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8.A. - Page 7 <br /> Wharves 1& 2 complex is the major shipping terminal for the Port. The ships and <br /> barges calling at this facility handled approximately 60 percent of the Port's total <br /> tonnage. Revenue associated with the use of Wharves 1& 2 and the adjacent <br /> industrial area used for marine cargo was $1.4 million or 24 percent of the Port's <br /> operating revenue. <br /> Not developing the project would result in not meeting any of the objectives of the <br /> Project, namely to improve the physical condition and extend the useful life of Wharves <br /> 1& 2, increase cargo throughput capacity, increase operational efficiency and flexibility, <br /> and improve safety and working conditions. The Port would struggle to grow because <br /> the reliability and longevity of Port facilities would not be improved. <br /> � <br /> � �^�- <br /> BRIAN PONTY <br /> FINANCE DIRECTOR <br /> �� � <br /> �� ������� <br /> � <br /> MIKE GIARI <br /> PORT EXECUTIVE DIRECTOR <br /> �� <br /> ROBERT B. BELL <br /> CITY MANAGER <br /> ATTACHMENTS <br /> 1. Resolution of the City Council of the City of Redwood City Approving the Issuance of <br /> Port of Redwood City Revenue Bonds Pursuant to the City Charter and Section <br /> 147(f) of the Internal Revenue Code of 1986, as Amended. <br /> 2. Wharf Demolition and Reconstruction Drawings. <br /> 3. Analysis prepared by Port's financial advisor evaluating the cost of financing options. <br /> RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br /> None <br />