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Kinder Morgan inks extended lease at Port ManateeTransportation Kinder Morgan inks extended lease at Port ManateeBy Veronica Brezina-Smith – Reporter, Tampa Bay Business JournalOne of the largest energy infrastructure companies in North America is extending its lease at Port Manatee The Palmetto-based port and longtime tenant Kinder Morgan (NYSE: KMI) have extended their lease agreement through August 2023, with options to continue cargo operations at a 5-acre waterfront site for as many as 18 additional years, following the approval of the item during the board's Thursday meeting. The initial term of the lease was to end in August 2020. Rent is $12,525 per month the first three years of the term, according to port documents. The new extended lease may be followed by an additional three-year extension plus three further extensions of five years each. “As North America’s largest independent terminal-operating company, Kinder Morgan sees Port Manatee as a vital cog in a network that gets products where they need to be in an efficient, safe and timely manner,” said Tampa-based Kinder Morgan commercial manager Jack Gale in an announcement. Kinder Morgan has operated on Port Manatee property since 2001, having assumed a lease in place with a predecessor entity dating back to the port’s opening in 1970. The Kinder Morgan Port Manatee Terminal facility handles fertilizers, ores, salt and other inbound and outbound bulk cargos via multiple ship docks, warehouses, conveyor systems and truck and rail sheds. The port has numerous tenants and operators including Carver Maritime, Del Monte, Federal Marine Terminals, Logistec and Logistec Gulf Coast. Port Manatee handled a record high of more than 9.3 million tons during fiscal year 2018, up 19.1 percent from the previous fiscal year. |
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