>>Port of Virginia Commits to Include Portsmouth in Any Discussions about Buying Virginia International Gateway
(Portsmouth, VA) -- City officials in Portsmouth have expressed opposition to the potential sale of the Virginia International Gateway due to the projected loss of tax revenue. Rebecca Hughes with more.Preview: Voicer Script:
The privately owned VIG generates about $9 million dollars in property tax revenue for the city annually. While no sale is currently in progress, the Port of Virginia has committed to involving Portsmouth in any future discussions. The Daily Press reports the lease for the VIG extends to 2065, and discussions are ongoing regarding a potential sale price if the Port of Virginia decides to purchase the facility at the end of the lease term. Portsmouth officials say they are pleased to have been included in early discussions about potential changes to the lease agreement.