North Florida Shipyards seeks $4 million loan

According to a local media report, the Jacksonville, Florida, Economic Commission, is to review a request by North Florida Shipyards Inc. to borrow $4 million from Jacksonville's allocation of federal American Recovery and Reinvestment Act funds.

The shipyard wants to add a hoist to lift vessels up to 600 tons, construct a basin in the St. Johns River to accommodate the vessels and complete related improvements. The total project cost is expected at $7.6 million, funded also by a federal grant and corporate investment. The shipyard projects 246 new jobs within the first four years of operation at an average wage of $39,900.