| Port of Davisville Investment
Ensures Future Jobs, Growth
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Today, more than 75 companies rely on Quonset’s Port of Davisville to put $97 million of annual earnings into the pockets of Rhode Island workers. At the same time, the Port generates $27 million in state and local taxes and supports 1,500 direct, indirect and induced jobs. Consistently one of the Top 10 auto ports in North America, the Port of Davisville has experienced 547% growth over the past 20 years and had its sixth record breaking year of auto imports in 2015. Question 5 on tomorrow’s ballot proposes a $50 million investment to modernize and rehabilitate Pier 2 at the Port of Davisville. “Pier 2 is ‘the work horse’ of Davisville,” said Steven J. King, Managing Directer of the Quonset Development Corporation (QDC). “It was built in 1956 with a design life of 50 years, but is now 60 years old.” “The investment will ensure that the Port remains a key asset to Rhode Island’s economy,” he added. Modernizing Pier 2 is no small task. The entire project will cost roughly $90 million and will include the creation of a third berth, some dredging, and installing new sheet pile around the entire 16 acre earth filled wharf. The investment will be made in three parts:??
– $25 million revenue bond repaid entirely by the QDC via port users, at no cost to state taxpayers; – $50 million general obligation bond, and; – $15 million appropriation from the State’s Capital Plan Fund. In addition to extending the life of Pier 2 for another 50 years, adding a third berth will create more overall capacity for other shippers to call at the facility, King said.
“The increase in off-shore wind projects, opportunities in short-sea shipping, robust auto imports, and potential auto export business are all on the horizon,” he continued. “This project will ensure that Quonset’s Davisville stays competitive with other ports in the region while preserving hundreds of jobs in the maritime sector.”
You can learn more details about the project, by clicking here. |
