The Georgia and South Carolina port authorities have agreed on a framework for the development of the estimated $3 billion Jasper Ocean Terminal (JOT), which is situated on the border of both states, according to the Journal of Commerce.
Under the agreement, terminal design and supporting infrastructure are making headway as part of the entire planning and permitting process, as well as plans for financing and operations activities.
David Posek, Chairman of the Jasper Ocean Terminal Board of Directors, said: “I am greatly encouraged with the signing of this agreement as the next step of the continuing cooperation and progress between Georgia and South Carolina. It establishes the framework between our two states to work together over the next decade.”
Nathan Deal, the Governor of Georgia, said: “This agreement shows significant progress in our commitment to support economic development in our region.”
The port authorities previously announced that the terminal will receive $2.5 million in funding in order to continue with its development.
The terminal is not anticipated to begin its development for more than a decade.
The Georgia Ports Authority (GPA) are among some us ports currently self-funding infrastructure projects at their ports in a bid to prepare for the rise in container volumes from the completed Panama Canal Expansion.