Ports America Chesapeake Signs 50-Year Lease at Seagirt Marine Terminal

WASHINGTON, Jan. 19, /PRNewswire/ -- Ports America Chesapeake has signed a 50-year lease at Seagirt Marine Terminal that is estimated to create 5,700 jobs.  McKenna Long & Aldridge LLP (MLA) partner Keith Mason, and Stephen Goldsmith, former Indianapolis Mayor, and an independent consultant to the firm, served as strategic advisors to the team in supporting this innovative public-private partnership (P3).  The project is valued at $1.3 billion to the State of Maryland over the life of the agreement and is predicted to impact over 16,000 jobs across Maryland.  Keith Mason, Chair of MLA's Ports practice and former Chairman of the Georgia Ports Authority, noted that, "Identifying the additional economic value of the partnership for the public was one of the key factors that made our highly qualified bid group the right choice for Maryland."

Governor O'Malley has called the port one of the state's most important assets and that the partnership "doesn't sell the public interest short." Maryland Secretary of Transportation Beverly Swaim-Staley added that it would only strengthen the port's money-making power, as the port is a major economic engine for the state.

The 50-year lease involves redesigning existing operations at the Dundalk facility, constructing a 50 foot berth, and building and operating a new warehouse/distribution center.  Ports on both sides of the United States are looking to upgrade their infrastructure as significant expansion to the Panama Canal is expected to be completed by 2014 making East Coast ports more competitive in receiving goods from Asia.

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SOURCE McKenna Long & Aldridge LLP