Last Friday, the Panama City Port Authority received a ten million dollar grant approval from Triumph Gulf Coast. The money will help with the expansion of the east terminal.
The expansion should set the table to hold double the amount of cargo that the port can already handle.
The planned improvements include the 260,000 square foot warehouse, a rail yard, the new bulk head, and dredging.
Those projects are expected to be complete by the end of 2019.
“The current operations that, what we now call the west terminal include about two million tons of cargo annually,” said Wayne Stubbs, Panama City Port Authority Exec. Director.
Stubbs said, the expansion of the east terminal is expected to bring more jobs and money to the city.
In an economic impact study it was found that the west terminal, produced over 12,000 direct jobs and produced and economic impact in the area of $1.4 billion a year.
“So the new east terminal development has the potential over the long run to provide a specific impact,” Stubbs said.
The Triumph grant will specifically go to the expansion of the first big warehouse that is being built.
While the grant from Triumph won”t pay for the completion of the expansion, Stubbs said it will play a part.
“So the Triumph grant helps us continue expanding that warehouse to the full 260,000 square feet. It also will help pay for the new bulk head,” said Stubbs. “We have to install a new bulk head so that we can dredge deeper water to that facility in the future.”
A future that includes more cargo for the port and more jobs for the area.
Stubbs said the expansion is being done in different phases.
Phase one and two are expected to be done at the end of this year.