Lease Information
Lease rates for property are calculated on a standard formula based on appraised value and for the total number of acres leased (which may include certain easements and rights-of-way). Where the property in question requires improvements such as leveling (cut-and-fill) or the extension of infrastructure/utilities to the property line, the Port offers discounts to the lease rate to reimburse the cost of such improvements. In addition, Bingen Point properties may be subject to a geotechnical discount to partially offset additional geotechnical work required by the on-site fill material. To encourage economic development, the Port Commission may offer a discount to companies offering substantial employment opportunities or high-density employment, that are young or starting up, that will invest significant capital in leasehold improvements, or that are engaged in clean manufacturing, research and development, high-technology, or other desirable industries. The maximum total discount is limited to 50% of the lease rate. Other lease rate adjustments may be made at the discretion of the Port to account for market conditions, the availablity of special features/amenities, and other factors.
