Los Angeles Harbor Commission announces record capital expenditure for fiscal year 2013-14
The Los Angeles Harbor Commission has earmarked nearly $400 million, or 37 percent, for its Capital Improvement Program as part of its $1.1 billion budget for fiscal year (FY) 2013-14.
The investment, representing the largest annual capital expenditure in the port’s history, is part of $1.3 billion set aside for port related projects over the next five years.
“Developing and maintaining a world-class infrastructure is, and continues to be, the overarching strategic priority for the Port of Los Angeles,” said Harbor Commission president, Cindy Miscikowski.
“Capital improvements and improved efficiency are essential if we’re to maximize cargo flow as well as maintain our position as the nation’s number one container port.”
The budget supports more than 8,500 jobs, 6,870 of which are attributable to construction project spending in the coming fiscal year which begins July 1.
“Adoption of this budget allows the Port of Los Angeles to remain competitive, financially strong and self-sustaining, especially as we face increasing and intense competition from ports around the globe,” added port executive director, Geraldine Knatz.
The capital spending budget earmarks more than $380 million for container terminal and transportation upgrades. This includes more than $99 million at the TraPac container terminal to support future terminal automation as well as construction of a facility to provide on-dock rail capabilities, and $41.5 million towards the redevelopment of the China Shipping Terminal.
In addition, almost $96 million will be used to install onshore power at major terminals, including APMT, APL, Evergreen and Yang Ming, while nearly $78 million will be used for the continued construction of the Berth 200 rail yard. The South Wilmington Grade Separation project will be allocated $33.2 million, which will provide unimpeded grade-separated vehicle access to businesses throughout the Wilmington Waterfront.