"The contract represents an important investment in the waterfront fishing industry," says Davis, adding that the redevelopment will allow the port area to "once again become a vibrant sector of San Francisco's economy."

The contract between the California Technology, Trade and Commerce Agency and the Port of San Francisco will provide the funds to design, plan and renovate Shed C at Pier 45. The funds were requested by state Senate Pro Tempore John Burton, D-San Francisco. "Fisherman's Wharf and our fishing industry are key parts of San Francisco's economy and California's tourism appeal,'' Burton says.

The port, a department of the City and County of San Francisco, does not receive financial support from local government. Instead, it must rely solely on the revenues it makes from leasing its property and other maritime uses, state officials said. "This contract confirms the port's and the state's commitment to support the future of the fishing industry in this region,'' says Douglas Wong, executive director of the port.