Development firm proposes $8.9 billio...

Development firm proposes $8.9 billion deal to operate state ow...

There are 6 comments on the Hampton Roads Daily Press story from Mar 12, 2009, titled Development firm proposes $8.9 billion deal to operate state ow.... In it, Hampton Roads Daily Press reports that:

A Chicago area development firm on Thursday proposed an estimated $8.9 billion, 60-year-deal to operate state owned marine terminals in Hampton Roads , a move that would transform the shipping business here.

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

hello

Hampton, VA

#1 Mar 12, 2009
8.9?
Bernie Marchand

Virginia Beach, VA

#2 Mar 12, 2009
sounds interesting but how much does the state actually get up front? key is this is over 60 years and may depend on port revenue/volume...what happens if they don't make numbers because of our wonderful economy?
Full Disclosure

Poquoson, VA

#3 Mar 12, 2009
Interesting story. Why lease when you can sell? Not only would the State yield billions in a sale, the cities of Norfolk, Portsmouth, NN and Front Royal would receive millions annually in real estate and business property taxes.

Can anyone connect the dots to Kaufman Canoles? I think we have at least 1 current state legislator and a former State Commerce Secretary working there.
Audacity of Hope

Virginia Beach, VA

#4 Mar 13, 2009
Full Disclosure wrote:
Interesting story. Why lease when you can sell? Not only would the State yield billions in a sale, the cities of Norfolk, Portsmouth, NN and Front Royal would receive millions annually in real estate and business property taxes.
Can anyone connect the dots to Kaufman Canoles? I think we have at least 1 current state legislator and a former State Commerce Secretary working there.
K&C - don't forget a former port director

8.9B divide 60 = a little less than $150 million a year...not much in the grand scheme of things...
Joseph

Norfolk, VA

#5 Mar 13, 2009
I think it's good a private company wants to come in and do this...What I want to know is: How much money will be ponied up front?
Think about this

Yorktown, VA

#6 Mar 13, 2009
So the Commonwealth surrenders control of the ports to a private company. That company will make a profit, so effectively the citizen's of the Commonwealth lose out on those funds. Another item to think about, if you read between the lines, they want the Commonwealth to split the bills on another port at Craney Island, great deal if you can have it.

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