Committee approves release of $10 million in reserve funds to Port for waterfront economic recovery

The Budget and Finance Committee on March 13 voted to release $10,000,000 from the committee’s reserve to the Port of San Francisco to fund an economic-recovery project concentrated on Fisherman’s Wharf and the Southern Waterfront.

Megan Wallace, the Port’s economic recovery manager, said the $10 million is part of a broader $64.4 million recovery package that includes tenant-attraction funds, state stimulus dollars, and grant-funded capital projects. Wallace told supervisors that roughly $7.3 million of the requested $10 million will be spent in Fisherman’s Wharf to retain and attract tenants and to activate public spaces, and that the Port has pursued state and federal infrastructure grants (Wallace said a forthcoming state transportation infrastructure grant request is in the range of $22 million).

Wallace said the Port will track indicators tied to economic recovery and report twice a year to the Port Commission on outcomes.

The Budget and Legislative Analyst reviewed port operating revenues (mostly tenant leases), noted uneven recovery across waterfront areas, and recommended approval; the BLA’s summary in the hearing reiterated that $7.3 million of the funds will be focused on Fisherman’s Wharf.

John Doherty of IBW Local 6 spoke in support, citing the importance of commercial fishing, craft-worker jobs and preserving the historic port character.

The committee voted to release the $10 million to the Port and to file the hearing; the motion passed unanimously in committee and the item will proceed to the Board as appropriate.