SAN DIEGO (CNS) - Dole Food Co. is expected next week to sign a new lease with the Port of San Diego that could keep the 10th Avenue Marine Terminal's biggest tenant in town for the next 25 years, according to documents posted online Wednesday.
Dole, the largest of the port's roughly 600 tenants, imports bananas, pineapples and mangoes in refrigerated shipping containers and gives the port about $2 million per year in lease payments.
A new contract -- for 15 and a half years, but with options for nine more -- for nearly 1 million square feet at the terminal would bring in about $1.8 million initially, according to a staff report, but port officials said there was a potential to increase revenue.
The port has been promoting the economic importance of the 10th Avenue terminal since civic activists proposed building a new bayside football stadium at the site. The Chargers and city of San Diego have continued to work on developing a plan for another spot, in the East Village, about a mile away.
The proposed lease is scheduled for a vote at the port's Board of Commissioners meeting Tuesday. The lease is available on the port's website at portofsandiego.org.
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