Maryland officials reach port agreement

AP News
Posted: Nov 20, 2009 3:40 PM

Maryland officials have entered into a 50-year contract with Ports America to operate Baltimore's Seagirt Marine Terminal.

Officials said Friday the deal will bring at least $1.3 billion to the state during the contract term, create 5,700 new jobs and generate $15.7 million annually in new taxes.

The agreement calls for the Maryland Port Administration to lease the 200-acre terminal to Ports America in exchange for construction of a 50-foot berth that will allow larger vessels to dock in Baltimore.

The deal, subject to approval by the Board of Public Works, also calls for an immediate payment of more than $100 million to the Maryland Transportation Authority, as current owner of Seagirt, for preservation of roads, tunnel and bridge facilities.