Image:Port Nola
The Port of New Orleans (Port NOLA) celebrates the announcement of a colossal $226.22 million federal grant for the Louisiana International Terminal (LIT). This financial injection, part of the Infrastructure for Rebuilding America (INFRA) competitive Grant Program, solidifies the commitment to a visionary container terminal linking America’s Heartland to global trade.
The U.S. Department of Transportation’s move to allocate funds aligns with President Biden’s infrastructure agenda, focusing on advancing multimodal freight and highway projects. With a previous $73.77 million from the MEGA Grant program, Port NOLA now boasts a remarkable $300 million in federal grants for the initial phase of the $1.8 billion LIT.
These federal contributions complement substantial commitments from private industry partners, the State of Louisiana, and Port NOLA itself. The Louisiana International Terminal has garnered support from over a dozen ports in six states, along with major trade and agriculture associations across America’s heartland.
Senator Bill Cassidy, M.D. (R-LA), emphasizing the impact, states, “This money to build a new terminal in the Port of New Orleans is good for commerce, good for jobs, and good for coastal communities.” Congressman Troy A. Carter, Sr. (LA-02) echoes this sentiment, calling it a “historic step towards transforming the economic landscape of Louisiana.”
The state-of-the-art LIT, situated in Violet, Louisiana, leverages Port NOLA’s extensive connectivity – four critical interstate systems, six Class I railroads, 14,500 miles of inland waterways, and 30+ inland hubs – to significantly boost Louisiana’s import-export capacity, unlocking unparalleled economic opportunities.
Port NOLA’s President and CEO, Brandy Christian, expresses gratitude for the historic grant, labeling it the “biggest economic development grant in Louisiana history” and the “largest federal investment in a new container terminal in USDOT history.”
The $800 million LIT project will unfold through a groundbreaking public-private partnership between Port NOLA, Ports America, one of North America’s largest marine terminal operators, and the Switzerland-based Mediterranean Shipping Company. Louisiana lawmakers have also committed substantial funds for early development costs and the St. Bernard Transportation Corridor, a crucial link to the interstate system.
Anticipated to generate 32,000 jobs nationwide, with 18,000 in Louisiana and 4,300 in St. Bernard Parish, the LIT is poised to bring in over $1 billion in new state and local tax revenue by 2050. Construction is slated to commence in 2025, marking the beginning of a transformative era for Port NOLA and Louisiana’s international trade landscape.
Source:Port Nola.
