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The Future of Dredging <br />• No funding mechanism has been identified to <br />dredge in the future and federal funding assistance <br />is difficult to obtain and only partially covers <br />dredging costs. <br />• The result of the partial dredge is that large <br />sailboats will be less likely to berth at the harbor. <br />Harbor Improvements <br />Unfunded: <br />Fuel Dock upgrade <br />$.5 - $1m <br />Wooden dock replacement <br />$8m <br />Replacement of two restrooms <br />$1 m <br />. Access improvements to Marina office <br />2m <br />. Approximate Total Unfunded Improvements <br />$10m <br />Debt service on a $10m, 30-year CalBoat loan to make the <br />needed infrastructure improvements would be $614k/year. <br />Past Privatization Proposals <br />Pacific Marina Development approached the City in <br />2004 with the following proposal: <br />Pacific Marina Development would: <br />• Pay off Calboat loans - up to $3.8 million <br />Enter into a 65-year master lease <br />Install dry stack storage at old boat yard <br />• Renovate and expand harbor <br />• Manage harbor operations and maintain berths <br />• Remit to City 10 % of gross berthing revenues first five years and <br />15% thereafter (est. at $100,000 to $150,000 annually) <br />The City would: <br />Maintain infrastructure other than berths <br />Continue to dredge channel and harbor <br />n <br />