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Staff outlines fiscal feasibility for Pier 27 cruise terminal; Phase 2 has roughly $12 million gap
Summary
Port staff said Phase 1 of the James R. Herman Cruise Terminal project is funded but Phase 2 faces an approximate $12 million funding gap; staff outlined funding sources, potential options to close the gap and next procedural steps including review by the Budget and Finance Committee and CEQA coordination.
Port planning staff presented the required fiscal feasibility review for the James R. Herman Cruise Terminal at Pier 27 and summarized project costs, funding sources and next steps.
John Dahl, planning and development staff, said the fiscal feasibility requirement in Chapter 29 of the city's administrative code applies because project construction costs exceed the code’s threshold and public monies would pay more than $1,000,000 of predevelopment or construction costs. Dahl reported Phase 1 construction costs are estimated at about $65.7 million (including a $7.5 million…
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