PORT STAFF WILL HOLD TWO COMMUNITY MEETINGS REGARDING THE PROPOSED PUBLIC ACCESS INVESTMENT FUNDING POLICY
January 22nd Meeting in Wilmington;
January 27th Meeting in San Pedro
SAN PEDRO, Calif. — January 7, 2015 — The Port of Los Angeles has scheduled two community meetings to receive input and answer questions related to the proposed Public Access Investment Funding Policy that was presented publicly on December 11 and 18, 2014. The proposed Public Access Investment Funding Policy is designed to create a predictable and sustainable approach for long term investment in public access projects in the Port of Los Angeles.
The first community meeting will be held from 6 p.m. to 8 p.m. on Thursday January 22nd at Banning’s Landing, 100 East Water Street in Wilmington.
The second community meeting will be held from 6 p.m. to 8 p.m. on Tuesday, January 27th at the Port of Los Angeles Administration Building, 425 Palos Verdes Street in San Pedro.
At both meetings, Port staff will present an overview of the proposed policy, followed by an opportunity for the public to provide comments and/or ask questions.
“I want to make sure that we thoroughly discuss and receive a wide range of stakeholder feedback on this policy before moving forward,” said Port Executive Director Gene Seroka.
Stakeholders also can offer feedback or submit questions by sending emails on the subject to [email protected]. Please include “Public Access Investment Funding Policy” in the subject line. The deadline for submitting feedback is February 2, 2015.
The draft policy was introduced at the December 11th Harbor Commission meeting. Port staff is seeking public and Harbor Commission input before bringing final policy recommendations back to the Harbor Commission for action at a later date.
The proposed funding policy provides budget guidelines to Harbor Department staff for capital development of public access projects and initiatives. Generally, the policy dedicates 10 percent of the Harbor Department’s annual operating income from the latest available fiscal year for the capital development of non-cargo related public access projects, such as visitor-serving waterfront infrastructure. If approved, the policy would designate approximately $39.4 million for public benefit purposes in Fiscal Year 2015-16. The funding level would change annually based on the Port’s annual operating income and could be more or less in subsequent years based on the Port’s financial success which is closely tied to increasing cargo-and maritime related revenue, which accounts for roughly 80 percent of overall revenue.
The new policy also sets spending parameters on operating and maintenance expenses associated with new and existing public-serving facilities, areas and community-serving programs. Final approval of the policy would be granted by the Harbor Commission.
The Port of Los Angeles is America’s premier port and has a strong commitment to developing innovative strategic and sustainable operations that benefit the economy as well as the quality of life for the region and the nation it serves. As the leading seaport in North America in terms of shipping container volume and cargo value, the Port generates more than 830,000 regional jobs and $35 billion in annual wages and tax revenues. The Port of Los Angeles – A cleaner port. A brighter future.