Port of PC presents Triumph project

PANAMA CITY, Fla. - The Port of Panama City’s expansion could be among the first projects funded under the Triumph Gulf Coast program that funding comes from a 2010 Deepwater Horizon oil spill settlement. The $110M PPC project – to expand its East Terminal - was one of 116 applicants vying for the first round of funding. At a March 16 meeting in Milton, the Triumph board authorized legal counsel to bring a term sheet agreement with PPC for a vote at the board’s next meeting, which may be a sign toward awarding a formal contract. Eight NW Florida counties are slated to receive $1.2B from the Triumph program through 2033. Initial applicants are competing for the first $300M already available. South Florida maritime economists with Martin and Associates determined that the first phase of the East Terminal expansion would create 111 direct jobs and 225 indirect jobs. The port’s on average annual pay is $48,892. Rick Harper, a former University of West Florida economics professor hired by Triumph to analyze applications, told the board that cost per job of the port project is higher than other Gulf Coast state projects. “In some ways it is a very, very good project because it serves a broad number of potential businesses,” he said. “It opens up the local economy for additional sorts of businesses, the ones that rely on ocean shipping.” (Source: NW Florida Daily News 03/19/18)