NEWS-LEDGER ONLINE — JULY 1, 2013 —
EDITOR’S NOTE: The News-Ledger reported in May that a blue ribbon of light was scheduled to go up — about 200 feet up — around a grain storage facility at the Port of West Sacramento. Tonight’s the night it goes on.
Here’s the full statement from Art Schroeder, spokesman for the City of West Sacramento:
Beginning tonight about 9:30, a bright blue LED light band becomes part of the region’s skyline, to be seen on the horizon for miles. The blue light, nearly 200 feet above ground, circles the Port of West Sacramento’s bulk grain facility at 2895 Industrial Blvd. It signifies an important change: for the first time in its 50-year history, the Port’s terminal operation was now in the hands of a private company, SSA Pacific (SSA).
The new lighting band was installed to celebrate the new lease agreement with the Port, marking the transition of the Port’s maritime facilities to SSA. The agreement goes into effect July 1. “The new lease arrangements will allow SSA to further expand our role, attract new investment, and increase business through the Port, which will be good for the City of West Sacramento and increase jobs in the area,” said Mark Knudsen, President of SSA Conventional, parent company of SSA Pacific.
The new agreement provides guaranteed rent payments to the Port of West Sacramento and shifts all maritime-related operational expenses to SSA, enabling the Port to reduce administrative costs and focus on development of its real estate assets. “We’re redefining and redesigning the Port and this is a critical first step,” said Mike McGowan, chairman of the Port Commission.
The lease is in effect for the next five years and can be extended by 5-year increments for a maximum of 20 years. Minimum annual rent payments to the Port begin at $650,000. The lease also provides for additional revenues to the Port, in the event of shipping tonnage increases. As part of the agreement, the Port is absolved of $850,000 in existing debt to SSA. The lease serves as a cornerstone of the Port’s recently-adopted business plan, which positions the Port as a landlord entity focused on new real estate revenue.
The LED-lighting design now widely in sight atop the Port facility was created by Fluoresco, a West Sacramento-based lighting company.
Copyright News-Ledger 2013