Post by Logan on Mar 14, 2016 21:37:26 GMT -6
It was a big “ask” – and it paid off.
The General Assembly has signed off on an unprecedented $350 million state-backed bond deal that will give the port the money needed to expand capacity at Norfolk International Terminals, its largest container operation.
The package still needs the final blessing of Gov. Terry McAuliffe, though he was its prime mover.
“This is huge for the commonwealth of Virginia and the port,” said Aubrey Layne, state transportation secretary. “It says we’re open for business.”
The lawmakers’ vote to back the financial-aid package came a year after congestion stretched port operations to the breaking point, driven by container volume increases that broke records three times by the fall.
Read more: pilotonline.com/business/ports-rail/lawmakers-give-port-of-virginia-a-million-helping-hand-to/article_b792fb52-9a2d-57f7-a91d-8cdd9729dfa4.html
The General Assembly has signed off on an unprecedented $350 million state-backed bond deal that will give the port the money needed to expand capacity at Norfolk International Terminals, its largest container operation.
The package still needs the final blessing of Gov. Terry McAuliffe, though he was its prime mover.
“This is huge for the commonwealth of Virginia and the port,” said Aubrey Layne, state transportation secretary. “It says we’re open for business.”
The lawmakers’ vote to back the financial-aid package came a year after congestion stretched port operations to the breaking point, driven by container volume increases that broke records three times by the fall.
Read more: pilotonline.com/business/ports-rail/lawmakers-give-port-of-virginia-a-million-helping-hand-to/article_b792fb52-9a2d-57f7-a91d-8cdd9729dfa4.html