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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 aiming for core and shell by March 2013. Forbes said the project27s Phase 2 shortfall has fallen by $4.7 million after scope and phasing changes, but that an identified Phase 2 funding gap remains (~$6.9 million) that the Port expects to address with a mix of sources including AB 664 ERAF proceeds, debt (COPs or port revenue debt), passenger facility charges and potential FEMA or operator contributions.
Budget analyst materials confirmed a Phase 1 budget of about $62.3 million and recommended releasing the reserved funds; the committee moved and approved the release without objection. Forbes said the Port is working with the mayor27s office, the controller and the Office of Public Finance on a planned COP issuance and on options to limit the city27s ongoing general‑fund obligation for the city contribution estimated at $6.5 million.
Next steps: Port staff will continue to finalize financing for Phase 1 and develop a finance plan for Phase 2; the committee will see related appropriation and debt actions as they are prepared for Board consideration.
