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Financing Inland Port Development

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Financing Inland Port Development 24 Transportation Research Record 763 the zone's operating expenses may be minimal. On to correct this problem is to sponsor seminars on the other hand, it is obvious that a zone cannot the many advantages of foreign-trade-zone use. survive on tenants that have only occasional storage Another is to prepare an illustrated presentation and distribution requirements. At least one that can be given to local business groups. high-quality tenant is needed if the zone is to Perhaps the most effective means of locating and succeed financially. A high-quality tenant attracting tenants is through concentrated research represents a permanent fixed enterprise that can and door-knocking by the zone representatives. For make a substantial contribution to the zone's fixed instance, meetings with banks, customs brokers, and operating expenses. cargo carriers will often result in ideas for trade There is a chicken-and-egg relationship between zone applications and industry contacts. Research the quality of the tenants that are attracted and information on imports and exports to and from the the financial success of the zone. Although the economic hinterland of the foreign trade zone can be grantee is discouraged by the board from showing a obtained from the New York Journal of Commerce and profit from the zone's operations, there must be the U.S. Bureau of the Census. A sample of a recent adequate income to support capital improvements, census data run is given in Table 3. This utilities, staff, and promotional activities. The information will prove useful in identifying greater the number of high-quality tenants, the potential zone users. higher is the income available to improve facilities When grantee-operators do not have an adequate and conduct promotional activities. These expendi­ staff to conduct complete and ongoing tenant tures, in turn, attract even more tenants. solicitation, there are a number of specialized A variety of steps can be taken to market a consultants who can undertake the necessary work on foreign trade zone and make it attractive to behalf of the grantee. potential tenants. First, it is essential that the zone be well managed and free of political HOW TO RETAIN TENANTS interference. Nothing is more discouraging to a businessman contemplating a long-term investment Finally, it is important to retain tenants once they than the prospect that a change in the political have occupied the zone, either with products in winds will alter the conditions on which the storage or with manipulation or manufacturing investment decision has been based. This processes. Tenants, like customers everywhere, will contributed to the failure and revocation of the stay where the service is good and the prices are grant for the Mobile, Alabama, zone. reasonable. Some zones have complained that their In addition, the facilities should be clean and tenants have been pirated or stolen by other functional. Since a high-quality tenant may locate competing zones, and as a result the zones have equipment and staff within the zone, the facilities become very secretive about their tenants and their should be equal to those the tenant would have operation. This type of defensive activity only chosen at a location outside the zone. detracts from a zone's main concern, that of The grantee-operator should have a professional providing superior service. It is virtually staff and, where appropriate, directors or governors impossible to pirate or steal tenants who are happy with recent successful business experience. The with the service they are receiving. staff should be oriented to providing service and should understand and be sympathetic to the profit CONCLUSIONS motive of the tenants. If a new zone grant has just been granted and the Foreign trade zones have a bright future in the grantee is seeking its initial tenants, coming decade and can serve as a real asset to river concentration should be placed on the firms ports ana their hinterlands. However, success in providing the letters of intent as well as on any foreign-trade-zone operations is not automatic and leads from the feasibility survey, both of which is in fact a direct function of the number and were a part of the application process. Individual quality of the tenants. Zones that achieve their visits to potential tenants by the zone staff are goals of attracting new economic activity will be essential. If necessary, incentives, including those that have understood the concept of service in state and/or city tax breaks, should be used to attracting and sustaining their customers, the influence high-quality tenants. tenants. The grantee-operator may find that it is necessary to conduct an extensive educational program. Many potential tenants are not aware of Publication of this paper sponsored by Committee on State Role in Waterborne the possible uses of a foreign trade zone. One way Transportation. Financing Inland Port Development JAMES H. KELLOW The financing of future port facilities will require agressive marketing efforts Many studies, including the recently completed as a basis for developing creative financing strategies. The various types of ~iid-America Ports Study {]J, point to the funding for inland port development-federal, state, regional, and local-are significant benefits that accrue to local outlined. It is concluded that, because of the wide range of requirements for communities and private firms from port development public funds and future prospects for a reduction in available resources at all as well as the future need for additional facilities levels, future inland port development will be largely in the hands of private on the inland waterways system (as referred to in entrepreneurs and that a sound, integrated public-private financial plan will be the study, Mid-America consists of Alabama, a necessity in the 1980s. Arkansas, Illinois, Iowa, Kansas, Kentucky, Transportation Research Record 763 25 Louisiana, Minnesota, Mississippi, Missouri, addition, the lack of an immediately identifiable Nebraska, Ohio, Oklahoma, Pennsylvania, Texas, West benefit may affect local funding. In the case of Virginia, and Wisconsin). Projections in the study the Louisville and Jefferson County Riverport indicate that by the year 2000 cargo will exceed Authority, we are fortunate that Jefferson County, existing port capacity by almost 700 million tons Kentucky, has guaranteed the initial $6. 5 million annually. bond issue used to acquire the property for the port The capital investment needed to accommodate the complex as well as annual operating expenses. forecast growth is projected to be $9.5 billion. This money will provide more than 1000 new port STATE GOVERNMENT SOURCES terminals, on more than 100 miles of waterfront and 11 000 acres of land, plus additional acreage for industrial facilities that will be served by these terminals. This is the investment required for new To varying degrees, states have established agencies port development and does not include funding for to help in developing their states' port potential modernization to existing facilities. (}) . Some states have established centralized Historically, ports on the inland waterways agencies that plan, finance, and operate local system of the United States developed and grew ports; others essentially provide a source of either because of the location of a major firm that capital financing and, once the port has been built privately funded river shipping and related established, are not involved in providing operating facilities or because a state or local community subsidy; others fund both capital and operating provided public shipping facilities as part of its needs; and still others have limited, if any, real industrial development program and encouraged firms involvement. Space does not permit a detailed to use them. discussion of each state's activities, and so I have My own experience has convinced me that there is restricted my comments to the state of Kentucky (!). no one best way, no pat formula, that could be used Kentucky is committed to the development of river by all communities to develop and finance a new port ports. As a part of that commitment, in 1966 the or expand an existing facility (±_). On the state created the Kentucky Port and River contrary, basic developmental and financial Development Commission to aid in the promotion and considerations for the port planner are dictated by development of river-related industry, agriculture, the local community's relationship to the regional and commerce in the state and to aid in the and national transportation system, local promotion and development of local port competitive industrial location advantages, as well authorities. The commission consists of the as local community, state, and private investor Kentucky Commissioner of Commerce, the Secretary of attitudes toward port development. the Cabinet for Development, and five citizens The attitudes and commitment of a local community appointed by the Governor. toward port development will involve political, This commission is the main agency of Kentucky social, and economic considerations. Of course, the state government to which local Kentucky ports look same may be said about state, regional, and federal for capital investment funding. Only funding for funding sources. Private funding sources will nonoperating purposes is provided. Based on the certainly be conscientious about the political and recommendation of the commission, funds are social climate, but the private sector's investment appropriated every two years by the state decision is more economically oriented. legislature and allocated by the commission to As we move into the 1980s, the trend is toward specific Kentucky port authorities. fiscal conservatism, and no single unit of To date, the commission has helped to establish government may be capable of financing port local ports in Louisville, Paducah, Owensboro, development. Rather, the successful port Henderson, Eddyville, Hickman, Maysville, Ashland, development or improvement project in the future and northern Kentucky. The largest of these is will probably be the project that has a sound, Louisville, with more than 1600 acres of property.
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