OFFICIAL BCNA NEWS
As the Port’s year-long celebration of its 150th anniversary is drawing to a close, the Port’s huge solo project — a new cruise terminal for the city — is moving toward completion and opening for business in the Fall.
The Port Commission must do its part in building the state-of-the-art James R. Herman Cruise Terminal — authorizing financing — and did so at its March 25th meeting.
Commissioners had authorized the issuance of $30 million of Series 2014 Port Revenue Bonds on December 10th. Tuesday’s actions approved the required Preliminary Official Statement relating to the Bonds, to be posted in April, and authorized distribution to potential investors.
Actions taken Tuesday also confirmed the Port’s plans for Piers 29, 29-1/2, 31 (formerly red-tagged), and down the street, Piers 19 and 23.
Also approved was the form of the Continuing Disclosure Certificate, another lengthy document.
Actually, Port staff expects to issue $24 million of the 2014 Revenue Bonds at this time.
The presentation by Elaine Forbes, Deputy Director of Finance and Administration, stated that “additional authorization provides staff sufficient flexibility to address any changes in interest rates, market conditions, and bond payment structuring” prior to being sold, anticipated to be in April.
The bold Port project is well into Phase II. Other financing for this phase, for which total cost is $47.7 million, includes General Obligation Bond proceeds for park improvements and a FEMA grant for security improvements, according to the Port Director’s Memorandum to the Commission.
The Board of Supervisors also must approve the 2014 Port Revenue Bonds and is expected to do so in April.
What remains to be finished in the Cruise Terminal building and other parts of the projects includes:
. Building out the Northwest Wharf Plaza and pier point
. U.S. Customs and Border Protection facilities
. Â The ground transportation area
. Â Apron and substructure repairs
. Â Installation of maritime equipment, e.g., mobile gangway system, fenders and bollards, electrical upgrades
. Â Miscellaneous furniture and equipment
Besides Phase II of the Cruise Terminal project, the Port’s new Northern Waterfront Historic Pier Structure Repair Project will benefit from the proceeds of the 2014 Revenue Bonds.
The Piers 29-1/2 and Pier 31 project consists of “structural repairs to the superstructure (columns, beams, truss members, and roof decking), exterior apron deck reconstruction, window repairs, provide and repair doors to the apron for egress and safety ladders for roof access, removal and replacement of roofing and miscellaneous sheet metal caps and flashing, and provide plumbing and electrical infrastructure needed for restrooms, lighting and potential tenant needs.”
The above Repair Project is allocated $917,000. Â Sources for the total project cost of $6 million include reallocated proceeds of the 2010 Port Revenue Bonds, as well as the 2014 Port Revenue Bonds.
Other “Pier Improvements” in the Historic Pier Structure Repair Project are allocated $1,026,000, and proceeds of the 2014 Bonds will be the sole source.
This part of the project is “intended to provide funding for capital improvements to upgrade and re-lease vacant facilities.”
It is stated, “may include substructure work for Pier 29 and/or historic window rehabilitation.”
Separately referred to in the Commission’s Resolution granting approval of the 2014 Bonds would be financing “certain structural capital improvements” to Piers 19 and 23.