Triumph Gulf Coast: $10 Million for Port of Panama City

Image source: Port of Panama City

Triumph Gulf Coast’s board of directors voted last week to approve nearly $19 million in grants to promote economic diversification in four coastal Northwest Florida counties.

The grants are the first in what is expected to be $1.5 billion worth of job-creating initiatives funded over the next twelve years by an economic damages settlement between the State of Florida and BP as a result of the 2010 Deepwater Horizon oil spill.

The first grant approved by the Triumph board will provide $10 million to the Port of Panama City for a major expansion of port capacity.

The project develops new East Terminal facilities that will support over 140 direct high-wage jobs at the port and more than 250 additional port-dependent manufacturing and distribution jobs that could not locate in the region absent a working port.

The East Terminal expansion is planned to cost $59,864,000, break ground in July of 2018 and be complete by June 2019.

Triumph will pay for 17 percent of the project with remaining funds coming from the Port Authority, the Florida Department of Transportation and the Florida Seaport Transportation Economic Development Council (FSTED).

The Triumph board last week also approved the formal terms of the grant subject to a binding contract expected to be signed within a month.

Triumph Gulf Coast is a seven-member, unpaid board established by the Florida Legislature to make awards that will promote and strengthen the economy of the eight Gulf Coast counties disproportionately affected by the spill.

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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