Harbor commissioners to decide on PNCT lease swap
The Port Authority of New York and New Jersey's Board of Commissioners will consider during its regular meeting this afternoon whether to approve the lease transfer of Port Newark Container Terminal to AIG Global Investment Group.
Regulatory approval by the port is the last remaining hurdle to complete the sale of P&O Ports North America by Dubai-government owned Dubai Ports World. Last week port officials reached tentative agreement to allow the deal to go through in exchange for promises by AIG to invest at least $50 million during the remaining 24 years on the 30-year lease. Of that amount, $10 million is to be paid directly to the port authority for its development of port rail infrastructure surrounding PNCT.
A positive vote by the board would authorize Executive Director Anthony Shorris to finalize legal and financial terms of the new lease.
Harbor commissioners to decide on PNCT lease swap
