The Bayonne Local Redevelopment Authority at a special meeting on Monday, Nov. 26 voted unanimously to sell to Ports America for $90 million a portion of the Maritime District on the Peninsula at Bayonne Harbor.

The vote came after presentations by two of the three developers — Ports America and the World Wide Group — referred to the BLRA by the City Council. The third proposal from Fortis Property Group, was withdrawn earlier this month.

Ports America CEO Stephen Edwards said that his firm was prepared to pay a $35 million deposit upon signing of the contract and the balance of $55 million at closing, which is expected before the end of January 2008.

Ports America, Inc. is the leading independent stevedore on the U.S. East and Gulf Coasts, with operations in 24 ports and terminals from Maine to Texas.

In selecting Ports America BLRA Commissioners cited the financial backing of the $3.5 billion fund of its affiliate AIG Highstar as a major factor in their decision.

Under terms of the deal Ports America will pay approximately $1.8 million in annual taxes. The property will continue in perpetuity to be taxed at the same rate as other properties in Bayonne.

The deal also calls for Ports America to invest make $15.2 million in capital improvements to the site.

Ports America will build a roll-on roll-off marine terminal operation that will complement the visionary redevelopment plan adopted by the City Council.



 

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