Key West city officials next week will hear from two companies that want to build a marina at Truman Waterfront -- with the city's investment under those proposals ranging from $14 million to $34 million.

The Meisel Spottswood Marina Management Co. wants to develop a $34 million marina that would serve both charter boats and mega-yachts ranging in size from 60 to 250 feet, according to one of the two proposals submitted to the city.

Plans include the creation of two public parks, bicycle paths and a restaurant open to the public. Marina guests would have access to a pool, lounge and other amenities.

The marina area would encompass 23.9 acres, and would be managed by Meisel Spottswood, which also will "obtain financing on behalf of the city of Key West," the proposal states.

In other words, the company is suggesting that Key West secure a 20-year bond for $34 million for the design and construction of the project. Such a debt would require voter approval, City Commissioner Bill Verge said Monday.

"Anytime the city is going to obligate itself with debt, it requires a referendum," he said.

Another key component of the financing would be the dedication of a half-cent of lodging tax to repay the bond. Such a move would require approval from the Monroe County Commission, and likely would be contentious.

Meisel Spottswood would design, build and operate the marina, which would take 21âÑ2 to three years, the proposal states. The company would receive an initial developer's fee from the $34 million, and then a percentage of gross revenue every year.

Meisel & Spottswood links two familiar names in Key West business and real estate circles. Joel Meisel's companies have operated the Casa Marina and Reach resorts, along with several other properties.

The Spottswood family name has been synonymous with Key West real estate for more than a century.

The second proposal comes from a trio of investors who are willing to ante up $14 million of their own cash, build the facility, operate the marina and pay the city "7 percent of monthly gross receipts, or a minimum of $6,000 monthly rent," the proposal states.

"The anticipated annual revenue is at least $100,000 to the city," the proposal states. "This results in nearly $2 million the first 10 years."

The entities behind the second proposal are from South Florida, but not Key West. The Miami-based AAA Marina Group would contribute $5.6 million, as would the Miami-based Leyva Marine Group. Cardenas Investments, owned by Alberto Cardenas of Key Biscayne, would contribute $2.8 million.

The $14 million proposal does not include community parks or as many amenities as the more costly project, and it is expected to take 15 to 18 months to finish.

City commissioners will meet June 23 and 24 to consider the proposals separately.

Key West Mayor Morgan McPherson said Monday he had not made up his mind about which proposal he would support, but said he wanted to see both presentations.

"I consider [Truman Waterfront] to be the crown jewel of Key West, and now is the time to do this," he said. "I think both proposals have merit. This is an exciting time for the city of Key West."

The workshops take place at 6 p.m. at Old City Hall, 510 Greene St.

The marina proposals are available for review in the city clerk's office.

mbolen@keysnews.com