NEW LONDON, Conn. -- A man who may run for president in 2008 is speaking about a local project.

Former New York Mayor Rudy Giuliani spoke with Eyewitness News about plans to build a giant floating gas terminal in Long Island Sound.

The Broadwater Project is one step closer to moving forward. The public was given its first chance to discuss the project at a public hearing Tuesday evening.

The $700 million natural gas storage facility would be 10 stories high and as long as four football fields floating in the middle of the Long Island Sound.

It would be parked in New York waters about 10 miles south of New Haven and nine miles off Wading River, Long Island.

Concerns about the project's safety have been expressed. One of the worries is that of a collision either accidental or by terrorist attacks and the effects it would have on the sound.

After years of studying the project's safety, Giuliani's security company, Giuliani Partners, approved the project.

"It would have no impact on the shore," Giuliani said of a potential collision with the facility. "We desperately need it. We desperately need more energy."

Proposed in November 2004, the terminal would supply 1 billion cubic feet of natural gas a day, enough to heat 4 million homes a year. The terminal would be about 1,200 feet long and 200 feet wide, with an 82-foot-high upper deck. Plans call for the terminal to be completed by mid-2010.

The project, once complete, is expected to save New York and Connecticut residents up to $300 per year on their heating bills.

Click here to e-mail newstips to Eyewitness News, or dial toll-free: 866-289-0333. Be sure to stay with WFSB.com and Channel 3 Eyewitness News for the latest news updates.