The U.S. Army Corps of Engineers, the Georgia Department of Transportation (GDOT) and the Georgia Ports Authority (GPA) have signed a Project Partnership Agreement (PPA), allowing construction on the Savannah Harbor Expansion Project to begin.
The U.S. Army Corps of Engineers estimates that the harbor deepening project will bring USD 174 million in annual net benefits to the U.S., and for the Post-Panamax II vessels, the extra five feet of depth will allow for an additional 3,600 cargo containers in each transit, an increase of 78 percent.
The project will cost approximately USD 706 million, including construction and environmental mitigation costs.
As a part of this cost-sharing agreement, the Corps will be able to use the 40 percent share of state funds to begin construction while it awaits congressional appropriations for the remaining 60 percent of federal funding.
The state has already set aside USD 266 million – the total state share for the project.
“The signing of the PPA marks the starting point for construction on the Savannah Harbor Expansion Project,” said Savannah District Commander Col. Thomas Tickner. “This sets us on the path to improving transportation of goods into and out of this harbor in an environmentally sensitive manner, which will benefit the area, the region and the nation.”