RIDGELAND -- A proposed Jasper port on the Savannah River would earn almost $5 billion over its first 20 years, but Jasper County probably would not turn a profit until 2031, according to a report released by Jasper-hired Municipal Advisors Group of Boston.

Most of the money earned over the first two decades of port operations would go toward the terminal's construction and operation, the report stated.

Based on the Boston firm's cash-flow projections, it will take seven years for the port to generate enough revenue to pay South Atlantic's initial operating expenses and won't become profitable until year 18. In years 19 and 20 of operation, the port's cash flow will meet all operating expenses plus $17 million, which goes to the county for operating and maintaining building and machines at the port site, per the agreement with South Atlantic.

The Municipal Advisors Group based its projections on current average rates in the Southeast region, compounded for inflation, and assumes construction of the terminal is completed by July 1, 2009, which places a construction start date sometime next year. Starting that soon may be difficult if expected legal challenges take long to settle.

"That is a concern," Jasper County administrator Andrew Fulghum said Monday. "That report is timely. In other words, if it goes beyond that time we may have to rework those numbers."

In January, the Georgia Department of Transportation, which owns the 1,863 acres on the South Carolina side of the Savannah River, rejected Jasper's bid to buy the land for $8.5 million. Jasper responded by filing paperwork to condemn the land.

Jasper set the port development process in motion last month when the County Council approved a three-part agreement with South Atlantic International Terminal, a local subsidiary of SSA Marine, naming the company exclusive financier, developer and manager.

Other state ports are doing plenty of business.

Last fiscal year's total operating revenue for the S.C. State Ports Authority, which includes ports in Charleston, Georgetown and Port Royal, reached $116.5 million. That figure doesn't include money paid to private stevedore services at each port.

Jasper's projected revenue in its first year of operation, including stevedore services provided by South Atlantic, is $100.3 million.

Municipal Advisors is a consortium of several maritime consultants assisting Jasper in acquiring, planning, constructing and operating the port, Fulghum said. Jasper County has spent $96,481 on the consultants, all of which will be reimbursed by the South Atlantic.

In October 2004, Jasper County solicited bids for a project consultant and awarded the Boston firm the contract later that month. The report is just one aspect of consultants' work for the county.

The report shows that all money collected first goes toward paying the county's $450 million revenue bonds for the port's development cost.

The document also cites a $235 charge per container moved in the first year of operation with Jasper, as port owner, retaining $107 and South Atlantic keeping $128 for management and development fees.

The report estimates 422,000 cargo containers will be moved in the first year of operation, with phase one of development maxing out at 780,000 containers moved in 2017.

In fiscal year 2004, the state Ports Authority moved 1.9 million containers while the Georgia Ports Authority moved 1.5 million. According to officials at both authorities, Charleston's main cargo comes from the European market while Savannah specializes in Asian-market goods. Jake Coakley, vice president at SSA Marine, has speculated a Jasper port could meet the requirements of both markets.

Also, the Boston firm's report notes that a director of Municipal Advisors "had business dealings with a partner of (the South Atlantic company)" and Mercator Transportation Group, which contributed to the report, "has in the past performed work for SSA Marine," though neither firm is associated with the port developer.