Authorize 26-year lease of Terminal 3 property to T3 Partners
In Plain English
The Port of Richmond will lease Terminal 3 to a private company for restoration and commercial use. The lease generates at least $440,000 per year for the city, with potential for more through revenue sharing. T3 Partners gets 4 options to extend the lease by 10 years each.
Auto-generated summary. Source: official agenda documents.
Votes
Approved the item
7 to 0
Why This Vote Matters
The council unanimously approved leasing Terminal 3 to T3 Partners for restoration and commercial use. The lease will generate at least $440,000 annually for Richmond, with potential for additional revenue through profit-sharing arrangements. T3 Partners also receives four options to extend the lease by 10 years each, potentially making this a long-term partnership. This decision puts a currently unused port facility back into productive use while creating a steady income stream for the city.
Auto-generated context. Source: official meeting records.
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