Recommendation to authorize City Manager, or designee, to: (1) execute and approve all documents necessary to implement a cash flow loan by the City of Long Beach Tidelands Oil Revenue Fund Group - Oil Field Abandonment Reserve - to the Aquarium of the Pacific Corporation of up to $5 million, and (2) terminate the previous May 5, 2020 authorization for a loan from the Tidelands Operations Fund to the Aquarium for October 2020 rent.  (District 2)
Thank you. We're going to go ahead and move on to the regular agenda. Item 12, please. Report from financial management a recommendation to implement a cash flow loan to the Aquarium of the Pacific Corporation for up to 5 million and terminate the previous authorization for a loan for October 2020. Rent District two. A promotion from Councilor Allen. Can I get a second, please? Second by Councilwoman Price IV. Mr. Walker, did you have an update on this? I know we've read the report. We have John GROSS prepared to give a staff report. But essentially, this is a city facility. They've worked really hard over the past year to manage all of their expenses, but there's clearly uptake or up maintenance that needs to happen on a for keep the building up and keep all the animals safe. And so they're asking for a short term loan that wouldn't have any impact on the general fund. It would be a tidelands loan that specified in front of you. So we're recommending approval. Thank you, Councilwoman Allen. Any comments? Yes, thank you, Mayor. I just want to say, you know, the Aquarium of the Pacific is a major asset in our city. This is our asset. It's a city asset. And millions of people from all over the region visit the aquarium annually. And I definitely don't want the aquarium to default on any of their expenses. They will pay the city back over a maximum of 13 years. And in fact, we're likely to be paid ahead of time and they'll pay us a little interest to so that so that's good. When I first got elected, I spoke with the CEO, Peter Correia, the new president, and he explained the need for consistent operations by key experienced staff that are caring for the endangered species. And even without visitors, the animals and the ecosystems must be maintained. And while I know the commitments and concerns surrounding the health of the Tidelands Fund, I trust that this short term loan will keep the aquarium operating and will preserve and protect this incredible institution and our city. And I also trust that it will be repaid once the aquarium is allowed to fully reopen. Thank you, Councilwoman Brice. Thank you, Mr. Mayor. I am going to be voting in support of this item tonight as well. I do have some serious concerns regarding regarding the Tidelands Fund, and I want to make sure that those concerns are are noted and are on the record, so to speak. Specifically in reading the staff memo on this item, in looking at page four, I think staff did a very good job of outlining the stress that the Children's Fund is under in general, the future vulnerability of the Children's Fund. And I want to be very mindful of our future obligations when it comes to any commitments that we make in the Tidelands area. I do believe, and I shared this with the aquarium team that that they are a very reliable partner in terms of operating this facility. We have a track record with the aquarium that has been very positive in terms of repayment of of of loans and other financial assistance. I think they take that commitment very seriously, but they are not our only city asset in the tidelands area and we have not had as positive of an experience with other partnerships in the Tidelands area and that has resulted in the Tidelands funds being further leveraged and ultimately that fund being very vulnerable in terms of future use and future programing. I think for many years there was a belief that the Tidelands Fund was. Positive and secure and a stable and a reliable source to fund a lot of the infrastructure that we have along the ocean, including our major city assets, like the convention center, like the Queen Mary, like the aquarium, and of course, all of our concession stands and other infrastructure along the tidelands area, that is no longer the case . And as we look forward to our obligations in the Tidelands area and we factor in the liabilities that we have to now fund as a result of some realities that we have as a city, I think it's important for us to be mindful every time we leverage this fund, our efforts to provide equity and access to the coast, our ability to program for those opportunities will be significantly limited if the Tidelands Fund continues to experience stress. And I know that that is a priority for the city and the council is figuring out how to use tidelands dollars to bring people to the coast. Most of. Allow for access. Citywide and regional each of the use of types in infrastructure and the operational budget. So I just want to make sure that that is very clear. I wholeheartedly support the Aquarium's efforts and want to make sure that I'm acknowledging and commending them on the progress that they've made in light of the COVID limitations. And I wish them the very best as we move forward with this item and and and supporting their operations. So thank you very much, Mr. Mayor. Councilwoman Vice Mayor Richardson. And if you had just cued up 2 seconds before, but I see it's all covered, so I'm happy to vote in support of this. And thank you, Councilwoman and Day House. Thank you. Thank you, Mayor. I just wanted to say that I'm also very much in support of this item. I know that the Aquarium of the Pacific now got some really remarkable programs to our city and outside of our city, especially the Festival for Human Abilities that I always look forward to, which highlights the talents and skills of people with disabilities and people all throughout come to visit our aquarium. And so that, you know, the aquarium is very near and dear to my heart. I'm very confident that they will do good on this loan and that they will, I'm sure, like Councilmember Allen said, that they'll even probably pay it back, you know, even earlier than anticipated. So I look forward to supporting this item and I want to thank the aquarium for all that they're doing in spite of everything happening and such a hard year without having, you know, the ability to show off our beautiful aquarium. So I look forward again to supporting the site. And thank you. Thank you. There is no public comment signed up. So although. District one, high district two. I District three. I. District four. All right. District five. My District six. I. District seven. By District eight. All right. District nine. All right. Ocean cares.