It is our policy to ensure that fair market rental rates are applied to port land in an equitable and consistent manner. This information should help you understand how your rate is determined and under what circumstances it may change.

Land at the Port categorized as non-deep draft land is leased at base rates shown in the following table or at the highest rate being charged to a tenant in the same category or area of the Port, whichever is higher. There are certain exceptions. The use of Port property by passenger cruise lines is negotiated through Marine Terminal Agreements and use of Port property by deep-water cargo operators, hotels, "festive marketplace" operators, convention centers and world trade centers is negotiated through tailored lease agreements.

PROPERTY USE	2007 - 2011 LEASE RATE PER SQ. FT./YEAR USING 10% RATE OF RETURN
Marinas	$1.20
Fishing Fleet	$1.20
Industrial	$0.45
The Cove   On bulkhead   On Glen Cheek Drive   On Glen Cheek Drive - Waterfront   Other	$2.60   $1.90   $1.10   $1.10
Office/Warehouse	$0.90
Utilities	$0.45
Future Cargo/Cruise*   Bulkhead   Dry	$1.20   $0.45
Deep Draft Cargo	$0.45

*Property on this site max 10 year with 1 year termination clause.

Hotels, major shopping centers and convention centers will use the Cove base rate plus a negotiated monthly fee based on an acceptable method; e.g., % of room rate, % of gross revenue, or some other agreed to criteria.

Hotels will be restricted to forty (40) units per acre.

Lease Rate Adjustments

The lease rate for a new lease is established using the Lease Rate Table above or the highest rate being charged to a tenant in the same category or area of the Port, whichever is higher.

Once your lease is executed, it is possible for changes to occur in your lease rate under specific circumstances:
1. Inflation. All non-deep draft land lease rates are adjusted for inflation based on the U.S. Department of Labor Consumer Price Index–All Urban Consumers or an equivalent index.
2. Extension. If an extension to your lease term is approved, a new lease rate will be established as described above.
3. Assignment. If you assign your lease with an approved extension and/or change of usage, the lease rate will be adjusted to a new rate as described above. However, an approved lease assignment without an extension or change in use can take place without a change in rate.