2023 ANNUAL COMMUNITY GUIDE
A NEW AND IMPROVED PORT The Port of Houston is one of the largest ports in the country, and Project 11 will expand it even further to allow for safer two-way transit of larger ships over time.
BEFORE
AFTER
TOTAL COST: $1 BILLION
Port of Houston paying $660 million Federal government paid $162.5 million Remaining 18% being requested from government
700 FT.
530 FT.
$133 million $802 billion
additional annual bene ts of the expansion
SOURCES: PORT OF HOUSTON, ARMY CORPS OF ENGINEERS COMMUNITY IMPACT
While vessels can traverse the port, as they get larger over time, they will need more room to safely maneuver.
The expansion will allow for two 168-foot- wide and 1,000-foot-long ships to much more easily pass each other through the port.
annual economic value of the port
the Bay Area that is not part of the Coastal Texas Program is Project 11, the expansion of the Houston Ship Channel, which is about 82% funded and under construction. However, the barrier will help safeguard the port. “Right now, the Houston Ship Channel acts like a giant funnel for storm surge up into the city of Hous- ton,” Braden said. “So this is critical to mitigate that risk all the way up into Houston.” Project 11, or the 11th major proj- ect for the channel, will widen the
track to be completed by 2025 if the remaining funding manages to make it through Congress in a timely manner. Mitchell said the Port of Houston is a key economic driver of the entire coun- try. It helps sustain nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, according to the Port of Houston website. “We’re the No. 1 export port in the nation, everything from the coating on your capsules to the rubber on your tires,” Mitchell said. Jenkins said the Coastal Texas
Program would be key insurance for protecting not only the Gulf region and its residents, but also the port itself. “I mean, heaven forbid that the Port of Houston and all the eco- nomic development and industry is harmed signi cantly from a storm; that can have a very dramatic impact on the United States economy,” Jenkins said.
channel by about 170 feet from 530 feet to 700 feet. This will allow for easier and safer two-way transit for the ever-growing vessels that pass through. The federal government has already provided about $162.5 million for the $1 billion project so far, Jenkins said, and the port is going to spend $660 million through its own cash ows and revenue bonds, a type of bond in which repayment is guaranteed by the operating income of the entity. Jenkins said the project, which started construction in May, is on
For more information, visit communityimpact.com .
AMOCO Whenever, Wherever. At AMOCO, whatever your banking needs may be, we got you covered. We have made our products and services conveniently available through video banking, online banking, and mobile app. Plus, we have several branches located near you!
9 One Day Early Direct Deposit 1 9 Free Credit Check with Credit IQ 9 No Maintenance Fee Checking
9 Auto, Personal, and Mortgage Loans 9 Over 55,000 Surcharge-Free ATMs 9 Rewards Credit Card 9 Plus, much more!
CLEAR LAKE CITY BRANCH 1150 Clear Lake City Blvd, Suite 101, Houston NOW OPEN
9 Term Share Certificates 9 Member Referral Program
So what are you waiting for? Join the 100,000+ members who benefit from affordable loan rates , competitive term share certificate rates , little-to-no fees , and exceptional service . And see why AMOCO is the right credit union for you.
SCAN ME
Online, Video Banking, or at any of our branch locations! 3 Convenient Ways to Join:
1 Please note: electronic deposits may vary based on your employer’s payroll date. Subject to membership eligibility. Federally insured by NCUA. NMLS ID: 408167
800.231.6053 | AMOCOfcu.org
19
BAY AREA EDITION • JANUARY 2023
Powered by FlippingBook