The Virginia Port Authority signed a 20-year lease agreement on Friday that effectively gives the agency control over all operations at APMT Virginia, the most technologically-advanced facility in the world.
The VPA said the lease agreement unifies all the marine cargo container terminals in the Hampton Roads harbor under its operating control for the next two decades.
The VPA's private non-stock operating company, Virginia International Terminals, is responsible for the day-to-day management and oversight of all VPA facilities and it will have that same responsibility for APMT Virginia.
"This asset presents a host of opportunities for The Port of Virginia," said Jerry A. Bridges, the VPA's executive director. "It gives us ample container capacity now and in to the future; we will be able to market the technology and efficiency of this facility to our customers; and it gives us on-dock rail capabilities that we previously didn't have."
The VPA Board of Commissioners in June authorized Bridges to execute the agreement; Eric A. Sisco, president of APM Terminals Americas, was that company's signatory.
The $450 million terminal is the largest privately funded marine container terminal in the U.S. and the largest investment in a company-owned container terminal in the nation as well.
The official "handover" of the 291-acre terminal is scheduled for July 6.
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