Virginia port deal could pay for roads, bridges, developer says

03/16/2009 | Chicago Tribune (tiered subscription model)

Developer CenterPoint Properties last week submitted a bid to operate shipping terminals in three Virginia cities. Under the proposal, the state would lease the state-owned terminals to CenterPoint for 60 years for an estimated $8.9 billion, which includes debt payments to improve the terminals. If finalized, the deal would pay for most of a $2.4 billion marine terminal at Craney Island, Va., and generate funds that could pay for roads and bridges, CentePoint officials said.

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