Olmsted Lock and Dam Project Proceeds

MarineLink.com
Thursday, October 17, 2013

The passage of last night’s Continuing Resolution to fund the Federal government and raise the debt ceiling contained a provision to raise the 902(b) cap on the amount that can be spent on the Olmsted Project in Illinois to $2.9 billion from the current $1.56 billion.

The measure does not appropriate funds, but allows work on the project to continue. The U.S. Army Corps of Engineers informed the Inland Waterways Users Board in August that the Olmsted project would be shuttered in November 2013 and would displace 400 workers if Congress did not act the raise the cap.

In response to the Corps’ announcement, the Senate-passed Water Resources Development Act (WRDA) bill, the House Water Resources Reform Development Act (WRRDA) bill, and the FY 2014 Energy & Water Appropriations bill all contain provisions to raise the 902(b) cap but will not become law before the project would have shut down in November.

If Olmsted were to have shut down, according to the Corps, it would have cost $40 million to restart the project, and of course, needlessly delay its delivery.

“To be clear, no money has been expended in this action by Congress. It simply raises the ceiling on the cost of project that was set in 1986 to allow work to continue in 2013 and beyond,” said Michael J. Toohey, President/CEO, Waterways Council, Inc. (WCI) “This important project in Illinois has a 7.4 to 1 benefit-cost ratio as determined by the Corps of Engineers’ Chief’s Report approved by Congress, and is estimated to return more than $410 million annually in transportation cost savings and benefits when it is completed,” he continued.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

News

Crewman Claims Ferry Captain "Rushed Back To Bridge"

The captain of a South Korean ferry that capsized two days ago rushed back to the bridge after it started listing severely and tried in vain to right the vessel,

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

Government Update

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Obama Offers US Aid to S.Korea Following Ferry Accident

U.S. President Barack Obama on Thursday expressed condolences to the families of the victims of the South Korean ferry sinking and said the U.S. military will provide

S.Korean Ferry Master Faces Investigation

The captain of the South Korean ferry that capsized off the southwest coast was facing a criminal investigation on Thursday, an official said, amid unconfirmed

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1310 sec (8 req/sec)