Norfolk – The development of Craney Island Marine Terminal has taken another step forward as $1 million for the project has been included in the President's proposed 2010-2011 federal budget.
"This, we believe, clearly demonstrates the Obama Administration's commitment to this strategic project," said Jerry A. Bridges, executive director of the Virginia Port Authority. "Our thanks goes to the White House and to Virginia's delegation on Capitol Hill that pushed for inclusion in the budget. Reaching this point required tremendous effort and we truly appreciate it."
"When you look at this project as a whole, it will be very good for Virginia and the national economy. It will create jobs and taxable wages near- and long-term, and reduce the cost of getting goods to the store shelves."
A study conducted in 2005 by the U.S. Army Corps of Engineers says the long-term benefit of building Craney Island Marine Terminal would be savings of $6 billion that would not have to be invested by the federal government in large transportation infrastructure projects. The study says the project would generate 54,000 jobs with wages of $1.7 billion and local tax revenues of $155 million.
"There is no doubt that this project is important to The Port of Virginia, with benefits well beyond the Commonwealth," said U.S. Sen. Jim Webb. "The President's budget demonstrates a commitment to continued federal investment in the development and expansion of Craney Island. At the same time, we continue to believe that the merits of the project argue strongly for federal funding at levels even higher than those proposed by the President."
Construction of the Craney Island Marine Terminal is a $2.2 billion multiphase project that will result in the newest, most modern marine terminal in the United States: a 600-acre complex encompassing 8,400 linear feet of berth space, 20 Suez-class cranes and an on-terminal intermodal (rail) container transfer facility [ICTF]. The marine terminal will be built in three phases over the next 20-25 years and upon completion have capacity for at least 2.5 million TEUs.
"I am pleased that the President's budget recognizes the economic importance that the development of Craney Island has for Virginia and the nation," said U.S. Sen. Mark Warner. "This vital infrastructure investment will create thousands of jobs in the region and enhance our competitiveness in the global economy. While this proposed funding advances the expansion effort for Craney Island, I will continue working with my colleagues in the Congressional delegation to press for additional federal support for this initiative."
Work on the first phase is tentatively scheduled to begin in 2011 and finish in 2019 or 2020. This phase includes 220 acres of container yard, 3,000 linear feet of berth space, eight cranes and the ICTF.
"Expanding Craney Island will have huge benefits for Hampton Roads and our national economy and this funding demonstrates that the Administration is committed to making this project a priority," said U.S. Rep. Glenn Nye.
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