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<br /> In response to Councilman Claire's questions, Port Executive Director Giari <br /> explained the $720,000 as excess revenues allocated to the newly established cash <br /> reserves accounts for long term Capital Investment Projects at the Port. He added that <br /> the $720,00 came ITom the $1,159,905 shown under operations. Director Giari agreed <br /> that the Port's bond payments would be reduced $260,000 in 1996/97 and $258,000 in <br /> 1997/98. In answer to questions regarding maximum tonnage, Director Giari said that <br /> although many factors were involved, his estimate was that the Port as currently <br /> configured could handle up to 1 million tons per year. <br /> Mayor Hartnett described the efforts of the Port and the City Council under Mayor <br /> Gasparini and then Vice Mayor Hartnett to reach a subvention formula that would <br /> benefit all parties and allow the Port to set aside funds for future long term projects. <br /> Mayor Hartnett thanked the Port Commissioners for their successful year and said <br /> how much the Council appreciated the thoroughness of their report. <br /> Chairman Smith said the Port brought a check made out to the City in the amount of <br /> $27,000 representing the last payment of the Port's subvention for FY 1995/96. <br /> Vice Mayor Howard asked the Board of Port Commissioners to consider, once <br /> again, changing the time of their meetings ITom early in the morning to sometime <br /> after work to allow more people to attend. She also asked that the Port include the <br /> Aqua Terra Project and cleaning up the waterways in the Port's stated goals. <br /> Chairman Smith said the Board would do both. <br /> MEMO 10/22/96 <br /> Councilman Claire advised that the Commissioners' early morning meeting schedule <br /> precludes some qualified candidates ITom applying to membership on the Board, and <br /> at least one current Commissioner had expressed concern regarding this situation <br /> when he applied for membership. <br /> Port Commissioner Castle invited the Council to come to the Port next year for the <br /> armual report and take a tour of the Port prior to the meeting. <br /> MEMO 10/22/96 <br /> III PUBLIC COMMENT <br /> None. <br /> IV ADJOURNMENT <br /> MIS: CASTLE/MILLER TO ADJOURN THE MEETING. <br /> CARRIED BY UNANIMOUS VOICE VOTE AND MEETING ADJOURNED AT 8:55 <br /> P.M. <br /> C. Continued Presentation of Work Plans ITom Redwood City Council Appointed Boards, <br /> Committees and Commissions: (209) <br /> ADJOURNED REGULAR COUNCIL MEETING OCTOBER2I,I996 <br /> MINUTES MINUTE BOOK NO. 54 PAGE 10 <br /> Paqe No. 535 <br />