Mary Maguire
NC FL Independent.com
November 16, 2014 5:50 p.m.
Editor’s Note: Nassau County has another news blog available to interested readers. Mary McGuire, a reporter who covers the Nassau County beat, launched her own website on October 13. Please visit NC FL Independent website and subscribe. We thank Mary for allowing us to post articles related to the Port of Fernandina and a recent port authority meeting.
Fourth quarter revenues were down over last year for the Port of Fernandina.
From July to September, the Port reported revenues of $310,834. Last year, the Port reported fourth quarter revenues of $348,883.
The Port finished the fiscal year with reported revenue of $1,536,166.
The numbers were released Wednesday at the commission meeting for the Ocean Highway & Port Authority.
According to the financial report, the board is scheduled to make a $1 million bond payment on Dec. 1st. That will bring bond debt down to $12.1 million. The Port Authority owes the money to Bank of New York in New York, say officials. It originally borrowed $38.5 million in 1990.
The board also owes its management company $4.5 million. But the board agreed at the meeting that it will not make a payment to Kinder Morgan this year. Last year the Port paid the company $1,250,000 toward its debt. Administrator Joanna Cason said the original amount was $7.1 million and was borrowed in 1994.
“We took that out for 2014 and the auditors may disagree,” said Port accountant Pierre LaPorte at the meeting. He went through the numbers with the board.
In other news from the Port meeting:
The port recognized Commissioner Brian Reaves for his service. Reaves is leaving the board because his district was redrawn and he could not seek re-election without moving. He did not move. Reaves is a Nassau County firefighter.
New Commissioner Adam Salzburg will be sworn in on Nov. 18th at 5 p.m. at the Historic Courthouse in Fernandina Beach. Salzburg is a Nassau County firefighter.
The new head of the Nassau County Economic Development Board (NCEDB) Laura DiBella attended the meeting to introduce herself to the board.
Local developer Joel Embry who helps the board with economic development was on the agenda to speak, but he did not attend the meeting.
The Port owns and rents out the Custom’s House in Fernandina for $2,229.15 per month, including utilities and pest control. They pay Kelley Pest Control, which is owned by County Commissioner Steve Kelley.
CSX charges the Port $749 each year to cross its railroad tracks into the Kinder Morgan Nassau Terminal. The money covers maintenance fees. The Port paid the fee last month.
Board Member Richard Bruce said the U.S. Coast Guard recently conducted a thorough inspection of the port and found ‘no deficiencies.’
Maintenance work is starting on a Port warehouse.
Commissioner Reaves, who represented the Port board on the North Florida TPO, said he missed the meeting last month because he was at the funeral for County Attorney David Hallman. They were held on the same day.
Commissioner Ron Braddock continues to recover from illness and did not attend the meeting.
The Port board is planning to participate in the Greater Nassau County Chamber of Commerce Christmas Parade and the Fernandina Beach Christmas Parade.