Governor Edward G. Rendell hailed the signing of a historic agreement that will officially begin a five-year, $379 million project to deepen the ’s shipping channel, calling it a major milestone in ongoing efforts to expand commerce and enhance economic development in the region. The partnership agreement between the U.S. Army Corps of Engineers and the Philadelphia Regional Port Authority (PRPA) represents a significant step forward in a 15-year effort to deepen the river’s shipping channel. The agreement was signed by Assistant Secretary of the Army John Paul Woodley Jr. and PRPA Chairman John H. Estey. “I consider this to be the most important project in the history of the ,” said Governor Rendell.