The Broward County Board of County Commissioners on Aug. 23 unanimously approved a memorandum of understanding with the Florida East Coast Railway to construct and operate an intermodal container transfer facility on 42.5 acres of land at Port Everglades, the Journal of Commerce reported.
In June, the board had authorized Port Everglades Department staff to negotiate the memorandum. Now that it has been approved, FEC will move forward to secure a loan from the state.
The memorandum calls for a 30-year agreement between the FEC and Broward County, with two 10-year renewal options. Broward County will contribute the land for the project and participate in joint marketing efforts.
The total cost of the project, including land value, is $72.8 million, of which $18 million would be funded by the Florida Department of Transportation grants. Part of the funding is expected to come in the form of a $30 million State of Florida Infrastructure Bank loan, and the balance will be from FEC equity, the county said.
In July 2011, the Florida Department of Transportation broke ground for the Eller Drive Overpass, which will make possible an at-grade rail spur directly into Southport. This $42 million project, which is fully funded by the state, will create a four-lane bridge overpass on the primary entrance to the port. The project also entails the widening, realignment, and construction of service roads parallel to the Overpass.
In June, the board had authorized Port Everglades Department staff to negotiate the memorandum. Now that it has been approved, FEC will move forward to secure a loan from the state.
The memorandum calls for a 30-year agreement between the FEC and Broward County, with two 10-year renewal options. Broward County will contribute the land for the project and participate in joint marketing efforts.
The total cost of the project, including land value, is $72.8 million, of which $18 million would be funded by the Florida Department of Transportation grants. Part of the funding is expected to come in the form of a $30 million State of Florida Infrastructure Bank loan, and the balance will be from FEC equity, the county said.
In July 2011, the Florida Department of Transportation broke ground for the Eller Drive Overpass, which will make possible an at-grade rail spur directly into Southport. This $42 million project, which is fully funded by the state, will create a four-lane bridge overpass on the primary entrance to the port. The project also entails the widening, realignment, and construction of service roads parallel to the Overpass.