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Port commission approves first sale of 2012 parks general obligation bond, allocates $17 million to Pier 27 plaza
Summary
The commission approved the first issuance of the 2012 Clean and Safe Neighborhood Parks general obligation bond. Staff proposed and the commission authorized a first sale of $18.2 million, including $17 million for the Northeast Wharf Plaza at Pier 27 and $600,000 each for Pier 70 parks and Islas Creek design.
The Port Commission voted to approve the first sale and supplemental appropriation under the 2012 Clean and Safe Neighborhood Parks general obligation bond on March 26, directing the lion's share of the first issuance to the Northeast Wharf Plaza at Pier 27.
"This general obligation bond measure of $195,000,000 includes, dollars 34,500,000 for port projects, open space and park projects," Elaine Forbes, deputy director of finance and administration, told commissioners as she summarized the bond measure. Staff proposed selling $18,200,000 in this first issuance and allocating $17,000,000 to the Northeast Wharf Plaza at Pier 27 and $600,000 each to Pier 70 parks and Islas Creek improvements to fund design work and reimburse prior expenses.
Forbes said the bond portfolio supports a network of waterfront parks and open spaces and that the first issuance covers near-term needs with the second issuance anticipated for late 2014. Commissioners moved to accept the sale, a motion was seconded and the commission voted in favor.
The port will return with future requests for subsequent issuances to fund the remaining projects identified in the 2012 bond program. Staff said they will manage the timing of bond sales to align with project readiness and avoid holding debt before it can be expended.
Next steps: proceed with the bond sale as approved; staff to return with project-level implementation plans and timing for the second issuance.
