Tuesday, August 28, 2012

Port of Oakland Receives Development Funding

The Port of Oakland has received a commitment of $242 million in bond funding from the California Transportation Commission for the redevelopment of the former Oakland Army Base.

On a unanimous vote, the commission decided Aug. 22 to approve the port’s plan for the project and allocate the funds.

The Oakland Army Base, or OAB, project involves a transformation of the former base into a trade and logistics center to strengthen the port’s position as a West Coast export gateway on the US West Coast.
“Ultimately, this state-of-the-art facility will enhance rail connections, increase global business opportunities and support thousands of construction jobs,” Port of Oakland Commission President Gilda Gonzales said.

Oakland is the third-busiest seaport in California – after the adjoining ports of Los Angeles and Long Beach – and handles 99 percent of all containerized goods moving through Northern California.

“The unanimous vote by the California Transportation Commission approving the plan for the Oakland Army Base Project is a vote of confidence in our vision for the Oakland working waterfront,” Oakland Mayor Jean Quan said in a prepared statement released by the port.  “I am extremely pleased and thank the CTC. This will create thousands of jobs and ensure Oakland will remain a key global economic engine in the future.”

The CTC decision is just the latest in approved funding for the project. In July, US Secretary of Transportation Ray LaHood and California Gov. Jerry Brown Jr. visited the Port of Oakland to announce $15 million in federal grant funding for the OAB project, which is scheduled to break ground by the end of 2013. Completion is projected for 2015.