Recommendation to adopt resolution approving the incurrence and issuance by the Board of Harbor Commissioners, on behalf of the City of Long Beach, of a loan to be provided by the United States Department of Transportation and a related subordinate Harbor Revenue Note, in an aggregate principal amount not to exceed $325,000,000, both secured by subordinate Harbor Department revenues.  (District 2)
15 is a report from Financial Management, the harbor department with the recommendation to adopt a resolution approving the incurrence and issuance of by the Board of Harbor Commissioners of a loan provided by the United States Department of Transportation. And related subordinate Harvard you harbor revenue vote you know aggregate amount not to exceed $325 million. So moved move moving seconded any member. The public was just outside of 15. Any council discussion, Mr. Johnson. Well, thank you, Mayor. And I guess I just want to hear from the director. I think Mr. Morrow is here. My understanding I remember we originally talked about the bridge, the ports contributions would be around 10%, which I think was $90 million. And then that became 180 million. And now it sounds like it's higher. So I'm just kind of curious, what is the port's share right now and what are efforts, if any, to kind of contain those costs? Yes. Thank you, Mr. Mayor and council members. My name is Al Moreau, acting executive director of the Harbor Department. The current budget for the bridge is approximately $1.2 billion. When we initially initially started the project, the budget was about $950 million. So roughly $350 million increase in in cost. A lot of that was associated with the revenue clearance for clearing. Right. Excuse me right away. Clearance clearing the right of way for the new bridge immediately north and adjacent to the existing bridge. The majority of that work is behind us, so we feel very confident with the current budget of $1.2 billion. We are similar to financing schemes where we look for low interest loans that help repay the the the debt that we've incurred on this bridge. We are also working with state and federal government to find any kind of transportation grant funds that are available, and we'll continue to do that through the life of the project. Now things tomorrow. So I guess on that last point. Right now we're bearing that additional cost, but you're exploring every avenue to see if state or federal partners may be willing to chip in, maybe given the escalations that what I'm hearing. That's correct. Okay. Thank you. Okay. Any other any other questions here? Cast your vote tonight at 15. Motion carry six. Voted item 16 Clerk read the report.