Long Beach : City to Pay $405 Million for 725 Acres of Waterfront
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The city’s Board of Harbor Commissioners has given final approval to buy 725 acres of waterfront land from Union Pacific Corp. for $405 million, which will increase the size of the Port of Long Beach by 35% and allow for an expansion of its cargo operations.
Union Pacific officials are expected to approve the agreement in the next few weeks, officials said.
The expansion is expected to create 1,000 jobs at the port and generate about $1.4 million a year in tax revenue for Long Beach.
The Harbor Department plans to use reserves and future profits to pay for the property. The port has a reserve of about $290 million and generates more than $60 million a year in profits from leases and dockage fees.
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