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Water Front Royalties Exceed Costs Amid Harbor Upgrades
Harbor Department income from royalties tops expenditures despite Bond investments reaching 7.5 million dollars after purchases of the Victory Pier extension for 1 million and two new transit sheds costing about 1.25 million. July and August royalties total 1.13 and 1.264 million respectively, with 12 million on hand and 1.7 million set aside pending a court decision on a city charter amendment. The department supports rapid new construction to support the port and foresees rate increases to sustain operations. Revenue from Richfield Parcel A will go to the city general fund, while the department maintains the project free of charge. Port managers note added capacity will attract more tonnage, and a bottleneck on Pico Avenue must be addressed as freeway projects connect.