The state funding can be matched at the local level, meaning the legislative action will lead to some $100 million in port improvements.
At the same time, the money allocated by this year's legislature falls short of the $220 million the Florida ports were seeking.
Port interests had also worked to have a bond issue refinanced to inject another $60 million in state-backed funds, which could have led to another $120 million in projects with local participation.
The legislature ended up providing the $60 million through a one-time general fund allocation for port improvements. The bond refinancing package passed the Senate earlier, but the final version of a similar bill voted on in the House Friday called for no refinancing until a task force can review the need for port improvements and make recommendations to next year's legislature.
'We didn't get everything we tried for, but in no way should that overshadow the $100 million in new projects that will get funded this year,' Nancy Liefkauf, executive vice president of the Florida Ports Council, told the Florida Caribbean Connection.
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now