3. T18 Expansion and Redevelopment Program
The expansion of Port facilities at T18 that are proposed as Bond Improvements are a portion of those called for in the Program. Other Program elements ("Port Improvements") include work both within and outside the boundaries of T18. Some of these Port Improvements have been completed; others are scheduled during and immediately after the Bond Improvements. For the purposes of this Report, we have assumed that all of the Port Improvements will be completed as designed, and on time. The Port Improvements will enhance terminal operations by:
・ Adding three new Post-Panamax cranes (completed in 1998).
・ Deepening the terminal's berths to accommodate the newer generation large Post-Panamax vessels that require 50 feet of depth (to be completed by Spring 2001 ).
・ Acquisition of approximately 90 acres of property and the relocation of existing unrelated businesses (acquisition complete; access to all properties expected by December 1, 1999).
・ Adding 300 new reefer plugs (completed in 1998).
・ Restructuring and expanding the terminal's existing South Gate (to be completed as needed).
・ Dredging the adjacent waterway to a depth of approximately - 50 feet mean lower low water (MLLW) (to be completed Spring 2002. Not required for Total Facility Completion).
The Port has allocated certain elements of the Program as Bond Improvements. The allocation of the Program elements between Port Improvements and Bond Improvements is summarized in Table 1. The Bond Improvements will be financed through the issuance of the Bonds, and the costs will be recovered through payments to be made under the Terminal 18 Lease between the Port and the Lessee.
