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Board of Directors meeting report -- March 24, 2008 March 25, 2008 -- JAXPORT's Board of Directors took the following actions at their meeting held on March 24, 2008:
The Board approved two Talleyrand-area property agreements with Crowley Liner Services: a 10-year lease agreement for 7 acres and a 10-year sublease agreement for 3.8 acres. The Board also authorized staff to issue JAXPORT Revenue Bonds to help finance the port’s capital budget, a move planned in this year’s budget.
The Board approved a measure authorizing the Port Authority’s dredging contractor to create a turning basin by the Dames Point Marine Terminal, so that large ships may turn around more easily, beginning this summer.
The Board heard a report from John Emery from Spectrum Logistics as well as several reports from staff, including the following:
Ron Baker, Deputy Executive Director and CFO, noted JAXPORT’s revenues are slightly above budgeted levels while expenses are slightly below budgeted levels this Fiscal Year. Mr. Baker also recently returned from South Korea, where talks continued with Hanjin Shipping Company LTD regarding a new container terminal in Jacksonville. Negotiations will now move towards a final long-term lease agreement, expected to be presented to the Board during their April meeting.
Roy Schleicher, Sr. Director of Trade Development & Marketing, noted that MOL may call JAXPORT at the Blount Island Marine Terminal during summer 2008, before their new terminal is scheduled to open in December 2008.
Tim Murphy, Sr. Director of Engineering and Construction, reported on current construction projects; and David Smolder, Director of MOL/TraPac Development, updated Board members on the progress of TraPac Container Terminal construction.
Tony Orsini, Sr. Director of Cruise Operations and Business Development, delivered an update on the St. Johns River Ferry, noting that JAXPORT’s original projections on ridership and revenue are in alignment with what has occurred so far during FY2008. While JAXPORT has reduced the ferry operation's deficit from $1 million to about $300,000 for the year, the Port Authority is also planning additional ways to increase ridership this summer.
The Board's next meeting is scheduled for Monday, April 28, 2008.
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