Seaports Magazine - Spring 2016 - (Page 18)

»FEATURE TURNING ON THE FUNDING TAP By Lori Musser T PORT OF ANCHORAGE - Jim Jager, Director of External Affairs, Port of Anchorage, said the port's docks range in age from 21-55 years old, on average, and they still use 38-gauge cranes. However, they are finally moving forward with an extension and stabilization project started over a decade ago that failed at the time as it "didn't use a seismically stable design...We are in an extreme climate zone, both in terms of marine climate and seismically; we had a 7.2 earthquake just last Sunday!" Jager said they are trying to reboot this program as well as secure another $290 million worth of funding "so we can start the main project - replacing and modernizing the main terminals," he explained. "We are trying to go with a statewide general obligation bond for those funds." While some of the extension work will begin in the summer, the construction work on the main docks would not begin until summer 2018 and it would have to be fully funded at that point. 18 AAPA SEAPORTS MAGAZINE he need has been established for a new port facility. The site is available, architectural and engineering plans are in the works, permitting and regulations are being addressed. And a dearth of dollars might squash the entire project before a shovel hits the ground. Or, a thoughtfully assembled package of public and/or private financing might answer strategic needs, provide room for growth, balance risk and return, and enhance a port's long-term financial position and bond ratings. And there's the rub. Many ports have lean finance, grant and planning departments. Few have sufficient bench strength to carefully write - and then administer - complex grant applications, or to go out to global markets to recruit private investors, or to work with appropriate agencies to float or even piggyback on new bonds. By recognizing their own deficiencies and planning around those deficiencies, ports are one step closer to securing funding that ensures ongoing freight and passenger mobility through their gateways. Funding Needs In the United States, where seaports carry out more than $10 billion in capital projects each year, numerous industry reports, including AAPA's The 2015 State of Freight and the American Society of Civil Engineers' still-timely 2013 Failure to Act, cite a growing gap between available funding and needs.

Table of Contents for the Digital Edition of Seaports Magazine - Spring 2016

AAPA Headquarters
From the President’s Desk
Port to Market: Building Infrastructure to Meet Demand
Turning on the Funding Tap
Seaports Maintenance and Modernization
Do Ports Know What’s Coming?
Surface Transportation System Enables Economic Prosperity
Dredged Material Disposal: 5 Ways to Expedite Federal Approval
The Importance of Infrastructure in the Cruise Industry
Index of Advertisers

Seaports Magazine - Spring 2016