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8.A. - Page 1 <br /> RE PO RT <br /> To the Honorable Mayor and City Council <br /> From the Cit Mana er <br /> June 18, 2012 <br /> SUBJECT <br /> Sale of bonds by the Port of the City of Redwood City in the amount of $10 million to <br /> finance, together with cash expenditures from fund balances, the reconstruction of <br /> Wharves 1& 2 and related facilities <br /> RECOMMENDATION <br /> Approve, by resolution, the Port Board's recommendation of the issuance of Port of <br /> Redwood City Revenue Bonds pursuant to the City Charter <br /> BACKGROUND <br /> City Approval of Bonds Required — The Port of Redwood City is planning to issue <br /> revenue bonds (Series 2012) in an amount of $10 million. The proceeds of the bonds <br /> will assist the Port in financing the construction and improvement of wharves and <br /> related infrastructure and facilities improvements. Bonds issued by the Port must be <br /> approved by the City Council. The Port last issued revenue bonds in 1999 that have a <br /> first lien on Port Net Revenues (gross revenues less operation and maintenance costs). <br /> Port Capital Project — The Wharves 1& 2 Reconstruction Project (Project) consists of <br /> demolition of a major portion of Wharves 1& 2 and the adjacent warehouse building <br /> and construction of a new wharf, seawall, longshoremen's building, new utilities, grading <br /> and paving. Wharves 1& 2 were constructed in the 1940's, along with the adjacent <br /> warehouse, with wood pilings and wood decking. Continued maintenance and <br /> improvements to some areas of the Wharf have kept it in active maritime use. <br /> However, uses are limited and most of the structure should be removed and <br /> reconstructed to current standards for continued maritime use. Attached is a wharf <br /> demolition drawing (Attachment Two). <br /> The Project consists of demolition of most of the Wharves 1& 2 structures with a small <br /> previously improved area remaining which supports a large hopper and conveyor. A <br /> new 36,000 sq. ft. concrete wharf will be supported by 200, 24-inch, concrete pilings <br /> and will be connected to the upland area by two concrete truck ramps. Associated <br /> wharf improvements include connector walkways, railings, ship fenders, mooring <br /> bollards, lighting, and utilities. Along the shoreline there will be a 920' long concrete <br /> seawall with associated riprap for erosion protection. The 2,400 sq. ft., single story <br /> longshoremen's building will house restrooms, lockers, break out room, and safety gear <br /> storage. Other on-shore improvements include grading, paving for roadway and <br />