Guam port raises common area lease rate

Guam port raises common area lease rate    The Port Authority of Guam has approved a fee increase for tenants leasing common area property under the port's jurisdiction.
   The port authority's board of directors Thursday increased the common area lease rate from 37 cents per square foot to $1.01 per square foot. The port leases nearly 120,000 square feet of common area property.
   In other news, the board estimated that the port's Master Plan document would be completed by the second week of April.
   The 400-plus-page report details $193 million in upgrades the authority deems essential to deal with estimated increases in demand, mainly projected from the shift of military personnel from Okinawa to Guam that begins in 2010. The port authority has been finalizing the report following a lengthy public comment period that ended earlier this year.
   The Master Plan is considered critical in the port's efforts to modernize the facilities in anticipation of the Defense Department's plan to relocate more than 8,000 military personnel and their families to Guam. The relocation is projected to more than double the demand on the Guam port facilities. The port anticipates that containerized cargo volumes will rise from about 175,000 TEUs last year to nearly 325,000 TEUs by 2015, mainly due to the Defense build-up on the island. Estimates also show the port's breakbulk facilities, already running at near capacity, will experience a 161,000-ton capacity shortfall by 2015 if not upgraded.
   Major components of the plan seek to address the port's projected capacity shortfalls. These include:
   ' A $34 million project to upgrade and increase berths at the port's 62-acre commercial cargo facility.
   ' $20 million program to upgrade non-electric utilities.
   ' More than $14.5 million in paving projects.
   ' Nearly $9 million for power, lighting and electrical upgrades throughout the port.
   In addition to facility construction, the Master Plan also calls for the purchase of more than $27 million in yard and cargo handling equipment and another $8 million for port security.
   Details of the plan can be viewed at www.portofguam.com.