling dock also needs private money

I can appreciate the desire of local boaters for a convenient fueling facility. The optimal solution would be for a private business to provide these services. However, the private sector has rejected all of the Olympia port's invitations to do so. This universal rejection is a clear sign that the fuel dock is not viewed as a financially viable enterprise.

Given the private sector's rejection along with questionable fuel volume estimates, this proposal must be considered a high risk proposition. The prospect of a privatized benefit at the public's expense looms large. Therefore, the port commission will be facing a question of fiduciary duty: Should we, the commissioners, make the general public subsidize the private recreational activities of a special interest?

There is, perhaps, an alternative solution wherein the collective boating community puts some skin in the game. Under the auspices of an established organization (e.g. Olympia Yacht Club), the boating community could provide a guarantee to the port against financial loss from the fuel dock. The form of guarantee could be either a surety bond or an escrow account.

On the other hand, if the boating community is unwilling to provide a guarantee, then I believe that the port commission has a fiduciary responsibility to reject this project.

This story was originally published June 7, 2016 at 3:39 PM with the headline "Port fueling dock also needs private money."