VICKSBURG, Miss. (AP) — Kinder Morgan and the Warren County Port Commission have agreed to a six-month extension of the company’s current contract to operate port facilities.
The Vicksburg Post (http://bit.ly/1ztaXZO ) reports the decision allows more time for the company to recruit customers to move raw materials through the harbor. It also gives the commission time to consider a request to reduce a fee paid for using privately owned warehouses at the port.
Terms of the current lease call for the company to pay $135,000 in base rent plus 8 percent if revenue tops $1 million.
The incentive jumps to 15 percent if revenue reaches $1.4 million.
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Information from: The Vicksburg Post, http://www.vicksburgpost.com
