Non-Federal Project Award and Funding
The Authority and the Port will execute a contract prior to disbursal of moneys from the Fund. The contract will be in a form and content as provided by the Authority.
Payments from the fund will be disbursed in accordance with the executed contract.
The Port must provide the Authority with written reports, records, and an accounting of detailed costs for a project as described in the contract.
All eligible projects may be awarded loan funding of up to 100% of the total project cost, or for the required local match, under the following terms:
Interest rates will be determined by Authority at time of award, according to Authority policy; and
The loan term will not exceed 25 years.
If the Authority determines 100% loan funding is not feasible due to the financial hardship of the port, grants may be awarded if Authority determines at least one of the following circumstances exists:
Job creation and/or retention will be a direct result of the project;
There is an urgent need for environmental remediation and the Authority’s financial analysis determines that the Port’s borrowing capacity is insufficient to finance the project;
The project deals with critical public safety issues and the Authority’s financial analysis determines that the Port’s borrowing capacity is insufficient to finance the project; or
There is imminent threat that the Port will lose any applicable permits and the Authority’s financial analysis determines that the Port’s borrowing capacity is insufficient to finance the project.
The Authority’s financial analysis determines that the project cannot proceed without a grant.
Projects eligible due to the provisions of subsection 0106 may be awarded grant funding up to 75 percent of the project cost. A 25 percent local match is required. In-kind services from the Port may be no more than 10 percent of the total project cost.
The Port must secure, and be able to provide upon request, a land use compatibility statement from the appropriate jurisdiction(s) for the project.
Any amount disbursed from the Fund and not used for a project must be returned to the Authority.