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Ribbon Task Force, Aqua Terra Project, removal of abandoned boats, Pacific Shores
<br />Center construction to commence soon, extension of Seaport Blvd., 10 acre parcel for
<br />expansion, 120,000 tons of cement imported through Port, dredging to 34 feet, award of
<br />$2.5M Federal dredging project, $10.2 M cleanup of LBT in 12-18 months, generate
<br />$400-700K revenue, new restaurant, Seaport Conference Center beautification award,
<br />150,000 sq. ft. office building, additional dry boat storage, 6 acre site development, port
<br />usage up 669% in past 10 years, refinancing created increase to budget and subvention.
<br />
<br />The City Attorney stated this presentation to Council of the Port of Redwood City annual
<br />report is required by Section 47G of the Redwood City Charter and complies with this
<br />requirement.
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<br />Discussion ensued outlining issues and concerns regarding current environmental cleanup
<br />efforts, whether lease amounts are set at market rates and what indicators are used to
<br />establish them and ifa study is being done or planned where CPI or current market values
<br />would be best, tonnage increase during current construction boom and the need to address
<br />5 year planning for increasing revenues, the current bond rating of BBB, current site
<br />cleanup prior to diversification of facilities, $700K annual cost to service bond, $202,000
<br />annual revenue paid to Redwood City stability, net income prior to debt service $1.2M,
<br />increase in shipping, increased waste violation enforcement's, and construction material
<br />boom coming into Port due to its accessibility and other three ports specialization in other
<br />
<br />Future of the Port was discussed pertaining to lease revenue loss, past and ongoing
<br />studies of the Port, authorize planning document for Bay Area for priority uses, suggested
<br />a land use study as to whether this is the best use, safe soil issues as to whether testing
<br />has occurred with remedy and source discovery, possible zoning changes, feasibility of
<br />residential compatible with present business.
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<br />Support from Council was requested for ferry service to and from San Francisco and
<br />across the bay with necessary feeder lines, assistance to attract federal funds.
<br />
<br />Council expressed concern regarding insufficient revenue from Port to Redwood City
<br />suggesting a higher return, discussed subvention to City is 10% of revenues and reserves
<br />and profits of Port operations, questioned how are the Port's reserves set, the asset base
<br />increased y $11.85 million, Port/City agreement and how reserves are going back to City
<br />from reserves and when, what could slow or speed up this time frame, whether profits
<br />could be distributed during this time, projection of revenue in 5 and 10 years, suggested
<br />another meeting or a sub-committee meeting to address these questions form Council,
<br />and Council recommended a reserve policy, number of components and justifications,
<br />intangible benefits of the Port.
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<br />Dr. Reeves facilitated a summarization of Council and the Port Board noting the need for
<br />more infoimation and details of the future of the Port and how those conclusions are
<br />developed, revenue generation amounts in future and their security, list of Port intangible
<br />benefits, future envisioning process for Port Operations and whether that direction is in
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<br />SPECIAL MEETING MINUTES BOOK NO. 57 FEBRUARY 1, 1999
<br />MINUTES Page No. 252 PAGE 4
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