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, . . 1 . . in revenue of $120,000 due to the closure of the Liquid Bulk Terminal. He said the Port's total revenue for FY 1995-96 was right on the budgeted goal of $2.5 milIion and produced the targeted amount of subvention to the City of Redwood City of '-- $152,000. Chairman Smith described each of the points in the written report. He elaborated on the negotiations with Pacific Shores Center to assure land for Port expansion and compatibility of a commercial office project with on-going maritime and industrial uses of the Port, as wen as efforts to attract new business and retain current business. He discussed the $4.1 million worth of dredging of the channel done by the federal government; relocation of Pressure Vessel; 100% tenancy at Portside office complex the new La Rotonda Sui Mar (replacing Clark's); the search for a new restaurant for Charley Brown's; the Port's cooperation with the Aqua Terra project; the visit of the historical ship, the Nina, which drew 10,000 visitors; and the arrival in November of the ship, Lady Washington; business growth of current Port tenants; and two new working agreements with the Ports of Nan tong and Changshu. Chairman Smith talked about how the Port worked with BCDC and MTC to finalize recommendations for the new Bay Area Seaport Plan which win extend through 2020. He discussed new personnel, the outlook for the Liquid Bulk Terminal, restoring revenue generating uses, and other growing businesses. Chairman Smith described the ten GoalslPlans for 1996-97 which included finalizing an agreement with Pacific Shores Center that provides future Port ~ expansion land and acceptable mitigation; environmental clean-up; marketing Port facilities; enhancing existing customers leases; finding a new restaurant to replace Charley Brown's; celebrating the Port's 60th anniversary; exploring financial partnering to upgrade existing wharves and infrastructure; long term planning for Port expansion; securing long term dredging; developing new recreational boating facilities and services; and aggressively fonowing up the Pacific Rim business opportunities with Far East markets. Chairman Smith described the Port's work with consultants on the Port's long term needs. Mayor Hartnett described for the audience, the special relationship between the Council and the Port, and the Charter requirements that determine much of the Port Commissioners activities. Mayor Hartnett said the "Council appoints Port Commissioners for a five year term and they have a dramatically different role than other Commissioners in the City. They independently operate the Port through their Board's policies and management decisions and they implement their decisions through the Port's Executive Director that they hire. They have their own independent budget.... They run the Port as a Board of Directors would.... except the Board of Port Commissioners does not get stock options, nor do they get paid for their services. They nonetheless have to look out for the best interest of the Port.... And protect it as an asset of the City as called for in the City Charter and related laws." '-- The Board of Port Commissioners "has an obligation to exercise that jurisdiction and a right to do so." ADJOURNED REGULAR COUNCIL MEETING OCTOBER21,1996 MINUTES MINUTE BOOK NO. 54 PAGE 9 Page No. 534