The Port of LA. | Photo courtesy of Wknight94/Wikimedia Commons (CC BY 3.0)
A Los Angeles city commission Thursday approved an update to the Port of Los Angeles’ Public Access Investment Plan, budgetary guidelines that direct the development and operations of the LA Waterfront.
The updated PAIP allocates a minimum of 10% of the port’s annual operating income to fund LA Waterfront public access projects and additionally continues funding the port’s commitment to LA Waterfront operations, maintenance and programming. The newly adopted plan updates the original version created in 2015.
“The Port of LA is the busiest container port in the Western Hemisphere, which creates good jobs and economic activity, but also results in impacts on the local communities that surround the port,” said Councilman Tim McOsker. “With this updated plan, we will now have a community-driven process and steady allocation of funding for projects to increase opportunity and access to the water for everyone in the One-Five, the region and the city.”
Initially projected in 2015 to raise $200 million in revenue for LA Waterfront public access projects over 10 years, projected funds available under the PAIP increased to $262 million as a result of increased cargo volume. Since initiation of the plan in 2015, the port has committed $253 million to projects that have been completed or are currently in the design or construction process.
“The port’s public investment plan has helped further accelerate waterfront development in Wilmington, answering the call from our community,” said Lucia Moreno-Linares, harbor commissioner. “Advancing projects along the Wilmington Waterfront helps to transform our waterside community and demonstrates the port’s continued commitment to all of our neighbors.”
The updated plan approved by the Harbor Commission aligns PAIP project planning with the annual budget process with includes future planning under the port’s five-year capital improvement program, according to commissioners.
Future PAIP projects are slated to be constructed at the West Harbor Promenade and Wilmington Waterfront Promenade, with forums hosted by McOsker’s office in coordination with the Port of LA.