Funding Announced for GCT New York Dredging
Governor Andrew M. Cuomo yesterday announced that more than $181 million in economic development funding has been approved for 24 projects that are spurring growth and opportunity in nine regions of the New York State.
The funding, approved by Empire State Development’s Board of Directors, supports projects that are creating 1,524 new jobs and retaining 2,009 existing New York State jobs – many of which have already been created or retained.
This funding will also leverage more than $5 billion in private assets and other public funding to support local businesses and projects that are building a strong foundation for future economic growth and job creation.
“This funding is part of this administration’s ongoing efforts to create new opportunities for companies and workers all across New York,” Governor Cuomo said. “By investing in these projects, we are jumpstarting local development priorities, attracting new businesses that create jobs, and helping to rebuild New York’s economy. “
Global Container Terminal New York Dredging (Richmond County) – $4,432,672
GCT New York LP, an operator of a full service container and general cargo handling facility in Staten Island, will use a grant of up to $4,432,672 for a portion of the cost of dredging of approximately 1,200 feet at Berth 3 of the New York Harbor to increase the depth and enable the berth to accommodate post-Panamax container ships.
Howland Hook, operated by GCT, is the largest container terminal in the State of New York, boasting three deep-water container vessel berths on the 153-acre site that GCT leases from the Port Authority of New York and New Jersey (PANYNJ).
While New York Harbor is a superb natural harbor, sheltering vessels from the elements, it is naturally only 20 feet deep, and modern container ships require depths of 50 feet, making dredging vital.
NYCT, the company’s predecessor, approached ESD in late 2013 with a request to provide the anticipated $5 million needed to dredge to 50 feet, which is necessary for this facility to handle the anticipated post-Panamax container ships and is critical to keep this port facility viable.
ESD issued an Incentive Proposal in May 2014, which NYCT accepted in June 2014. This project was critical in ensuring that GCT remains competitive with the container terminals in New Jersey and elsewhere.