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Gateway to development
The construction of an additional terminal was a long time in coming. Following the failure of the SPA to launch the so-called Global Gateway mega-port at a site on Daniel Island in 2001, the S.C. General Assembly directed port expansion to the former Navy base site in 2002. The Ports Authority applied for permits for the Navy Base Terminal in January 2003.
After several public hearings and through an ongoing legal battle with the South Carolina Coastal Conservation League, the SPA received a favorable Record of Decision from the Army Corps of Engineers on April 26, 2007. All state and federal permits were issued and pre-construction work began in May 2007.
“Nine state and federal agencies signed off on development of this container terminal, and we’re moving forward,” said Miller.
In addition, an independent financial feasibility study is expected soon, and the financing plan will be approved by May 2008. Miller pointed out that the construction is funded entirely by the SPA.
“There’s no taxpayer-backed debt here,” he said. “The financial plan will look at funding through issuing bonds, but it’s all private from the perspective of the taxpayer. None of this is state tax money. When we issue bonds, they’re independent bonds.”
However, some funding comes from public sources, such as the port access road, which has received $182.5 million in state and federal funds to date.
Miller said construction of the new terminal is necessary to keep pace with expanding intermodal business in the state, including the 1,300-acre, $600 million logistics, manufacturing and distribution hub being developed in Orangeburg by Jafza International of the United Arab Emirates.
Those projects — and other deals yet to be made and projects yet to come online — are sure to keep the cranes busy in their working positions.
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