Following news that the Port of Long Beach is considering contributing $1.3 million to fund the restoration of Colorado Lagoon, and after rumors that the City will ask to receive more than the normal 10% of profits earned at the Port of Long Beach this year, the shipping publication Cunningham Report makes the case (here and here) that the port is being financially raided.
The articles point out that the Port previously agreed to help with Phase II of the Colorado Lagoon project, but that the city recently requested help with Phase I – which was estimated to cost $2.9 million, but construction bids ranged between $3.7 to $6 million.
The CR writes:
The contribution, if approved, would be another example of the financially ailing city turning to its financially ailing port to help fund projects and services.
The article notes that the port is planning to expand its Middle Harbor and reconstruct the Gerald Desmond Bridge, while additionally contributing 10% of annual profits to Long Beach’s Tidelands fund for coastal projects (which, as previously noted, could increase).
Of course, you could make the argument that lending a financial hand is the least the Port of Long Beach can do because so much pollution is generated from its operation; pollution that has led to poor air quality and high asthma rates.
Then again, the Port of Long Beach is also a strong resource, as one of the region’s greatest economic engines – even in a recession – that provides thousands of jobs.
It’s a good question, so we’ll put it to you. Does the city expect too much financial assistance from the Port of Long Beach?
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