Holt Logistics Corp has released a statement on the impact of the PA transportation funding bill on the Port of Philadelphia and related industries. Representatives from Holt Logistics Corp attended a ceremonial signing event with Pennsylvania Governor Tom Corbett in King of Prussia where details were presented on the creation of a “Multimodal Transportation Fund” to support construction and infrastructure improvements for rail, air, ports, bicycle and pedestrian projects.
“This bill is an unprecedented step towards creating a 21st century port and transportation model for the rest of the country,” said Leo A. Holt, President of Holt Logistics Corp. “The presence of a dedicated long-term funding stream means we can continue to make the dockside improvements necessary for our facilities to be ready for the increased traffic that will result from the completion of the Delaware River deepening project. I applaud Governor Corbett and the PA legislature for making this important legislation a reality.”
Legislation amending Title 74 under Section 11 of Senate Bill 1 calls for the establishment of a “Multimodal Transportation Fund to provide grants…relating to aviation, rail freight, passenger rail, port and waterway, bicycle and pedestrian facilities, road and bridge and other transportation modes.” The fund will begin with approximately $30 million for Fiscal Year 2014 and grow over five years to provide approximately $144 million in annual funding. In 2014, $8 million in revenue deposited into the fund will be designated for programs related to ports and waterways in Philadelphia, Pittsburgh, Erie and other areas. Larger capital needs will be covered by the Commonwealth Finance Authority’s portion of the new multimodal fund.
“The multimodal transportation fund makes good on my administration’s tireless efforts to keep the Delaware River channel deepening alive and well,” added PA Governor Tom Corbett. “Today’s historic bi-partisan achievement deepens further our commitment to a legacy of productivity and excellence at our ports that has long been the keystone of Pennsylvania’s reputation around the world.”