Nov 20, 2009 5:28 pm US/Eastern
Md. Finds Partner To Run Port Of Baltimore
BALTIMORE (WJZ) ―
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Instead of running the Port of Baltimore itself, Maryland has agreed to take on a private partner to do the job.
CBS
Instead of running the Port of Baltimore itself, Maryland has agreed to take on a private partner to do the job.
Alex DeMetrick reports the lease deal brings in badly needed cash and jobs.
It's one of Maryland's most important assets, so why would the state agree to take on a private partner to run the Port of Baltimore?
"This partnership will bring to Maryland 5,700 new jobs," said Governor Martin O'Malley.
The jobs are directly tied to the Panama Canal, which is being widened and deepened. By 2014, it will accommodate far larger ships, which will need far larger berths to dock.
Maryland alone doesn't have the money for that expansion and could lose cargo and jobs. The company Ports America will pay for that improvement in exchange for a lease to operate the port.
Even though they'll be working for Ports America, Maryland will still retain ownership of the port.
Before it is finalized, the lease agreement must first be approved by legislative leadership, who have 15 days to review it.
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