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Port seeks city’s help in securing $13M in financing - The Galveston County Daily News : Local News

December 21, 2014

Port seeks city’s help in securing $13M in financing

Posted: Tuesday, July 1, 2014 10:00 pm | Updated: 10:27 pm, Tue Jul 1, 2014.

GALVESTON — The Port of Galveston will seek the city’s help in securing up to $13 million to pay for a cruise-ship terminal expansion after local banks balked at the lack of collateral waterfront managers could offer.

“In the banks’ eyes, it was a risky loan — an unsecured line of credit,” Port Director Michael Mierzwa said.

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