Tag Archives: financial difficulty
History of disaster
A report prepared by former harbormaster Richard Young provides some insight into how the Crescent City Harbor District got into such dire financial straits that a tax initiative is being proposed for the November election to help the port pay back a $5 million loan. Four natural disasters in five years, including two tsunamis, caused millions of dollars in damage to the harbor’s marina and other facilities, said Young, who was the harbormaster from 2004 to 2014. However, the port has been having financial difficulty for years due to the decline in the groundfish and salmon fisheries and the variability in the pink shrimp and Dungeness crab fisheries, he said. >click to read< 12:05
