Speaker 1 said a port-operations agreement connected to Fisherman's Landing requires Markdock to "vacate the terminal operations within 5 years of the commencement of port operations at Fisherman's Landing." The speaker said the contract contains a defined definition for when port operations are considered to have commenced.

The agreement also requires post-vacation deed restrictions across the docking area, Speaker 1 said, and preserves covenants that had appeared in an earlier version of the agreement. "Post vacation, West Michigan dock needs to record deed restrictions, throughout the docking area," the speaker said. Appraisal procedures for affected parcels are spelled out in the agreement and, Speaker 1 added, "mirror the campground appraisals."

Speaker 1 described how a $2,800,000 state enhancement grant will be allocated: the city is to acquire the 3rd Street Wharf parcel, and "after the 3rd Street Wharf acquisition, 50% of the remaining allocation goes to sewer plus LST relocation," the speaker said. The speaker also said the sewer must be relocated to allow the project to proceed.

The transcript notes that the agreement itself contains the formal definition of "commencement of port operations," but it does not quote or reproduce that definition verbatim. The speaker did not state when the 3rd Street Wharf acquisition would be completed or whether any formal vote or condition remained outstanding.

Without further detail in the transcript, the record does not define the acronym LST, does not provide the exact text of the grant conditions, and does not state whether the acquisition is final or contingent on additional approvals. The speaker described procedures and allocations as terms of the agreement but did not identify a vote or a next procedural date in the excerpt.