Press Release Article
STATEMENT BY THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY ON CHANGE OF OWNERSHIP FOR HOWLAND HOOK MARINE TERMINAL
Date: May 09, 2007
Press Release Number: 0-2007
\"We\'re pleased to have reached an agreement with Orient Overseas International Ltd., Ontario Teachers Pension Plan and the operator of the Howland Hook Marine Terminal. This agreement will protect the Port Authority\'s significant public investment in Staten Island\'s maritime facility and will ensure the long-term health and growth of the port.
\"Ontario Teachers, through its operator, New York Container Terminal Inc., has committed a total of $51 million to this transaction, including at least $30 million in capital expenditures in the terminal during the lease period. New York Container Terminal also will pay $16 million in cash to the Port Authority, which will be reinvested in port infrastructure, and will reimburse the Port Authority upon mutual agreement for up to $5 million of expenses the agency will incur for future roadway access to the terminal. Under the agreement, Ontario Teachers will acquire the remaining 12 years of the Howland Hook lease from Orient Overseas International Ltd. These commitments will ensure that the port terminal continues to prosper, and provide job growth and economic activity for Staten Island and the region for years to come.
\"In addition to its financial commitment, the Port Authority has concluded that Ontario Teachers will be a suitable owner and terminal operator, committed to the continuing resurgence of the terminal and the Port of New York and New Jersey.\"