Gov. Nathan Deal announced Monday that as part of his FY2014 budget proposal, he will seek an additional $50 million in funding for the Savannah Harbor Expansion Project at the Georgia Ports Authority Board meeting according to a press release issued by the Governor's office.
"I am committed to allocating funds and time to this pivotal link in our logistics network," said Deal in the release. "Expanding the Savannah Harbor is vital to our renewed economic growth and plays an integral role in helping make our state the No. 1 place in the nation in which to do business."
If approved, the proposal will increase state funding for the deepening project to $231.1 million, with the cost of the project nearing the neighborhood of $652 million.
"Studies indicate that the port deepening will reduce shipping costs by at least $213 million a year," said Georgia Ports Authority Board Chairman Robert Jepson. "The 5.5-to-1 benefit-to-cost ratio demonstrates that the expenditure would be a wise investment of federal dollars."
Construction for the port deepening is expected to begin in 2013.
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