NC State Ports Authority chooses CenterPoint as leading candidate to develop the North Carolina International Terminal.

The North Carolina State Ports Authority and CenterPoint Properties of Oak Brook, IL, have made a key step toward the eventual development of the proposed North Carolina International Terminal in Brunswick County. The two organizations have come to terms on a predevelopment agreement for the project.

The agreement covers issues to be addressed in the first step of the process and signals that CenterPoint is the leading candidate to become the private development partner for the container terminal.

'Partnering with CenterPoint to get these questions answered brings North Carolina a step closer to moving forward on construction of this project, one that will place us at the center of global shipping in the US,' said Carl J. Stewart Jr., chairman of the NC State Ports Authority Board of Directors. 'The benefits of this project for our state will be profound in terms of the economy, jobs and the quality of life for thousands of people.'

The International Terminal will enable North Carolina to capitalize on the rapidly growing demands of international trade with the US, which is projected to double between 2005 and 2020. It will increase the state's competitiveness for international trade, as well as for manufacturing and distribution centers. When fully operational, it is estimated the terminal will directly and indirectly support more than 475, 000 jobs and result in $1.2 billion in state and local tax revenue.

'Global trade is growing, yet domestic ports will be unable to meet projected demands. Also, new ships coming on line are larger than most East Coast ports can accommodate,' said Ports Authority CEO Thomas J. Eagar. 'The proposed terminal, situated near the mouth of the Cape Fear River at the Atlantic Ocean, will be well equipped to handle the increased demand and larger ships coming from foreign ports.'

During the term of the predevelopment agreement, CenterPoint will provide the Ports Authority with answers needed to determine if the company will be the project's long-term partner.

CenterPoint Properties is a real estate investment firm specializing in the development and management of industrial real estate and related rail and port infrastructure. The company has demonstrated success in developing, financing, and operating large-scale and transformative intermodal facilities in the Midwest and is expanding with additional projects around the nation. They also have a sound track record in working with these communities to create logistical hubs that capitalize on national and global shipping demands.

'The goal of this agreement is to determine not only how this project will come together and operate, but also how the Terminal can be an integral part of the community and a good neighbor,' said Paul Fisher, president for CenterPoint. 'The location has great potential. Now we have to make sure we uncover all possible needs and impacts, and present a plan to the Authority that meets their requirements for a possible partner. We believe this is the beginning of a long and fruitful relationship that will benefit CenterPoint, the NC State Ports Authority and the people of North Carolina.'

CenterPoint's studies will review the existing site, and development and operational needs, and examine potential impacts the project could have. They will also focus on public safety, and rail and highway capacity. As part of the review, CenterPoint and the Ports Authority will look at how best to address and minimize impacts to the surrounding community.

'The International Terminal represents a once in a lifetime opportunity for North Carolina,' said Stewart. 'We can reap the economic benefits of global trade and still preserve our coastal communities and their citizens' quality of life. If we work together it doesn't have to be a choice of one or the other.'