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By Investigative Reporter, Linda Sutter – April 6, 2026
Harbor District’s latest agenda beginning with item number 7 demonstrates a memo. The latest memo from Crescent City Harbormaster Michael Rademaker promises what sounds like a breakthrough: a “$10 million” RV park deal.
But the Harbor’s own financial records tell a very different story.
Because while the public is being sold a multi-million-dollar vision, the Harbor cannot currently cover its own bills. These numbers displayed in the agenda materials are placed directly after the memo, and they tell the story of how the Harbor District deflects it’s shortfalls.
The $10 Million Claim—Broken Down
The headline number collapses under basic math.
The “$10 million” is spread over up to 40 years. That’s roughly $250,000 a year—an amount the Harbor itself estimates it could generate by running the parks on its own.
In other words, the “major deal” being promoted may offer no meaningful financial advantage over existing operations.
A closer reading of the Harbor’s own materials, alongside its financial records, suggests the projection may be less substantial than it initially appears.
According to the Harbor’s memo, the $10 million figure reflects revenue that “could” be generated over the life of a lease lasting up to 40 years. Spread over that timeframe, the projected revenue equates to approximately $250,000 annually, subject to final terms and performance.
The same report also includes internal estimates indicating that Harbor-operated RV park scenarios could generate comparable annual income, depending on occupancy and pricing assumptions.
Financial Position as of March 2026
Financial records show that, as of March 31, 2026, the Harbor District reported:
- Cash and bank balances of approximately $333,557
- Current liabilities totaling approximately $834,919
This indicates a gap of roughly $500,000 between available cash and current obligations.
Additional financial considerations referenced in recent discussions include:
- A USDA loan obligation
- A separate legal payment obligation reported at $375,000
If those obligations are included, the Harbor’s total financial exposure may exceed $1 million.
Payroll Obligations Through Fiscal Year-End
The Harbor’s financial statements indicate monthly payroll-related expenses— including wages, benefits, and taxes—averaging approximately $100,000 per month
With three months remaining in the fiscal year (April through June), total payroll obligations are estimated at approximately $300,000.
Given the current difference between available cash and liabilities, the Harbor’s ability to meet all obligations simultaneously may depend on timing of revenues, collections, or other financial adjustments. The Harbor’s current cash on hand is approximately 333000. In essence, 33000 to pay bills for the remainder of the fiscal year.
Prior Lease Experience and Current Negotiations
The Harbor’s memo references the prior Renewable Energy Capital (REC) lease, which did not meet projected performance expectations.
The current proposal emphasizes a more cautious approach to negotiations, including review of lease terms, capital investment requirements, and operational structures.
At present, no final agreement has been approved, and projected revenues remain contingent on negotiations and execution.
Ongoing Financial Considerations
The Harbor District’s financial records also reflect:
- Long-term liabilities exceeding $9 million
- A cumulative net loss position of approximately $2.4 million
These figures underscore the importance of evaluating both short-term obligations and long-term planning.
A Harbor Running on Borrowed Time
The Harbor is not planning for the future. It is struggling to survive the present. It cannot cover its current obligations. It cannot sustain its payroll without sacrificing other debts. And it continues to rely on speculative long-term deals to justify its direction.
This is not what financial recovery looks like.
This is what financial distress looks like.
The Question the Board Can No Longer Avoid
The public has now seen the numbers. The gap between what is being promised and what actually exists is too large to ignore.
So the question is no longer about RV parks, leases, or projections.
It is this:
When will the Harbor District address the leadership that created this crisis?
Because until that happens, no amount of projections, negotiations, or public memos will change the reality reflected in their own books.
