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Port adopts maritime excursion lease renewal policy to guide long-term extensions
Summary
The Port Commission adopted a Maritime Excursion Lease Renewal Policy setting rules for long-term lease extensions for excursion and ferry operators, including renewal timing, tenant capital-improvement requirements, audit rights and revenue participation; commission voted to adopt the policy.
The Port Commission voted to adopt a Maritime Excursion Lease Renewal Policy that sets internal guidelines for extending maritime excursion and ferry leases. Peter Dailey, Deputy Director of Maritime, presented the policy and explained it is intended to protect the port’s maritime interests while providing a blueprint for operators seeking long-term renewals.
Dailey told commissioners the policy limits consideration of term extensions to proposals made within the final five years of an existing lease or…
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