Dave Berman

FLORIDA TODAY

Port commissioners gave Port Canaveral officials approval to negotiate a $30 million line of credit

Most of the money would go toward a proposed car import/export complex

That project could create 180 to 220 jobs on the port site, plus 50 to 100 trucking jobs

$1.95 million would be designated to pay for the acquisition of 287 acres of vacant land in Cocoa

Port commissioners on Wednesday gave Port Canaveral officials the OK to negotiate a $30 million line of credit to help pay for two major cargo-related projects.

Most of the money would go toward a car import/export complex that one or more major automakers could use. A deal involving an unidentified automaker could be announced as early as next month, according to Port Canaveral Chief Executive Officer John Walsh.

That project could create hundreds of local jobs and help drive the port's efforts to boost its cargo business.

If Port Canaveral is selected, the port plans to build a six-story garage with space for 7,500 cars, which would be east of Cruise Terminal 1 now under construction on the port's south side. The cargo ships transporting the vehicles would use South Cargo Piers 2, 3 and 4.

The garage also could be used for as parking for cruise ship passengers and as a site to park rental cars, Walsh said.

RELATED STORY: Port CEO says odds good to land auto import/export facility

The port would have a nearby 60,000-square-foot processing complex where vehicles could undergo quality-control inspection, detailing, and installation of such accessories as sunroofs, speakers and Bluetooth technology.

The total cost of the project would be up to $74 million.

Separately, $1.95 million of the line of credit would be designated to pay for the just-completed acquisition a 287 acres of vacant land off State 524, near Interstate 95, in Cocoa. The port plans to develop warehousing and distribution facilities at that site, known as "Brevard Crossings." It is 12 miles from Port Canaveral.

Rodger Rees, the port's deputy executive director and chief financial officer, said the line of credit would serve as short-term financing until the port is able to secure longer-term financing, potentially through the sale of bonds, during 2015. Money from the permanent financing would be used to repay the line of credit, Rees said.

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Walsh has said the auto-processing plant could create 180 to 220 jobs on the port site for stevedores to unload the ships, quality-control inspectors and technicians to install the accessories. In addition, the center could create 50 to 100 trucking jobs. Those figures could double if other automakers used the facility, Walsh said.

Walsh said the state has agreed to provide a $10 million grant toward construction costs to a Florida port that wins the project. Port Canaveral would finance the remainder of the construction costs if it is selected.

He said the port would recoup the construction costs through rent on the buildings, as well as the fees it would charge when the vehicles arrive at Port Canaveral by ship.

Rees said the port has received proposals from several commercial banks interested in providing a line of credit. The port commissioners' unanimous vote Wednesday enables port staff to begin negotiating with the banks.

Contact Berman at 321-242-3649 or dberman@floridatoday.com Follow him on Twitter at @ByDaveBerman and on Facebook at facebook.com/dave.berman.54

SULLIVAN END TENURE

Wednesday's meeting was Frank Sullivan's last one as a Canaveral Port Authority commissioner.

Sullivan, a citrus shipper, will be replaced on the five-member board by Wayne Justice, a retired U.S. Coast Guard rear admiral and a maritime consultant, who defeated Sullivan in an August Republican primary and a write-in candidate in the November general election.

Sullivan served on the commission for four years, and most recently was its secretary/treasurer.