Port of Galveston is looking for private investors
Friday, January 21, 2011
| Port of Galveston
The Bank of Montreal is expected to announce within the next two months, if there are any private investors interested in the Port of Galveston. The port’s governing board had been asked in April 2010 to hire the Bank of Montreal to look for such a private investor.
The private investment is needed as as the port - unlike other public ports - has no taxing authority. The port has manageable but substantial debt and its need for infrastructural repairs exceeds its resources by far. Finding a third-party investor could help the port managers to rebuild and modernize some of the obsolete and dilapidated facilities.
Seeking private investors is not an uncommon move to reshape a port's fortunes: across the country, ports have been successful at securing private capital. (Galvestondailynews)