San Mateo County Harbor District Debt Free After Paying Off Debt Early

South San Francisco, CA   April 8, 2016  Submitted by Steve McGrath, SMC Harbor District Manager  SMCHarborDistrict Logo

After twenty years of debt financing of projects from the Division of Boating and Waterways, regular payments reducing the amount, and healthy reserves, the Harbor District will make its last payment to DBW more than three and a half years early.

Using funds from reserves, the District will pay off the entire remaining balance of $4,953,695, saving the District about $500,000 in interest. “This is a great thing!” said Board President Tom Mattusch. “We are appreciative of the support over the years from Boating and Waterways, and are very pleased that we can pay this off three and a half years early so the funds can be available for another agency.” President Mattusch also noted that the District can do this because it is financially solid, and will now concentrate on a very aggressive list of projects to be completed. These include dock repairs and paving maintenance in both Pillar Point Harbor and Oyster Point Marina.

About the San Mateo County Harbor District:

The San Mateo County Harbor District was first established in 1933 and now operates both Pillar Point Harbor and Oyster Point Marina. Pillar Point remains a major commercial and sport fishing harbor, with 369 berths and is host to many public events throughout the year.

The District took began operating Oyster Point Marina/Park in 1977. It then completed construction of docks, a new breakwater, and onshore facilities during the 1980’s. Now with ferry service to other points on San Francisco Bay, Oyster Point Marina/Park provides a 455-berth marina and boat launch ramp, a fishing pier, a 33 acre park with hiking and jogging trails, picnic facilities and a 2.5 acre sandy beach.

The District is governed by a five member Board of Harbor Commissioners, who are elected County-wide for staggered four-year terms.

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