To strike a significant deal for its future, the Port of Oakland made a significant break with its past. The port agreed in March 2009 to turn over operation of some of its terminals to a private investor in exchange for $686 million over the life of a 50-year deal. The port got a $60 million payment up front plus annual rent payments starting at $19.5 million. That compares to $18.9 million in yearly rent the port got from the berths’ previous tenants. Several elements of the deal were novel for the port. (Access the rest at the link below.)
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