INDIANAPOLIS - The Ports of Indiana has extended a land purchase option agreement for a site that could potentially house the state's fourth port. The state says the extension through June 30 gives the seller, Tanners Creek Development LLC, more time to finalize environmental work plans for the land.

The option was initially set to expire at the end of the year. The Ports of Indiana entered into the original agreement last year for the option to purchase up to 725 acres of land that was the site of the former American Electric Power plant.

The total purchase price for the land and equipment would be about $8 million. When the state first entered into the purchase agreement, Governor Eric Holcomb called the economic benefits to the region and state "game-changing, providing new jobs and development opportunities."

The state says Indiana's three current ports in Jeffersonville, Mount Vernon and Burns Harbor contribute nearly $8 billion per year to the state's economy and support close to 60,000 jobs. Indiana has not opened a new port since 1985.