Port of Oakland signs 50-year deal with private investor - San Francisco Business Times:

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of Iselin, N.J. said it will install new cargo craned in berths 20 through 24 and make othe r improvements in exchange for collecting shipping revenue over the next half The port will receivea $60 million payment upfront plus annual rent payments starting at $19.5 million. That compares to $18.9 million in yearluy rent the port gets from thosdberths now. The deal, finalize Tuesday, comes as Oakland’s port joinsz ports across the country that are strugglinvg with slumping cargo traffic due to the global economic The port’s cargo traffic declined 6.4 perceny last year, the sharpest decline in eigh t years. The Ports America deal signalse a change in strategy forthe port.
Traditionally the port has paid for renovationas and expansions of its infrastructure bysellinh bonds. But in an effort to transfer the costw to other parties and line up steady streams of port officialswant public-private deals whereby outside parties cover some business expenses in exchange for a cut of port Even as it finalized the deal with Portas America, the Port of Oakland is seekingg a second, separate deal with a privatw investor. In that case the port wantw to find an investor willing to build out almosft 170 acres the port acquired from the former Army base alonits border. The port is reviewingy proposals that were duelast month.
The deal with Portes America, which operates terminals at 50 portss in theUnited States, Mexick and Chile, begins in January 2010. Until then the terminals are beinyg operated by APM TerminalsPacific Ltd. Ports Americaw will have the option to expand its deal to includwe berths 25 and 26 in 2013 if certainh conditionsare met. Portsd America was one of five logistica companies that emerged as potential bidderslast year. Othefr interested companies wereAPM Terminals, Hutchinsoj Ports Development, Maher Terminals and a joiny venture including , and . Portas America is owned by , a private equity group focused oninfrastructure deals.