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Port approves third sale of 2008 parks bond to fund Blue Greenway and waterfront projects
Summary
The Port Commission approved the third sale of the 2008 Clean and Safe Neighborhood Parks general obligation bond, releasing roughly $10.39 million in project proceeds for port parks and Blue Greenway projects including Brandon Street Wharf, Heron’s Head, Tulare Park and preliminary work on Crane Cove Park.
The Port Commission approved the third sale of proceeds from the 2008 Clean and Safe Neighborhood Parks general obligation bond, releasing about $10.39 million to support waterfront parks and Blue Greenway projects on Port property.
Deputy Director of Finance and Administration Elaine Forbes summarized the bond program and project plans: the 2008 measure authorizes roughly $185 million citywide and allocated $33.5 million to port projects; the third sale includes approximately $10.39 million in proceeds for port projects and follows two earlier sales. Forbes said construction for Pier 43 Bay Trail is underway and that Brandon Street Wharf, Heron’s Head Park and Tulare Park are at design or construction stages; Crane Cove Park remaining CEQA work is funded in the current and later sales.
Forbes told commissioners the Port has spent or encumbered about 77% of proceeds from the first two sales; the third sale will provide full funding for the Pier 43 Bay Trail construction and additional design and construction allocations for other Blue Greenway projects. She said borrowing rates have been “extremely favorable” and noted the city manages bond sale placement.
The Commission voted to approve the third bond sale (Resolution 12.05). Staff said proceeds will be used for construction, design, CEQA and related soft costs, and that a fourth sale will fund Crane Cove Park construction later in the capital schedule.
Next steps: staff to proceed with allocations described in the bond accountability report and to return with schedule updates as projects move to construction.
