QUESTION
Council Members Discuss Establishment and Potential Impact of Community Priority Fund
1:29:21
·
80 sec
Council Members Amanda Farias, Alexa Aviles, and Erik Bottcher delve into the details of the yet-to-be-established Community Priority Fund stemming from the long-term agreements with cruise lines. They examine the timeline for its creation, governance structure, and expected financial contributions, speculating about the fund's potential $14 million impact over ten years, particularly for the Manhattan Cruise Terminal and Red Hook community.
Speaker 1
1:29:21
How many dollars have we seen go into the community fund since fall of 2023?
1:29:27
So we know if there's been Susan?
1:29:31
Not so it's not established at all.
Speaker 8
1:29:32
It's not established yet.
Speaker 1
1:29:34
So we're waiting on full of us to to create full governance model, set up a structure, and then we'll start the charging and putting into the commit the monetary commitment into the fund.
1:29:45
Okay.
Speaker 7
1:29:46
It's a yeah.
1:29:46
It is a part of the long term agreements.
1:29:48
Right.
1:29:49
So once those long term agreements are set, it's a dollar per passenger.
1:29:52
So we can expect based on passenger counts, about 1,100,000 to 1,300,000 that we get a year.
1:30:00
So that's the funding.
1:30:02
So for example, in 2024, the Manhattan Cruise Terminal usually sees about 7 1000 passengers.
1:30:10
It's a 700,000 annual fund.
1:30:12
We estimate over the next 10 years that fund will generate close to $14,000,000 specifically for those 2 communities
Speaker 2
1:30:20
for Redhook.
Speaker 1
1:30:21
That's kind of a tough one to try to understand.
1:30:23
Yes.
1:30:24
I would recommend we rush proactively pay into that once we figure that out from fall 2023, which would be great.
1:30:31
But I'd like to obviously stay in the loop on how it's progressing, but these members are their priority members to be working with.