Cleveland boosts port investment for 2011
The Cleveland-Cuyahoga County Port Authority board on Wednesday gave preliminary approval for a $4.8 million capital budget, the first major investment in maritime facilities since 2003.
The port authority will also make substantial investments in other infrastructure assets and enhancing port security as part of the 2011 capital plan.
The board voted unanimously to sign a commitment letter with the state of Ohio, which is lending $3 million for a proposed rail project. The project would involve 5,500 feet of new track installed on port property to accommodate up to 80 railcars at a time.
'We are currently limited in our ability to unload and load large quantities of cargo from rail to ship,' said Will Friedman, the port authority's chief executive officer, in a statement. 'This project will allow us to better market Cleveland as a more efficient, cost-effective port to shippers. It will make it cheaper and faster to load and deliver goods.'
In addition, the board approved the port authority's 2011 operating budget of $6.6 million in expenditures. This is an increase from the 2010 budget, but is $1.2 million (or 16 percent) less than the 2009 budget. The port authority forecasts a positive net income for 2011 that will be used to make continued investments in maritime-related activities.
Friedman said he wants to more aggressively market the port domestically and internationally in 2011 and is increasing resources for maritime business development.
Statistics show that cargo shipments at the port increased dramatically in 2010. Break-bulk cargo, which includes steel shipments, was up about 85 percent over 2009 levels. The increased activity at the Cleveland Bulk Terminal was even more dramatic, as shipments were 2.5 times greater in 2010 than 2009.
While there is additional focus on maritime marketing, the agency's overall budget for marketing and communications in 2011 will still be far less than what it has been in recent years. The staff headcount will also remain below 2005 levels, and professional service expenses are also reduced, the port authority said.
Cleveland boosts port investment for 2011