Port Approves $3 Million Bank Loan To Help Fund Berth 12 Dredging Project

PALMETTO--The Manatee County Port Authority approved a $3 million line of credit bank loan from Regions Bank to maintain cash flow needs for the Berth 12 Dredging Project at Thursday’s regular meeting at the Intermodal Center in Palmetto.

Regions Bank provided the lowest rate and fees out of the three proposals port staff received from its advertised RFP in January. Port CFO Bob Armstrong said the interest rate without Manatee County backing would be approximately 2.23% and 1.68% with county backing of the loan. The port’s financial group recommended approval of the loan at the higher rate to reduce the impact on the County’s borrowing power.

The board of county commissioners who make up the MCPA unanimously approved the loan proposal.