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Committee forwards $34.7M appropriation and $25.3M bond authorization for Pier 27 Phase 2 and Northern Waterfront repairs
Summary
Port staff asked the committee to forward a $34.7 million appropriation and authorization to issue up to $25.3 million in port revenue bonds to complete Phase 2 of the Pier 27 cruise terminal and repair historic northern waterfront piers; the budget analyst found the requests reasonable and estimated annual debt service at about $1.46 million.
Port staff presented Items 5 and 6, asking the committee to forward a financing package to support Phase 2 of the James R. Herman Cruise Terminal at Pier 27 and Northern Waterfront historic pier repairs.
Elaine Forbes said the Port completed Phase 1 and seeks financing to complete maritime improvements, park and plaza elements and operational components needed for regular cruise terminal use. The Port requested authority to issue up to $25,300,000 in port revenue bonds and an appropriation ordinance of approximately $34,700,000, of which Forbes said $25,300,000 would be new revenue bond funds and $9,400,000 would be reallocated from previously authorized taxable debt. Forbes described a mix of sources for the total project—58% port sources, 16% passenger facility charges, 15% from a parks bond, 5% city contribution and 6% FEMA funding—and reported the total project cost estimate at roughly $112,000,000 plus a $2,000,000 contingency.
Budget analyst Mr. Rose said his office examined the $34.7M request and found the expenditures reasonable, noting estimated annual debt service of about $1,460,000 and term principal and interest estimates over 30 years (figures reported in the analyst’s table). The committee voted without objection to forward Items 5 and 6 to the full Board for consideration so the Port could maintain its construction schedule.
