DISQUS

The District Weekly: SCHIPSKE’S COURAGEOUS PROPOSALS TAKE ON THE PORT’S POWERFUL STATUS QUO | The District Weekly

  • Dwight K Snider · 1 year ago
    It is my understanding that the ten percent of the Port's profits paid to the Tidelands Trust is approximately 15 million dollars. BIG QUESTION. What happens to the remaining 90 percent or 135 million dollars of Port profit.
  • Dave Wielenga · 1 year ago
    A big question and a good question, and I'm going to ask it. I'll get back with you tomorrow. Thanks.
  • Dave Wielenga · 1 year ago
    According to Kristopher Hanson in the P-T, the profits are plowed back into the Port.
  • LBfamily · 1 year ago
    Thanks for the info Dave. I am stoked to have an "LA / OC Weekly- like" alternative voice in Long Beach.

    I know the port paid to restore Bolsa Chica for mitigation credits (used to offset pollution that Long Beach deals with). However, The Los Cerritos Wetlands, The LA River, and San Gabriel River have been ignored. Bolsa Chica is set for another huge restoration. Maybe this would make a good story? I am not a reporter, but we trust you guys to expose the truth.
  • kotya · 1 year ago
    Dave, maybe you could help me out with a question that never seems to be raised when port profits are discussed (and this aint the first time). Doesn't the Port actually use a great deal of their profits (the 90%) as "security" for the bonds they issue to finance their mega- expansions? The multi-year cash flows and retained profits serve as a secondardy repayment source for the investors, who otherwise are paid routinely from fees and wharfage. It would seem that any threat to those cash flows would jeopordize the covenants and the bondholders could demand immediate repayment.
  • lbwhiner · 1 year ago
    Schipske's on-her-own and disdainful attitude and high handed method of serving results in her being marginalized by other members of the council. Several reps speak of problems in dealing with her. So, even if she came up with the second coming of Jesus as a sure-fire fundraising event for the city, only Gabelich and Uranga would support her. Gabelich is by far the most selfless, tolerant and long-suffering of the bunch. Uranga, I don't know.

    Whether or not you have the next great idea, don't present it with a cute pink and fuzzy cartoon character holding a sign. Makes her look like a moron, which she ain't.
  • LB Watcher · 1 year ago
    The real story here - which none of the media has picked up on - is how the city "solved" its multi-million deficit. Sure it cut some positions, but it also played a big shell game, shifting a lot of general fund expenses to the Tidelands Fund. It's plain as day in the budget. All this talk about the Port funding city services is bunk - it already does. And if Port revenues and oil revenues don't keep up, the Tidelands Fund is going to be facing a deficit like the general fund - and LB will be back where it started.