April 13, 2010
Recovery Act funds for Staten Island cement terminal
Recovery Act funding will help Staten Island Terminal, LLC go ahead with a $51.7 million cement import and distribution facility located in the Elm Park section of Staten Island. It will include a 28,000-square-foot pier and major machinery and equipment to unload ships coming into the pier.
Staten Island Terminal has a partnership and supply agreement with Cementos Lima, the owner of one of the largest cement plants in the Americas, and a major cement exporter to the United States. Cement will be delivered to the terminal by 40,000 dwt bulk carriers. At full operation there will be 25-30 ship landings per year.
Staten Island Terminal will provide up to 800,000 tons of cement annually to New York City, eliminating up to 440-mile round trip bulk truck deliveries of 25-30 tons of cement per truck.
Staten Island Terminal, LLC had been seeking conventional construction financing to begin work at the site; however, due to current economic conditions, such financing is not currently available.
Today, the Board of the New York City Capital Resource Corporation (NYCCRC) today approved Staten Island Terminal, LLC to receive an allocation of up to $28 million in Recovery Zone Facility Bonds to assist in the construction of the terminal. This allocation of ARRA bonds will enable the project to get underway this year, with an expected completion date in 2012.
"Getting this much-anticipated project underway is in keeping with the intention of the American Recovery and Reinvestment Act," said NYCCRC Chairman Seth W. Pinsky. "The approved financing will allow construction to begin, creating invaluable construction and permanent jobs for area residents. The project is further proof of the city's on-going commitment to enhancing economic activity on Staten Island."