L.A. City Council O.K.s $17 million liquid bulk terminal lease buyout
The Los Angeles City Council has approved a $17 million buyout of a Port of Los Angeles lease with liquid bulk tenant Westway Terminal Co. Inc.
A mutual agreement to terminate the firm's lease, set to run through 2025, was announced in May and approved by the port in July.
The agreement, which took more than five years to negotiate, gives New Orleans-based Westway 18 months from City Hall's approval date to vacate the 12.1-acre site.
The Westway facility, which handles and stores liquid commodities such as solvents, vegetable oils, lubricant base, aviation gasoline and acids, has 136 storage tanks with 25 million gallons of total storage capacity.
Part of the buyout agreement allowed Westway to avoid site cleanup costs, required under the original lease agreement. The port, in partnership with the Los Angeles Regional Water Quality Control Board, expects to spend upward of $30 million to conduct a lengthy environmental cleanup of the site.
L.A. City Council O.K.s $17 million liquid bulk terminal lease buyout
