The Lessee is obligated only to pay rent to the Trustee under the Terminal 18 Lease and is not obligated to make any payments on the Bonds.
The Port Improvements will be financed directly by the Port and the costs will be recovered by the port from residual rent payments pursuant to the Bond Resolution (i.e., payments made after Debt Service).
(a) Funded by the Port.
(b) Funded with the Bonds.
4. Renovated and Expanded T18
As shown in Table 2, completion of the Program will result in:
・ an increase of 90 acres bringing the T18 site to a total of approximately 196 acres,
・ a new intermodal yard of approximately 21.4-acres in expansion area to supplement existing 6.6-acre intermodal rail yard,
・ a 60-acre expansion of the container handling and marshalling area including 350 reefer plugs, to be installed in addition to the 300 plugs installed by the Port in 1998,
・ improvements to rail access to increase capacity and to reduce congestion on surrounding streets,
・ improvements to truck access, and
・ the creation of an off-site public shoreline access area.
