In the first phase, the Port would lease 3.62 acres to build a$40 million facility to accommodate up to four ships. Base rentwould be nearly $800,000 a year. That figure is arrived at byapplying an 8% rate to an attributed $65 psf target value of theland.
That same target value would be used to project roughly $750,000in annual rent for 3.33 acres of land farther west on which asecond terminal would eventually rise at a cost of $45 million.
In addition to the base rent, Miami would receive 15% of grossrevenues whenever use surpassed an annual average of three shipsper terminal. The city would also receive payments of $300,000 to$350,000 a year in lieu of taxes, but be responsible for building a900-space parking garage and a roof-top helicopter pad.
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