On November 28, 2005, the Lee County Board of County Commissioners authorized the purchase of the Pine Island Commercial Marina, formerly know as Fisherman's Coop.  At the time of purchase, the County understood that a state submerged land lease would be necessary for the docks and boat ramp in the Pine Island Sound Aquatic Preserve. Without a submerged land lease the County would not be in compliance with the Florida Department of Environmental Protection regulations. It was also understood that the County would be responsible to pay an annual lease fee for the use of these submerged state lands.

On October 13, 2009, the Board executed a Temporary Use Agreement (TUA) with the Florida Department of Environmental Protection to bring Lee County into compliance. 

On June 8, 2010, a second TUA was executed extending the original TUA an additional six months to complete the necessary steps for a submerged land lease. All of the necessary paperwork was completed for this final state submerged land lease.

On October 19, 2010, the Board approved and executed the Submerged Land Lease #360337505 with the Department of Environmental Protection for use of sovereign submerged lands at Pine Island Commercial Marina.

On May 14, 2013, the Board approved and executed a modification to the Submerged Land Lease #360337575 which served to convert the lease to a no fee lease and increase the square footage of the leased area. This was a result of a number of changes to the PICM operations that were permitted in order to facilitate obtaining a fee waived submerged land lease from the State of Florida. 

On October 20, 2015, the Board approved and executed the Sovereignty Submerged Lands Fee Waived Lease Renewal #360337505 for the Pine Island Commercial Marina extending the lease through August 26, 2020.