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Subcommittee backs up to $30 million in port revenue bonds for Pier 27 cruise terminal and Pier 31 improvements
Summary
The subcommittee recommended authorization of port revenue bonds up to $30 million to finance Phase 2 of the James R. Herman Cruise Ship Terminal (about $19.5M) and improvements at Pier 31, following Port presentation and budget analyst concurrence.
The Board of Supervisors Budget & Finance Subcommittee recommended authorizing up to $30,000,000 in port revenue bonds to finance capital improvements, including Phase 2 of the James R. Herman Cruise Ship Terminal at Pier 27 and upgrades at Pier 31.
Elaine Forbes of Port staff said the port reentered the bond market beginning in 2010 and with Board support has invested in capital projects; the requested bonds would support the cruise terminal project ($19.5 million) and approximately $1.9 million in Pier 31 Northern Waterfront improvements. Forbes said the port’s prior approvals and the city’s commercial paper program have enabled progress on the cruise terminal program and that cruise calls are increasing (75 this year, 82 booked next year), producing economic activity for the city.
Budget Analyst Mr. Rose summarized the estimated expenditures and the not‑to‑exceed figure and recommended approval. The committee moved the item forward without objection.
