Port foreclosure hearing this week

Published: Thursday, July 18, 2013 at 10:21 AM.

The outcome could also impact the Board of County Commissioners pursuit of additional collateralization for a $199,000 loan made last year to the Port Authority.

There have been recent discussions with the bank about deeding the property to the bank while the bank would allow the port to proceed with its operations and providing a right of first refusal to the Port Authority should another prospective buyer emerge.

Gibson indicated those discussions have fizzled as the hearing approaches.

The Port Authority board has been disinclined to act on any proposal involving Parcel B or its collateralization until after the hearing.

While Parcel B is an important component to the port master planning area, port director Tommy Pitts noted that the focus for the port in developing for the future is the shipping channel and lands in port and St. Joe Company hands open for deepwater shipping.

The Port Authority and St. Joe Company entered into a collaborative agreement last year on development of the port.

With two Letters of Intent entered into by St. Joe with energy companies, the port stands to see more than 1 million metric tons of wood pellets shipped through the Port of Port St. Joe within two to five years.

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