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Committee backs $25.7M Port capital supplemental and forwards park-bond issuances
Summary
Port staff requested a $25.7 million supplemental to address waterfront repairs and projects; the committee also advanced sale and appropriation of park and waterfront bonds totaling about $52.6 million and a $3.46M seismic loan reappropriation. Budget office recommended approval for each item.
The committee advanced several capital and bond measures affecting the Port of San Francisco and the city’s park capital program.
Port budget manager Meghan Wallace requested a supplemental appropriation of approximately $25,700,000 to increase the Port’s FY2015-16 capital budget, citing a backlog of repair and renewal needs. Wallace said the supplemental includes a $15.3 million payment to PG&E for an offshore cable, $5.5 million from FY2014-15 savings, about $4.2 million from project savings and approximately $700,000 from the Costco Busan settlement. The package would fund 16 projects ranging from ferry-terminal float repairs and Pier 29 substructure work to contingency for higher-than-expected construction costs and a backlands enhancement project that staff forecast could generate net revenues over the coming decade.
The controller’s office (Mr. Rose) described tables in the report showing funding sources and five projects with estimated payback periods of about six years, and recommended approval. Supervisor Katie Tang moved to forward the ordinance to the full Board with a positive recommendation; the committee approved the motion without objection.
Separately, the committee considered resolutions to authorize sale of two rounds of Clean and Safe Neighborhood Park general obligation bonds (items 4 and 5) totaling roughly $52.6 million in par amounts and an associated appropriation (item 6) to distribute proceeds into project budgets and reserves pending sale. The controller’s office outlined expected debt service (estimated at about $4.1 million annually over 20 years, total ~$82 million) and said the proposals maintain debt-ratio policy constraints. The committee forwarded the bond authorizations and the appropriation to the full Board with positive recommendations.
The committee also approved a technical amendment and forwarded an ordinance to reappropriate $3,461,129 in taxable GO-bond funds for a seismic-safety loan for the Twentieth Street Historic Building project on Pier 70; staff said favorable bond-sale terms freed reserves that could be reallocated to project costs.
Provenance: Port supplemental presentation and the related bond and appropriation items are reflected in the transcript from the clerk calling item 2 through the motions on the bond/appropriation packages (topic introduction at SEG 418; combined discussion and forwarding actions concluded at SEG 1069).
