Camden to sell bonds for new terminal downriver
South Jersey Port Corp. plans to build a new marine terminal eight mile south of its existing facilities on the Delaware River in Camden, N.J., took a step forward this week as the port’s board approved the sale of $26 million in bonds to fund projects and increase debt reserve.
The corporation, whose wharfs are located across the river from Philadelphia, wants to develop another terminal at a 190-acre site in Paulsboro, N.J., at the site of a former British Petroleum tank farm and Essex Chemical plant.
Partnering with the corporation on the project are the Borough of Paulsboro, Gloucester County and the county’s improvement authority,
SJPC Executive Director Joseph A. Balzano said, “The bond financing assures continued investment to maintain existing facilities and for expansion as the SJPC positions the ports of South Jersey to benefit from expanding opportunities in maritime commerce and trade that build and strengthen the region’s economy.”
Key bond issue elements include:
' $14.25 million to complete design of the Paulsboro terminal and the environmental compliance and permitting process over 18 months that would conclude with bid-ready construction documents.
' $4.5 million to repair a system of 40 skylight units atop three buildings at the Broadway Terminal in Camden that house major port tenants. The former New York Ship Building Corp. constructed the buildings more than 100 years ago. The improvements are needed to maintain the integrity of the buildings’ roofing systems.
' $1.1 million for maintenance dredging at the Broadway and Beckett Street Terminals at the Port of Camden to main necessary depths for ships using the facilities.
' $833,000 to acquire 6.6 acres of land in Camden.
Camden to sell bonds for new terminal downriver
