Jasper Ocean Terminal JV Signed
- Business & Finance
The Georgia and South Carolina Ports Authorities have just signed a new joint venture agreement that provides the necessary framework for the two states to work cooperatively toward the development of the Jasper Ocean Terminal (JOT).
The updated agreement governs the permitting and planning process for the JOT, including the development of terminal design and supporting infrastructure, plans for financing, and execution of the operational decisions required during the permitting process.
“This agreement shows significant progress in our commitment to support economic development in our region,” said Georgia Gov. Nathan Deal. “We must expand port infrastructure in the fast-growing U.S. Southeast to accommodate future demand in manufacturing and retail.”
The JOT Joint Project Office was first established under an intergovernmental agreement signed in 2008 by the previous Governors of Georgia and South Carolina. This new agreement takes effect immediately and continues the work of the JOT.
“I am greatly encouraged with the signing of this agreement as the next step of the continuing cooperation and progress between Georgia and South Carolina toward the ultimate goal of building a Jasper Ocean Terminal,” said David J Posek, Chairman of the Jasper Ocean Terminal Board of Directors.
A work plan for the 2016 fiscal year was adopted earlier this year by the JOT Board of Directors. The plan includes geotechnical studies and conceptual work on terminal design by Moffatt & Nichol, the Project Manager and the year is expected to culminate with a permit application to the US Army Corps of Engineers for the new terminal and channel modification study.
The 1,500-acre Jasper Ocean Terminal will be jointly owned and operated by both port authorities. With the price tag of $4.5 billion, the new terminal will be built on the South Carolina side of the river just downstream from Savannah.