Port Authority bid to come today

Port Authority bid to come today

There are 3 comments on the Hampton Roads Daily Press story from Mar 12, 2009, titled Port Authority bid to come today. In it, Hampton Roads Daily Press reports that:

Real estate developer CenterPoint Properties confirmed Wednesday that it will make its formal offer to purchase the operating rights of the Virginia Port Authority 's cargo terminals today.

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

Professor

Newport News, VA

#1 Mar 12, 2009
Doomed before it arrives!

The proposal has to be reviewed by the same idiot that oversee's VDOT! The guy is a certified moron! Then the crooks who run the VPA have to review it! They aren't going to approve something that dry's up their cash cow and under the table kick-backs.

You can't have crooks reviewing a proposal that would do away with the crooks own game!

Too bad. Port would be much better off under PRIVATE OWNERSHIP. Instead we have to suffer under $500 bottles of wine and flying the managers around 1st Class airfare!

The people who run VPA should be going to jail, not reviewing a proposal to buy them out!
Needs to be doomed

Yorktown, VA

#2 Mar 12, 2009
Perhaps we should prefer known horrors over unknown ones?
Bernie Marchand

Virginia Beach, VA

#3 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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