Commission awards contract extension for port operations
Published: October 30,2013
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.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Spivey named Under 40 Business Person of the Year by the Mississippi Business Journal
- JACK WEATHERLY: Finding a house, defending a neighborhood, finding a voice
- Top 40 Under 40
- Bids on reworking Interstate 55 stretch are rejected
- Terminal upgrade on indefinite hold at Jackson International Airport
- JACK WEATHERLY: Economic development in these parts is a ‘family’ business
- CFPB wants repay ability at center of new payday loan rules
- MDA to close all its regional offices
- Top 40 Under 40 (digital magazine)