RICHMOND: The Virginia Port Authority has been granted a 40-year lease at the Port of Richmond. The Richmond Times-Dispatch reports the city council approved the deal Monday. The city will receive rent payments of up to $180,000 a year to use the port, which sits on 120 acres along the west bank of the James River.
About $18 million in capital investments are planned for the facility. The city was considered a shorter lease of five years, but officials said a long-term lease would ensure more infrastructure upgrades. The port authority already leases the Port of Richmond.
The authority also operates terminals in Newport News, Portsmouth, Norfolk and Front Royal.