Florida Seaport Transportation and Economic Development Council (FSTED) unveiled a commitment of US$3.9 million in grant funding for cruise ship terminal improvements and US$108,075 for security at PortMiami.
FSTED Program, created to finance port transportation projects on 50-50 matching basis, establishes partnerships between the state and its ports. It was introduced in recognition of the economic benefits of the international trade of Florida and the need for infrastructure investments for continued growth.
PortMiami is recognized as one of the fastest growing U.S. container ports and is a vital economic engine in the state and Miami-Dade County. It contributes US$43 billion per year to the local economy and supports over 334,500 jobs. The FSTED US$3.9 million grant funding is to be used for upgrades to existing berths and facilities, as well as for cruise terminal improvements, and to help finance 3 new cruise terminals over the next few years.
PortMiami will additionally get US$108,075 from the new Port Security Grant program of FSTED. The special program provides US$1 million divided among the 15 deep-water ports of Florida. PortMiami will allocate the funding for a total of 43 night vision cameras for waterside surveillance.