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City Council approves 25‑year Maersk agreement for Pier 400 at Port of Los Angeles
Summary
The Los Angeles City Council unanimously approved a 25‑year agreement with Maersk Sealand for a 484‑acre container terminal at Pier 400, a deal the city says will generate about $2 billion in revenue and add a 39.39‑acre intermodal railyard.
The Los Angeles City Council unanimously approved a 25‑year agreement with Maersk Sealand on Aug. 11 to develop and operate a container terminal at Pier 400 in the Port of Los Angeles.
Port and city negotiators described the agreement as the largest proprietary container facility in the world, a 484‑acre terminal with a 39.39‑acre intermodal railyard. “It is a 25 year effective 04/30/2002 agreement, which will bring $2,000,000,000 in revenue to the Port Of Los Angeles,” a city staff member told the council during the special meeting. The roll call recorded 13 ayes and the item was approved unanimously.
Why this matters: Port officials said the Maersk commitment strengthens the port’s role as the nation’s leading container gateway and will add infrastructure to support rail and yard…
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