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176 Concord Street, P.O. Box 22287, Charleston, SC 29413-2287
Contact: Erin Dhand, Manager, Corporate Communications and Community Affairs
Telephone: 843-577-8121 • Fax: 843-577-8127 • e-mail: EDhand@scspa.com


FOR IMMEDIATE RELEASE
6/30/2004

Ports Authority Adds Another $1 Million to Bridge

Charleston, SC - The S.C. State Ports Authority today wired $1 million to the S.C. Office of State Treasurer for construction of the new Cooper River Bridge, bringing the Port’s total contribution to $22 million.

This completes about half of the funding promised by the Ports Authority, as construction on the bridge nears next summer’s anticipated completion.

The Ports Authority agreed to contribute $45 million to the bridge – $20 million upfront and $1 million a year for 25 years. An $8 million payment last July satisfied the upfront portion. Today’s payment marks the second $1 million annual contribution. These will continue every June until 2027.

In June 2002, the Ports Authority Board confirmed that the contribution to the bridge, which spans the main channel and will provide increased access for larger vessels, was “necessary or useful in connection” with the operation of the Port of Charleston.

The new Ravenel Bridge spanning Charleston Harbor will be the nation’s largest cable-stayed bridge.

More info at http://www.cooperriverbridge.org/.


Summary of SCSPA Bridge Contributions

FY02 $5,000,000
FY03 (06/26/03) $8,000,000
FY04 (07/15/03) $8,000,000
FY04 (06/30/03) $1,000,000
TO-DATE $22,000,000

FY05-FY27 $23,000,000

TOTAL $45,000,000

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