VICKSBURG — The Port of Vicksburg has given a Texas company another year to operate the port under current terms.
The Vicksburg Post reports that Kinder Morgan of Houston, Texas, had been operating the port on a month-to-month arrangement since its contract expired June 30.
Terms approved this past week call for the company to pay $135,000 in base rent plus 8 percent if revenue exceeds $1 million and up to 15 percent if it passes $1.4 million.
Wayne Mansfield, the executive director of the Warren County Port Commission, says an extension at this point gives the company more time to lock up more business.
“I think the best thing to do is extend Kinder Morgan’s contract for one more year with the stipulation it’s the same terms,” Mansfield said.
Tonnage and revenue in 2012 rebounded to the highest marks in five years, thanks in part from renewed activity after the Mississippi River Flood of 2011. Revenue in 2013 has surpassed $1.2 million, off the pace set in 2012, which totaled $2.5 million.
Activity at the port may slow again early next year, when work to repave parts of the concrete apron of the port’s T-dock support platform gets started.
Mansfield said about $2 million left from a federal block grant will pay for the repairs. He said the damage stems from the record flood.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info