Florida Gov. Rick Scott on Monday signed a new law that boosts the annual floor in appropriations for port infrastructure by two thirds.
Gov. Rick Scott on Monday signed a Florida transportation funding package into law that includes an increase in the minimum statutory for seaport funding from $15 million to $25 million.
The money goes into the Florida Seaport Transportation and Economic Development (FSTED) programs, which is administered by the Florida Ports Council.
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 for improving intermodal transport of cargo or passengers. Projects selected by the Council for funding are financed on a 50-50 matching basis using local funds and FSTED Program funds.
The Florida Ports Council, which is comprised of the port directors of Florida’s 15 public ports, and representatives from the Florida Department of Transportation and the Department of Economic Opportunity, is charged with implementing capital improvement projects at the local level.
“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 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.”
Governor signs funding increase for Florida ports
