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Committee approves release of $10 million in reserve funds to Port for waterfront economic recovery
Summary
The committee voted to release $10 million in reserve Harbor funds to the Port of San Francisco for an economic-recovery project focused on Fisherman's Wharf and the Southern Waterfront; the Port described the request as part of a $64.4 million package of investments and will track outcomes with twice-yearly reporting to the commission.
The Budget and Finance Committee on March 13 voted to release $10,000,000 from the committee’s reserve to the Port of San Francisco to fund an economic-recovery project concentrated on Fisherman’s Wharf and the Southern Waterfront.
Megan Wallace, the Port’s economic recovery manager, said the $10 million is part of a broader $64.4 million recovery package that includes tenant-attraction funds, state stimulus dollars, and grant-funded capital projects. Wallace told supervisors that roughly $7.3 million of the requested $10 million will be spent in Fisherman’s Wharf to retain and attract tenants and to activate public spaces, and that the Port has pursued state and federal infrastructure grants (Wallace said a forthcoming state transportation infrastructure grant request is in the range of $22 million).
Wallace said the Port will track indicators tied to economic recovery and report twice a year to the Port Commission on outcomes.
The Budget and Legislative Analyst reviewed port operating revenues (mostly tenant leases), noted uneven recovery across waterfront areas, and recommended approval; the BLA’s summary in the hearing reiterated that $7.3 million of the funds will be focused on Fisherman’s Wharf.
John Doherty of IBW Local 6 spoke in support, citing the importance of commercial fishing, craft-worker jobs and preserving the historic port character.
The committee voted to release the $10 million to the Port and to file the hearing; the motion passed unanimously in committee and the item will proceed to the Board as appropriate.
