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Assembly backs drafting ordinance for $28M CWOC revenue bonds to be repaid with marine passenger fees
Summary
The Assembly directed staff to draft an ordinance to pursue up to $28 million in revenue bonds to finance the Seawalk (CWOC) project, with debt service to be repaid from marine passenger fees. Staff said Petro Marine's construction timeline requires concurrent work on a portion of the project and asked for a manager's best‑interest finding to work with the same contractor for that stretch.
The Assembly unanimously agreed to direct staff to prepare an ordinance authorizing up to $28,000,000 in revenue bonds to fund the Coastal Waterfront (Seawalk/CWOC) project, to be repaid from marine passenger fee revenue.
Manager Kester explained the timing pressure: Petro Marine, which controls roughly half of the private property needed for the Seawalk alignment, is building a new dock and related infrastructure…
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