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Councilman S. D. Herkner; Alfred S. Morton, Recreational Director; Walter W. Hilton and Iving Gold) being present, they were called upon by President Harman to proceed with whatever comments they cared to make, Councilman Britschgi, the Committee Chairman, informed the Board as to the reason for the Committee being present, calling attention to the amount of money that had been expended by the City for the building of levees and dikes, dredging Boundary Slough, etc. in preparing the site at the south end of the port property for use as a Yacht Harbor. He also presented plans for other work which has to be done and installations which have to be made before the new site will be in readiness for the mooring of boats, etc. He said the cost for the additional work which has to be done and essential installations P„ is estimated to be in the neighborhood of : 60,000 and requested financial assistance from the Board. Comments were also made b-- other members of the committee. After err considerable discussion and excahnge of views, the Committee was informed that the Board was very sympathetic to their problem and desires brat that the Board also had serious financial problems of its own in adequately caring for the present and future commercial requirements of the Port. The committee was further informed that their request for financial assistance would receive the immediate attention of the Board. Following departure of the Committee and after considerable discussion and expression of respective views by all of the member of the Board and the rendering of oral legal opinions by the Port Attorney Secretary Fields moved that the Port Attorney be instructed to prepare a resolution declaring a dividend to the City `rr of Redwood City in the amount of $13,000.00 being approximately 50% of the earnings of the Port for the first four months of the current fiscal year (1956-57). The motion was seconded by Commissioner Menifee and carried." Thus the the purpose of these maneuverings becomes clear. The dividend to the City is accomplished, the purpose for which intended becomes evident, not- withstanding the fact that the Board recognizes that they also have serious financial • problems and to which fact we of the council can say "amen." and add that we also have our financial difficulties to the extent that the only solutionwe can see is either higher taxes in the very near future or the imposition of the Sales Tax. Gentlemen; at our meeting of November 13th we had considerable discussion on the question of continued development and means of financing our Yacht Harbor. I feel condident that the City Manager and our fiscal officers can readily tell us whether or not funds to the extent of $60,000 plus dollars are or not available for the proposed project even after this $13,000 dividend from the port authorities. I realize that a small bat harbor is a desireab le development and can b e made an asset to the community. I have stated on more than one ocassion that I am not opposed to such a development on a reasonable basis, especially if also includes certain other recreational facilities; but I have also repeatedly urged almost to insistence that we have some sort of a comprehensive program and plan for its ultimate development together with a study as to means of financing, presented to us before we get too involved. tr. I have given this matter considerable thought and in view of the fact that the committee has indicated the urgency of this phase development, I have come to the conclusion that in the absence of availability of city funds to defray the costs thereof, there must be found some way to do it. Gentlemen, I believe I have found what could be a v ery simple, yet quite logical manner in which the project could be carried to practically immediate consumation without any further expenditure of the taxpayers moneys. Before I go into the details of my suggestions, I would like to remark that it is my.understanding that present plans would provide some 2L6 to 250 berths for small boats, and would include a ramp for others. It is also my understanding that the Sequoia Yacht Club is the mainspring behind the proposal to proceed as rapidly as possible, and in effect they have certain rights and facilities on the premises or in the area in question. I therefore would like to suggest and present the following outline of a program I previously referred to. 1. That under the authority of our city charter we proceed to lease said area on which is proposed to develop a small boat harbor and appurtenant facilities to the Sequoia Yacht Club or any other similar responsible organization at a nominal rental after due advertisement. 2. That the lease and its terms shall amongst other matters provide that they shall complete the contemplated and any other disireable development at rr their own expense. 3. That they undertake to operate same for the use of the general public, but with definite priority for space and certain other specific rights to their membership. The Sequoia Yacht Club or other responsible lessee, could finance the project which presently is estimated at some $60,000 more or less, by requiring that each Iwo member or Other applicant for berth space purchase 10 year interest bearing bonds in sums ranging from $50.00 to $1,000.00 depending on type of craft and berth space applied for. That cost of operation and amortization, interest, etc. on bonds be serviced from revenues, which have been indicated as being well over $2,000 per month. If that figure is anywhere near correct, it can readily be seen that they should have no financial difficulties to properly develop and maintain the project. This method of approach would not only facilitate matters but would relieve the taxpayer of present burden of some $7,000 per year that is being expended under the recreation department for the cost of operation, etc. of the so called yacht harbor. Further at the end of the ten years the fcilities could be returned to city