TAMPA — Port Tampa Bay approved a public-private partnership agreement with four other entities to divvy up who will pay for a $60 million widening and extension of the Big Bend Channel.The strategic partners include the U.S. Army Corps of Engineers, the Florida Department of Transportation (FDOT), Tampa Electric Co. and Mosaic Co., a global fertilizer company which is one of port's largest tenants along with Tampa Electric. The port's board of commissioners unanimously approved the participation agreement at a monthly meeting on Tuesday. PREVIOUS COVERAGE: Port Tampa Bay secures more funding for Big Bend Channel. The Big Bend Channel connects to the Tampa Harbor main channel and will be deepened from 34 feet to 43 feet and widened from 200 feet to 250 feet to accommodate larger ships. The Army Corps estimates the expansion to cost more than $60 million, but future bids may wind up higher or lower than that. Bids are not expected until March 2018. Project funding from the partners would be due at that time. The federal government promised $9 million and plans to take over maintenance costs of approximately $1 million, according to Ram Kancharla, vice president of planning and development at the Port Tampa Bay. FDOT has pledged to pay 50 percent of the balance after the federal commitment and has given the port $5.7 million so far. The others — TECO, Mosaic Company and the port — will be disproportionately responsible for the remaining funds."This is the largest project we have worked on at the port," said Paul Anderson, CEO and president of Port Tampa Bay, adding it's "almost impossible" to get private and public companies to come together to dredged a federal channel. "This is a historic and legacy project."Separately, Port Tampa Bay on Tuesday also unanimously approved the use of a portion of $4.2 million in Florida Seaports Transportation and Economic Development Council (FSTED) funds to improve two existing berths. The port will pay more than half of the reconstruction costs with the other portion coming from FSTED funds and state grants. The update to Berth 219 will cost $8.6 million and Berth 3 is estimated at $6.3 million.Contact Tierra Smith at [email protected] tampabay.com. Follow @bytierrasmith.