South Carolina and Georgia's ports authorities to jointly own port at the mouth of the Savannah River

South Carolina and Georgia's ports authorities will jointly own the site of a shipping terminal at the mouth of the Savannah River, according to a proposal being negotiated by the states' governors.
Under the proposal being finalized by South Carolina Gov. Mark Sanford and Georgia Gov. Sonny Perdue, the ports authorities will purchase the Jasper County land - now owned by the Georgia Department of Transportation - for about $10 million, according to a story published by The (Columbia) State in Friday's editions.
Representatives from each governor have been negotiating since March, when Sanford and Perdue announced plans to work together to develop a $500 million terminal on the site.
"I think we've come up with a document we all agree on, and we feel comfortable moving forward," said Bill Stern, chairman of the South Carolina State Ports Authority.
Stern declined to give more details until after the formal announcement, which could come as early as next week.
Each state's lawmakers must approve a long-term plan and determine roles of the ports authorities and private terminal operators.
Officials estimate it could take at least five years and more than $600 million to make the first phase of the port operational.