FOR IMMEDIATE RELEASE
SAN PEDRO, Calif. — January 12, 2015 — In anticipation of increased public participation, the Port of Los Angeles has selected a larger venue for the San Pedro community meeting to receive input and answer questions related to the proposed Public Access Investment Funding Policy that was presented publicly to the Los Angeles Harbor Commission last month. 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 is still scheduled for Thursday, January 22, 6-8 p.m., at Banning’s Landing, 100 East Water Street in Wilmington.
The second community meeting is scheduled for Tuesday, January 27, 6-8 p.m., now at the Warner Grand Theater, 478 West 6th 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.
Stakeholders also can offer feedback or submit questions by sending emails on the subject to email@example.com. 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 Los Angeles Harbor Commission meeting on December 11, 2014. 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 Port staff for capital development of public access projects and initiatives. Generally, the policy dedicates 10 percent of the Port’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.
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