Port of Los Angeles buys out tenant for $17 million

Port of Los Angeles buys out tenant for $17 million The Port of Los Angeles Harbor Commission has approved the $17 million buyout of its 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, but no monetary amounts had been determined.
   Following Thursday's port board approval, the agreement must now receive approval from the City Council and mayor of Los Angeles.
   According to the port's May press release, 'The Port and Westway are working together to ensure that Westway's departure occurs in an efficient and expeditious manner.'
   The new agreement will allow Westway within 18 months from City Hall's approval date to vacate the 12.1 acre site.
   A liquid bulk terminal has existed at the Berth 69-71 location along the Port's Main Channel for several decades. The Westway facility has 136 storage tanks on 12.11 acres of land, used to store commodities such as solvents, vegetable oils, lubricant base, aviation gasoline and acids.
   The port is predicting a lengthy environmental cleanup of the site.