The Virginian-Pilot
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The Virginia Port Authority announced Tuesday that it expects to lease the Port of Richmond by the start of the new year.
About two weeks ago, the Port Authority and the city of Richmond began talks that "would place all management, operation and leadership of the facility with the VPA," wrote Joe Harris, a spokesman for the Norfolk-based authority, in an e-mail.
Port officials think the lease will be effective Jan. 1.
Over the summer, the Port Authority proposed leasing the Port of Richmond for $1 a year for five years, with three possible five-year renewal periods.
Most of the terms outlined in the authority's proposal have been agreed to, Harris wrote. D etails are being withheld until a deal is completed.
The Port of Richmond, on the James River south of downtown, is owned by the city of Richmond and managed by the Port of Richmond Commission. Currently it is operated by PCI of Virginia LLC, a private company, but PCI's contract expires Nov. 30.
The Richmond facility has been in financial trouble, Richmond Mayor Dwight C. Jones said in a statement issued for a September City Council meeting on the port lease.
In June, the Richmond City Council OK'd $1 million in general funds to cover the port's operating expenses and an additional $500,000 in in-kind or cash equivalents "to address the immediate infrastructure maintenance needs."
Robert McCabe, (757) 446-2327, robert.mccabe@pilotonline.com
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