Advertisement
  1. Business

Port Tampa Bay makes public/private commitment for $60 million expansion project

Port Tampa Bay approved a participation agreement with the U.S. Army Corps of Engineers, Florida Department of Transportation, Tampa Electric Company and Mosaic Company at the port's monthly board meeting on Tuesday. Port Tampa Bay President & CEO Paul Anderson signs the agreement as Ram Kancharla; Port Tampa Bay's vice president of planning & development, Brandon Burch; project manager at United States Army Corps of Engineers, Lois Moore; of Alcalde and Fay and Charles Klug; Port Tampa Bay principal counsel, and Tim Murphy; deputy district engineer of the Army Corps., looks on. [Company handout]
Published Sep. 19, 2017

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 tsmith@ tampabay.com. Follow @bytierrasmith.

ALSO IN THIS SECTION

  1. Frances Werner-Watkins Julie Rinaldi
    News and notes on local businesses
  2. Left to right: Oak Hill Hospital Anesthesiology residents Daniel Eskander, Wayne Simmons, Jeffrey Huang and Benjamin Segil. Katie Stacy/Oak Hill Hospital
    News and notes on local businesses
  3. A total of 131 employees are scheduled to be laid off in January as Locale Market and Farm Table Cucina close at the Sundial to make way for a new food hall created by the developers of the Heights Public Market at the Armature Works in Tampa. CHRIS URSO   |   TIMES
    In a notice to the state of Florida, Sundial owner Bill Edwards said the layoffs are expected to take place the first week of January.
  4. WeWork is opening Tampa offices at 501 E Kennedy Blvd. despite company struggles, including $1.25 billion in losses over 2019. SCOTT KEELER  |  Tampa Bay Times
    WeWork has 200 planned coworking space openings as leadership tries to manage $1.25 billion in losses.
  5. Florida's unemployment rate was unchanged in October at 3.2 percent, according to numbers released Friday. LYNNE SLADKY  |  AP
    The latest numbers were released Friday morning.
  6. Apollo Global Management has offered $130 per share for Tech Data's stock in an acquisition worth $5.4 billion. If regulators shareholders approve, the home-grown company will remain based in Pinellas County, where it employs 2,000 of its 14,000 workers. DIRK SHADD  |  Tampa Bay Times
    Private equity firms like Apollo create wealth for pension funds, financial institutions and individual investors by buying assets that typically are sold later at a profit.
  7. Some of Tampa Bay's largest companies are being sold or are up for sale. Times files and Bloomin' Brands
    Tech Data is just the latest in a growing list of public companies bought up by out-of-state firms.
  8. Hillsborough Community College solicited "non-binding letters of interest or intent” last month from developers interested in purchasing the Dr. Gwendolyn W. Stephenson District Administration Center on Davis Islands. OCTAVIO JONES  |  Times
    Developers have eyed the 3.7 acre waterfront parcel for years, but recent interest has prompted the college’s trustees to finally start the conversation.
  9. Tampa International Airport looking north. The Wall Street Journal ranked it the best midsize airport in America. [Times files]
    TPA took first place in the Wall Street Journal’s annual survey of U.S. airports.
  10. Tech Data's CEO Rich Hume (left) shares a moment with former CEO Bob Dutkowsky during a send off celebration for Dutkowsky earlier this year. JIM DAMASKE   |   Times
    A private equity firm has agreed to buy Tech Data.
Advertisement
Advertisement
Advertisement