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Committee approves release of $8.45 million in reserves for Pier 27 cruise terminal phase 1
Summary
The committee approved release of $8,450,894 in reserved proceeds to fund phase 1 of the Pier 27 cruise terminal project; Port staff reported reduced shortfalls and outlined financing options (COPs, ERAF, passenger facility charges) and a phased approach to phase 2 funding.
The Budget & Finance Committee approved a request to release $8,450,894 in reserved land‑sale proceeds to fund Phase 1 of the Pier 27 mixed‑use cruise terminal project.
Elaine Forbes of the Port described Phase 1 scope — an 88,000‑square‑foot two‑story cruise terminal, a 1.5‑acre Northeast Wharf Park Plaza and maritime improvements — and a schedule…
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