Apr 20, 2004
APM Terminals Invests in New Portsmouth Terminal
On April 20, 2004, Virginia Governor Mark Warner announced the decision of APM Terminals to invest $500 million in a new, privately developed container terminal in Portsmouth, Virginia that is expected to create 210 new jobs within 3 years. Chris Lloyd with McGuireWoods Consulting's Business Expansion team led the incentives negotiations and lobbying activities on behalf of APM Terminals, the operating arm of Maersk, the largest marine cargo container company in the world.
Incentives include a $500,000 grant from the Governor's Opportunity Fund and support from the Virginia Department of Transportation and the Virginia Department of Rail and Public Transportation to improve road and rail access to the site. APM Terminals will be able to participate in the Virginia Department of Business Assistance's Workforce Services Program and will be eligible for tax credits through the enterprise zone tax credit program.