FOR RELEASE - June 7, 2010
Contact: Aaron Ellis-AAPA / Joe Harris-VPA, email@example.com
703-706-4714 / 747-683-2137
American Association of Port Authorities
1010 Duke Street
Alexandria, VA 22314
Phone: (703) 684-5700 www.aapa-ports.org
Seaport Experts To Discuss Financing Demands, Business Outlook At Norfolk Seminar, June 8-10
Seaports in the U.S. and throughout the Americas provide trade opportunities for thousands of businesses that employ millions of workers. Yet, in today's harsh economic environment, many public port authorities are straining to pay for vital infrastructure investments that can cost tens, even hundreds, of millions of dollars.
Investments in seaports provide jobs and economic prosperity for the communities and regions they serve. Furthermore, port investments can help expand market access for, and improve competitiveness of, businesses and farmers that export their products overseas and for those that must import raw materials, parts, fuel and other manufacturing components for their domestic operations.
To better enable seaports to manage today's complex economic issues, the American Association of Port Authorities (AAPA), in cooperation with the Virginia Port Authority (VPA), will hold its biennial Port Finance Seminar June 8-10 at the Marriott Norfolk Waterside in Norfolk. Among the topics to be discussed include trends and new approaches to financing port infrastructure development; methods for improving asset and risk management; environmental issues related to port facility financing; trends in tax exempt financing for ports; and innovations in sourcing public port authority funding, such as through public-private partnerships.
"Efficient seaports enable our nation's businesses and farmers to cost-effectively export their products to their overseas markets and allow consumers to enjoy less expensive options for purchasing food, clothing, medicine, fuel, technology, finished goods and building materials," said Kurt Nagle, AAPA's president and CEO. "By reducing impediments such as the alternative minimum tax on those who invest in public port authority bonds and through innovative finance partnering with the private sector, it will help our public ports make the investments needed to remain internationally competitive and deliver prosperity to their community and nation."
According to Jerry Bridges, executive director of the VPA, the Authority's pending lease agreement with APM Terminals is a good example of a non-traditional business plan that will help stimulate growth at the Port of Virginia. "It's quite possible that this anticipated agreement between the VPA and APM Terminals will inspire other ports across the nation to seek alternative methods to spur development of their port infrastructure," he said.
American Association of Port Authorities (AAPA), in cooperation with the Virginia Port Authority. Additional sponsors include The PFM Group, Hugh Wood Inc. and Bin Tech Solutions, LLC.
Financial seminar focusing on managing today's complex, challenging economic issues.
Tuesday-Thursday, June 8-10, 2010 (Day 1, 8:30am-4:15pm; Day 2, 8:30am-4:00pm; Day 3, 8:30am-noon).
Marriott Norfolk Waterside, 235 East Main St., Norfolk, VA 23510
Credentialed journalists interested in covering the seminar for media purposes are asked to contact Aaron Ellis, firstname.lastname@example.org, to obtain a media pass.
The Virginia Port Authority (VPA) is an agency of the Commonwealth of Virginia, reporting to the state Secretary of Transportation. The VPA owns and operates four general cargo facilities on behalf of the state: Norfolk International Terminals, Portsmouth Marine Terminal, Newport News Marine Terminal and the Virginia Inland Port in Warren County. The terminals are operated by Virginia International Terminals, Inc. (VIT) the non-stock, non-profit operating company. The VPA, through terminal earnings generated by VIT, is operationally self-sufficient. The VPA and correlating maritime industry is responsible for 343,000 jobs, $41 billion in total revenues throughout the Commonwealth. For more information, visit http://www.portofvirigina.com/