Port of Long Beach to Get USD 555 Million for Upgrades
- Business & Finance
The Long Beach Board of Harbor Commissioners has approved an USD 829 million budget for the Harbor Department’s next fiscal year, including more than a half a billion dollars for capital improvements at the Port of Long Beach, one of the busiest ports on the US Pacific coast.
The budget, which will be presented to the Long Beach City Council for its consideration, designates USD 555 million for capital investments including the port’s major terminal redevelopment and bridge replacement projects.
For the fiscal year starting October 1, 2015, the budget anticipates a 6.1 percent increase in operating revenue over the current fiscal year’s income.
Also, the newly approved budget includes the anticipated transfer of USD 17.74 million to the City of Long Beach’s Tidelands Operating Fund, which is used for beachfront improvements in Long Beach.
”Our goal is to build upon the success of the Port of Long Beach by attracting new trade, and with that, new jobs, to Long Beach and the region,” said Harbor Commission President Doug Drummond.
”We are moving forward with important improvements that will help this community, by building a greener, more efficient Port of Long Beach.”
The biggest pieces of the capital improvement budget are the ongoing Gerald Desmond Bridge Replacement Project and the Middle Harbor Redevelopment. Other improvements include sewer and street projects, dredging and rail improvements.
The budget also includes funds for planning activities for the Port’s ‘Energy Island’ concept of enhancing energy security and sustainability, and for ongoing improvements as part of the ”supply chain optimization” efforts to boost efficiency at the San Pedro Bay ports.