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Council Members Discuss Establishment and Potential Impact of Community Priority Fund

1:29:21

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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.

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