July 30, 2020 Jacksonville City Council signs off on millions in funding for Jaxport
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The City Council unanimously approved up to $110 million allocation for Jaxport to spend on its harbor deepening project Tuesday night.
The allocation includes a $35 million grant from the city and a $40 million bridge loan, advancing money that will be paid over two years by the Florida Department of Transportation as work on the deepening project advances.
The city will contribute another $35 million to the project through a $60 million bond, which it expects to issue this year. Jaxport will pay the remainder of the $60 million bond.
The city has also committed to providing up to $10 million in a bond that will be issued next year. Jaxport will have the ability to draw on that as needed.
The U.S. Department of Transportation, FDOT, Jaxport and some port tenants have each contributed tens of millions of dollars to the project so far.
The $484 million project will deepen the first 11 miles of Jacksonville's shipping lane by seven feet, allowing larger ships with higher container capacities to dock at the port fully loaded. Deepening began in 2018 and is on pace to be completed in 2023, two years ahead of schedule.