State earmarks $35M to dredge harbor

http://www.bostonherald.com/business/business_markets/2015/06/state_earmarks_35m_to_dredge_harbor



State earmarks $35M to dredge harbor
Jordan Graham
June 19, 2015

The $4.1 billion capital spending plan unveiled yesterday by the Baker administration includes $35 million to dredge Boston Harbor, a project boosters say will allow the Hub to stay competitive with other ports.

“The Massport dredging project is a significant advancement in the economic development strategy for the commonwealth,” said Kristen Lepore, secretary of administration and finance, in a statement. “We are pleased to provide support to Massport and the Army Corps of Engineers in this important project that will enable larger Panamax ships to reach our port and enhance our trade capacity, growing the regional economy and jobs.”

The dredging project, which is expected to cost about $310 million and be completed in 2018, will allow larger, deeper container ships taking advantage of the Panama Canal expansion to enter Boston Harbor. The U.S. Army Corps of Engineers, which will do the work, estimates Boston will get twice as many cargo 
containers.

~snip~

Much of the dredging will be paid for with $170 million in federal money, with MassPort and the state footing the rest of the bill. Last year, MassPort said it will need at least $100 million more to upgrade Conley Terminal for the larger ships.


-

Ka Ching....

So the state must cough up $140 million for the dredging AND another $100 million for a cruize ship terminal?