It might seem trivial to extend the maximum period for harbor department leases from 50 to 66 years, but the economic benefits from Measure P’s passage are anything but; consequently, this board endorses Measure P.
If approved, Measure P will allow the Port of Los Angeles, which maintains the commercial and industrial complexes on the San Pedro waterfront, to enter leases of up to 16 years longer than the current maximum. Longer contracts can provide an easier financing window for developers, thereby incentivizing private investment in the harbor and stimulating the regional economy.
That can make a big difference. Take, for instance, the case of Port O’ Call, a once-bustling dining and shopping destination in San Pedro that attracted hordes of visitors. Now, it is a sleepy, aging relic. In 2016, developers announced a $100 million plan to renovate the Port O’ Call area into the new San Pedro public market – a boon for the local economy, aided in part by a long lease period of 50 years.
If Measure P is approved, a further extension of the maximum lease period could attract even more investors and more development along the waterfront, creating jobs and attracting visitors to the area.
Moreover, Measure P would also bring LA in line with state law, which already allows for a maximum lease period of 66 years. This would help the region from Wilmington, California through San Pedro compete with the likes of San Diego and Long Beach when it comes to investments. To give San Pedro harbor a new lease of life, vote yes on Measure P.