BALTIMORE, MD. — Maryland’s Governor, Martin O’Malley announced a 50-year agreement between the Maryland Port Administration (MPA) and Ports America Chesapeake that will allow the MPA to lease its 200-acre Seagirt Marine Terminal to Ports America. In return, Ports America has agreed to construct a 50-foot berth for the Port of Baltimore that is expected to result in increased business opportunities and larger vessels that will be able to dock at the Port.

This partnership between the MPA and Ports America is expected to generate 5,700 new jobs, while the total investment and revenue from this agreement to the State of Maryland has the potential to reach more than $1.3 billion over the life of the agreement and will generate $15.7 million per year in new taxes for Maryland. The agreement will have to be approved by the Board of Public Works.