Virginia Port Authority to lease terminal; also to invest $25M in new pulp and paper warehouse [From the web]

NEWPORT NEWS, VA, May 26, 2011 (Local News) - The Virginia Port Authority has approved a five-year lease of the struggling Port of Richmond container terminal, continuing its massive consolidation of port facilities in the state.

When the lease begins on July 1, the state-owned port authority will control all of the container terminals in Virginia, giving the state a virtual monopoly on all ocean-going cargo that passes through its waterways.

Under terms of the deal, approved unanimously by the port authority's board on Tuesday, the port authority will pay the city of Richmond $75,000 a year to use the 121-acre inland port, just south of downtown on the James River. It will also pay a total of $500,000 for the use of a crane.

Daily Press - Virginia Port Authority approves lease of Port of Richmond

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