Business, Freight News, Sea

Florida Governor Scott Signs Into Law Increase in Minimum Port Funding

[ April 14, 2016   //   ]

The Florida Ports Council applauds Florida Governor Rick Scott for signing the priority FDOT Transportation Package (HB 7027), which included an increase in the minimum statutory amount for seaport funding from $15 million to $25 million for the Florida Seaport Transportation and Economic Development (FSTED) program.
FSTED is administered by the Florida Ports Council.
“Governor Scott and the Florida Department of Transportation continue to demonstrate their commitment to further positioning Florida as a global competitor by prioritizing investment in critical freight assets,” said Doug Wheeler, president and CEO of the Florida Ports Council. “The historic funding of seaport infrastructure during Governor Scott’s tenure has already contributed to the incredible growth that we are experiencing in trade across the state, and we look forward to continuing that success.”
The FSTED Program is a state and local financing program of priority port transportation projects. Individual seaports partner with the state to identify priority infrastructure projects that “will improve the movement and intermodal transportation of cargo or passengers in commerce and trade and support the interests, purposes, and requirements of all ports.” Projects selected by the Council for funding are financed on a 50-50 matching basis using local funds and FSTED Program funds. The program is administered by the FSTED Council which is charged with accomplishing the state’s seaport development mission of implementing capital improvement projects at the local level. The FSTED Council is comprised of the port directors for Florida’s 15 public seaports, and representatives from the Florida Department of Transportation (FDOT) and the Department of Economic Opportunity.

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