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Port Presents $2.2 Billion Capital Need; America's Cup and Cruise Terminal Drive Near-Term Work
Summary
Port officials told supervisors the Port of San Francisco faces about $2.2 billion in capital needs, outlined cruise terminal and America's Cup projects, and flagged a potential $3.2 million general-fund rent loss reimbursement if private ACOC fundraising falls short; the committee tentatively accepted the budget analyst—s recommendations pending public comment.
Monique Moyer, representing the Port of San Francisco, presented the port—s two-year budget and capital priorities to the Budget & Finance Committee. Moyer emphasized the Port is a self-supporting enterprise but faces substantial capital needs — she cited a $2.2 billion capital plan with roughly $500 million of identified cash and additional development funding gaps.
Major near-term projects include core-and-shell work at the new cruise ship terminal at Pier 27 to align with America's Cup events, the planned Northeast Waterfront Plaza public space, seawall repairs and demolition/rehabilitation at older piers. Moyer noted the Port issued certificates of participation (approximately $34 million) to support the cruise terminal and America's Cup obligations and said debt service would be payable from port operating revenues.
Elaine Forbes, the port—s chief financial officer, told the committee that private fundraising by the America's Cup Organizing Committee (ACOC) is expected to reimburse some project costs and rent-loss; if ACOC fundraising is insufficient, a general fund contribution would cover the shortfall. The committee acknowledged a reduction in the previously estimated general fund contribution to the port (from about $6.7 million to $3.2 million over two years) for America's Cup-related rent loss.
Moyer described workforce and maritime investments — including dry dock capacity, dredging and shore-power installation at Pier 70 — and highlighted the Port—s efforts to modernize holdover leases and transfer nine positions related to South Beach Harbor back into port operations. The Port said it would present an informational item to the Port Commission on June 12 about the South Beach Harbor transfer and would seek formal action at a July meeting; revenue and debt-service implications remain under evaluation.
The committee tentatively accepted the budget analyst's recommendations for the port, subject to public comment the following day.
