The agreement brings together the Connecticut Port Authority, the City of New London, and Gateway New London.
The goal is to increase the amount of cargo that goes through the port.
The deal also guarantees payments to New London for the next two decades.
“Our vision has always been to get a terminal operator here. We went out and talked to 64 terminal operators, did a yearlong process and Gateway was the one that could deliver world class service and a company that could deliver world class service and a company right here in Connecticut,” explained Port Authority Chairman Scott Bates. “That was step one. Step two was talking about how we can advance things with the city.”
“We are all confident this port will just explode in the years to come and that the city will have a share of that,” New London Mayor Michael Passero said.
Governor Lamont calls State Pier one of the most important ports anywhere in New England.
“I think you’re going to see Main Street New London transformed over the next five years,” said Gov. Lamont.
He is continuing the state’s investment in State Pier to make it more viable to the offshore wind industry.
The state has already committed money to improve the deep water pier.
“We’re proud of it but we’ve never really had the benefit of that asset so this is a very very historic moment for the city of New London,” said Mayor Passero.
New London will receive 10 percent of the Port Authority’s share of the revenue from the State Pier. It will also get a $75,000 annual fee to help offset the cost of police, fire, and other city services.
The mayor and many others would like to see the city become a transportation hub for companies hoping to build a wind farm just a few miles off New London’s coast.
“We believe we have the best port geographically,” said Mayor Passero. “We want to make sure they understand that this will be the best port to operate out of economically also.”
“We think about our energy mix to make sure we have affordable clean energy for the next 25 years. This is a part of that,” said Gov. Lamont.
The governor says also part of this partnership push is the fact New London is a major transportation hub – maritime and rail – and will grow thanks to jobs created by the wind industry and Electric Boat’s expansion.