Pennsylvania Gov. Tom Wolf is spearheading a $300 million capital investment program at the Port of Philadelphia that will position the facility to increase annual tax revenue by 56%
Wolf said Tuesday that the initiative will double container the port's capacity and position it for future growth. The Democratic governor estimates that state and city tax revenues from the facility will increase to $108.4 million a year from the current $69.6 million.
"This capital investment program will give the Port of Philadelphia the tools it needs to improve its competitive position and create thousands of family-sustaining, middle class jobs while increasing state revenues," said Wolf in a statement. "With its major economic impacts throughout the state, my administration understands the value of Pennsylvania's port asset in Philadelphia."
Wolf said the investment will result in doubling the port's container capacity along with "a substantial increase" in automobile-handling capacity. He said jobs at the port are also expected to rise by 70%.
The facility is run by The Philadelphia Regional Port Authority, an independent state agency formed in 1990 to acquire port facilities along the Delaware River in Philadelphia. The authority leases terminal and pier facilities to various operators with the commonwealth of Pennsylvania providing capital and operating funds. Moody's Investors Service last rated PRPA at Aa3 in August 2008 just before it issued $43.3 million in commonwealth lease revenue bonds.
"I thank Governor Wolf for this significant investment, and I look forward to working with him and the PRPA to see that this financial support leads to thousands of family sustaining jobs for Philadelphians," Philadelphia Mayor Jim Kenney said in a statement. "This is a tremendous opportunity for our city."