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Item No. 1 (continued) In further response to question, Mr. Schricker said that use of the wharf will be shared, and while USGS use time cannot be calculated very much in advance, it is expected that over a five -year period, the wharf would be available to others about 50% of the time, with approximately six - months advance notice of its availability. Mayor Stangel declared the public hearing open at 8:05 p.m. Paul Keckley, President of the Board of Port Commissioners, reported there is a five -year review period of the lease and said that in the event the wharf becomes available for use by others and then a wharf is needed by USGS, then USGS will have to use other docks and pay for that use. Mr. Keckley explained the new federal requirement for public hearing and decision by the elected body to approve the financing plan. John Vickerman, President of Vickerman- Zachary - Miller, engineering con- sultants, presented representations of the USGS Marine Facility, describ- ing the project, its location and its relationship to other properties and their uses at the Port. Mr. Vickerman also commented concerning Bay Conservation and Development Commission (BCDC) public access requirements. In response to question relating to liability problems which may arise with persons using the public area required by BCDC, Mr. Schricker stated that BCDC will officially be put on notice with regard to their obliga- tions regarding liability in connection with public use of the required public area. James Culper, Vice President of First Municipal Leasing Corporation (FMC) of Inglewood, Colorado, described the installment sale contract arrange- ments, noting that certificates of participation do not create any debt for the City. In response to question, Mr. Culper said that the demise of FMC would not affect the proposed transaction. Discussion followed and Mr. Keckley replied to questions and commented regarding the various anticipated benefits to the Port. Mr. Schricker stated that the transaction is consistent with the Charter. Discussion continued and City Manager Smith and Mr. Vickerman commented concerning the length of leases of adjoining properties and the require- ments of BCDC regarding use of property in the area. Ralph Nobles, 3720 Country Club Drive, suggested that the transaction is very good for Redwood City and the Port, but may not be as desirable for the United States taxpayers generally who will have use of the facility for a very limited time. Mr. Nobles said he believes USGS is a splendid tenant, but generally would prefer that consideration be given to more recreational boating and that other compatible recreational uses of the Port area be included in the Charter. Reg.Mtg. 7/25/83 Page 2 MINUTE BOOK NO. 44 Page No. 190