Developer preparing multi-billion dol...

Developer preparing multi-billion dollar plan to operate Port A...

There are 8 comments on the Hampton Roads Daily Press story from Mar 10, 2009, titled Developer preparing multi-billion dollar plan to operate Port A.... In it, Hampton Roads Daily Press reports that:

A Chicago-area developer is preparing to submit a formal offer this week to purchase the operating rights of the state-owned marine cargo terminals of the Virginia Port Authority , several local officials told ...

Join the discussion below, or Read more at Hampton Roads Daily Press.

Richard

Norfolk, VA

#1 Mar 10, 2009
Privatize now. This is a great thing for Virginia if this happens.
Bad Idea

Hampton, VA

#2 Mar 11, 2009
We can't run the terminal ourselves? Got to hire some California clowns to run it?

Bad Idea
Angus

Poquoson, VA

#3 Mar 11, 2009
Great idea but the Virginia Retirement System should be investing in Virginia, not the California Retirement System. The current Director of the VPA comes from California. We need to ask what role he has played in this.
Professor

United States

#4 Mar 11, 2009
ITS A GREAT IDEA!

The crooks that are running it now, have hidden expenses, in the most shifty and immoral way!$500-bottles of wine at taxpayers expense? Anything to get this out of the hands of the crooks running it now is a great idea!

You must be one of the crooks running the VPA to think its a "bad idea"!!!

Who cares where the guy is from? GET IT OFF THE BACK OF THE TAXPAYERS!
The Chicago Mob

Yorktown, VA

#5 Mar 11, 2009
This is a great idea! We want in on the action!
The Local Mob

Yorktown, VA

#6 Mar 11, 2009
This is a terrible idea. the money is ours!
Louie the Kneecap

Yorktown, VA

#7 Mar 11, 2009
The new boss is coming. Keep your mouth shut and everything will be fine. The boys from Chicago will show you hayseeds how it's done.
Bernie Marchand

Virginia Beach, VA

#8 Mar 12, 2009
Mr. Frost,

You need to read this blog on that was on the Journal of Commerce, a international trade publication. Two items of interest:

1. When the Virginia Department of Transportation quietly changed its guidelines for public-private partnerships to smooth the approval of such deals.

- you need to look into the details of this...something fishy.

2. Also interesting is the timing of the offer that CenterPoint Properties plans to make for rights to the VPA terminals. The offer, expected to be submitted this week, comes less than two weeks after adjournment of the annual session of the Virginia General Assembly. Having a port privatization proposal on the table when lawmakers were in session could have complicated things.

- outward appearances looks like certain politicians may be trying to quickly push a deal through that they know may not be a good deal...but could avoid the scrutiny of both parties...

Virginia is for Port Lovers
Joseph Bonney | 12:13PM GMT

If you thought port privatization was as dead as the rest of this economy, think again. Recently the Port of Oakland granted a Ports America partnership a 50-year concession and lease for five container terminals. Now comes the news that the Virginia Port Authority is taking offers for its cargo facilities.

Rumors had been floating for months that something was in the works in Virginia. During the big rush by private investors to acquire port franchises in 2006-2007, port officials indicated they would consider privatization if the price was right. State lawmakers have discussed the possibility.

An indication that things might be getting serious came in December, when the Virginia Department of Transportation quietly changed its guidelines for public-private partnerships to smooth the approval of such deals.

Also interesting is the timing of the offer that CenterPoint Properties plans to make for rights to the VPA terminals. The offer, expected to be submitted this week, comes less than two weeks after adjournment of the annual session of the Virginia General Assembly. Having a port privatization proposal on the table when lawmakers were in session could have complicated things.

Virginia is among the most attractive U.S. port franchises for potential private investors. It has a 50-foot channel, good intermodal connections, room for expansion and has benefited from years of sound management. Once CenterPoint's offer is on the table, don't be surprised if others follow.

Contact Joseph Bonney at [email protected]

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Centerpoint Properties Trust Discussions

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