For Full Story: Orlando Sentinel
Article By: Richard Tribou
When Carnival Cruise Line’s largest ship ever debuts, it will be parking at Port Canaveral, and now Port Authority commissioners have paved the way to pay for its new home.
The Canaveral Port Authority Board of Commissioners today approved the issuance of bonds to provide up to $117 million to finance the port’s Cruise Terminal 3.
“Our record of performance, and Carnival’s renewed commitment to our port with the new long-term operating agreement, are the foundation of sound planning and pillars of financial success,” said Port CEO Capt. John Murray.
Plans call for the two-story 185,000-square-foot terminal to be complete by mid-2020, when the ship, which will be named Carnival Mardi Gras, arrives.
Cost for the terminal and adjacent 1,800-vehicle parking garage and surround areas is estimated to cost $150 million with Carnival set to contribute up to $50 toward the cost as part of a 25-year operating agreement with the line that began Sept. 1.
The financing package approved today includes the issuance of $80 million in 30-year bonds and up to $37 million in bonds in the form of a 20-year loan with SunTrust Bank.
Commissioners also approved increasing the port’s line of credit with PNC Bank from $25 million to $50 million.
Port officials said it’s the largest project in the port’s history.