{"id":12831,"date":"2024-02-22T01:08:43","date_gmt":"2024-02-22T01:08:43","guid":{"rendered":"https:\/\/www.findadistributor.com\/news\/?p=12831"},"modified":"2024-02-09T16:11:39","modified_gmt":"2024-02-09T16:11:39","slug":"226m-for-port-nola","status":"publish","type":"post","link":"https:\/\/www.findadistributor.com\/news\/226m-for-port-nola\/","title":{"rendered":"$226m+ for Port NOLA"},"content":{"rendered":"

The Port of New Orleans (Port NOLA) has been awarded an additional $226,220,195 in federal grant dollars to assist in building the Louisiana International Terminal (LIT), which will create thousands of jobs, drive the economy and position Louisiana as the premier international Gulf gateway.<\/p>\n

The U.S. Department of Transportation notified Congress that it intends to award this funding through its Infrastructure for Rebuilding America (INFRA) competitive Grant Program, which aims to advance the Biden administration\u2019s priorities to rebuild U.S. infrastructure through funding of multimodal freight and highway projects.<\/p>\n

In addition to the $226 million INFRA Grant, the U.S. DOT recently awarded Port NOLA $73.77 million through its MEGA Grant program, totaling $300 million in federal grant dollars to support the first construction phase of the $1.8 billion container terminal. The recent federal awards are in addition to significant private industry partner commitments as well as the State of Louisiana, and Port NOLA. LIT has also garnered support from more than a dozen ports in six states as well as major trade and agriculture associations throughout the heartland of America.<\/p>\n

\u201cThis money to build a new terminal in the Port of New Orleans is good for commerce, good for jobs, and good for coastal communities,\u201d said U.S. Senator Bill Cassidy, M.D. (R-LA).<\/p>\n

\u201cBecause I had a seat at the table for the infrastructure law, Louisiana is punching above its weight in the funding coming to our state.\u201d<\/p>\n

\u201cThis grant funding is a historic step towards transforming the economic landscape of Louisiana and solidifying our position as the premier international Gulf gateway. This additional investment will leverage Port NOLA’s extensive connectivity to interstate systems, railroads, waterways, and hubs. This is yet another example of the Bipartisan Infrastructure Law bringing critical investments to our great state, and I am proud to see the legislation I championed yield big results,\u201d said Congressman Troy A. Carter, Sr. (LA-02).<\/p>\n

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Port NOLA has been awarded an additional $226,220,195 in federal grant dollars to assist in building the Louisiana International Terminal (LIT), which will create thousands of jobs, drive the economy and position Louisiana as the premier international Gulf gateway.<\/p><\/div>\n

The new state-of-the-art container terminal, which will be located in Violet, Louisiana, will leverage Port NOLA\u2019s connectivity via four critical interstate systems, six Class I railroads, 14,500 miles of inland waterways and 30+ inland hubs to dramatically increase Louisiana\u2019s import and export capacity and create unparalleled opportunity.<\/p>\n

\u201cWe are incredibly honored to receive this landmark grant award, which underscores decades of site and market analysis and reflects the recognition of our transformational project on a global scale,\u201d said Port NOLA President and CEO Brandy Christian.<\/p>\n

\u201cNot only is this the biggest economic development grant in Louisiana history, but also the largest federal investment in a new container terminal in USDOT history. We express our deepest appreciation to Louisiana\u2019s federal delegation, state leadership and the Biden Administration for their confidence in our vision and look forward to delivering on this investment.\u201d<\/p>\n

The LIT will be built through a historic $800 million dollar public-private partnership between Port NOLA, one of North America\u2019s largest marine terminal operators New Jersey-based Ports America and Switzerland-based Mediterranean Shipping Company through its terminal development and investment arm Terminal Investment Limited (TiL).<\/p>\n

Additionally, Louisiana lawmakers have already provided nearly $30 million toward early development costs for the LIT, which is currently in the federal permitting and design process.<\/p>\n

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The U.S. Department of Transportation notified Congress that it intends to award this funding through its Infrastructure for Rebuilding America (INFRA) competitive Grant Program.<\/p><\/div>\n

The state also committed $50 million for the design of the St. Bernard Transportation Corridor, which has been sought after for years by St. Bernard Parish leaders and residents and will connect the terminal to the interstate system.<\/p>\n

The LIT is expected to generate 32,000 new jobs nationwide, 18,000 here in Louisiana and 4,300 in St. Bernard Parish, as well as more than $1 billion in total new state and local tax revenue by 2050.<\/p>\n