Revenue bonds, harbor tariffs and leases
The state of Hawaii plans to build a new $266 million container terminal in Honolulu to cater to anticipated higher levels of cargo volumes in coming decades, according to West Hawaii Today.
Honolulu Star-Advertiser reported the terminal would span 94 acres and is expected to boost cargo capacity by a third. West Hawaii Today said the new terminal would be built in Honolulu harbor across a channel from Sand Island.
It is expected the state’s final environmental impact report, which was recently released, will be approved, according to West Hawaii Today. Workers have already started knocking down vacant buildings at the former Kapalama Military Reservation site. Planners expect the facility to be completed by 2016.
The project would be financed through revenue bonds, harbor tariffs and leases, West Hawaii Today said.
With about 80 percent of Hawaii’s goods imported, officials say most arrive through commercial harbors, according to the publication. When planning for the facility 10 years ago, officials predicted Honolulu harbor would not have enough capacity to meet demand by 2015.
Cargo volume at the Port of Honolulu slumped nearly 20 percent during the recession, but stabilized in 2010 and since then has grown steadily, according to PIERS, the data division of JOC Group Inc. In 2013, the port moved 60,009 TEUs, an increase of 6.7 percent year-over-year.
