Board of Directors Meeting Report - 1/26/2009

Please note:

The artist renderings in the first presentation were included to present the scale of the project, NOT the actual design and architecture of a proposed terminal in Mayport. Also, the market outlook includes projections, but JAXPORT currently does not have cruise contracts beyond its current contract with Carnival Cruise Lines for passenger service aboard the Carnival Fascination.

Overview of the cruise industry in Jacksonville and the current proposal for a new terminal (8MB)

Annual cruise revenue and comparison to other port customers

Cruise market outlook and potential in Jacksonville

Financial impact to JAXPORT from a cruise terminal project

Dr. Lou Woods from the University of North Florida presented this economic impact report.

And Lindsay Rossman from Visit Jacksonville and Hyatt General Manager Dan King presented the following information:

• Northside hotels saw a 6% to 7% drop in occupancy during the five months that JAXPORT did not offer cruise service in 2008 (i.e., in between service from the Celebration and the Carnival Fascination);
• 40% of cruise passengers spend one day (or night) before or after their cruise, spending on average $300 per person (based on 78 cruise ship departures annually);
• The previous figure represents about $86,000 in hotel tax payments to the City of Jacksonville annually.

During the January Board meeting which followed the workshop, JAXPORT’s Board heard comments from the public and passed a measure authorizing JAXPORT staff to request quotes for the design and construction of a cruise terminal in the Mayport area. This will refine initial estimates to let the Board know exactly how much it will cost to build a cruise terminal. At a future Board meeting, Board Members will vote on whether or not to proceed with actual design and construction.

The Board also approved a measure allowing JAXPORT to obtain a line of credit toward the port’s capital program; accepted the audited financial statements for Fiscal Year 2007-2008; and approved two contracts for the enhancement of security cameras at JAXPORT’s terminals.

The Board’s next meeting is scheduled for Feb. 23.

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