Triumph Gulf Coast is moving forward with negotiations to provide a $15 million grant to the Port Authority of Port St. Joe.
The money will be used to dredge the channel and reopen the port to commercial activity in Gulf County.
Reopening the port is expected to bring up to 400 new jobs to Gulf and Franklin counties.
Port St. Joe has one of Florida’s 14 deep-water seaports and it is growing quickly.
Recently the Eastern Shipbuilding Group completed a $6 million infrastructure improvement project to allow vessel outfitting to begin and has embarked on a $50 million, 15,000-ton drydock project to provide full vessel sustainment services.
Triumph Gulf Coast was established by the Florida Legislature to distribute nearly one and half billion dollars to the eight Gulf coast counties hit hardest by the 2010 Deepwater Horizon oil spill.
The Triumph Gulf Coast Board of Directors is appointed by the Governor, Chief Financial Officer, Attorney General and presiding officers of the Legislature.