The state-owned Diamond State Port Corp. approved an agreement with Enstructure LLC to take over the Port of Wilmington, the New Journal/Delaware Online reported.
Enstructure will replace GT USA Wilmington, which has operated the port since 2018.
Enstructure agreed to make an annual payment to the port corporation, invest in the port’s infrastructure and lead a long-planned expansion of the port at the site of the former Chemours/DuPont titanium site. The deal is technically a series of changes to the existing agreement that had given control of the port to GT USA Wilmington.
Enstructure will make an annual payment starting at $1 million and increase each year by the lesser of 5% or the Consumer Price Index. Earlier terms showed Enstructure committing $87 million to port improvements.
Tom McGonigle, an attorney with Barnes & Thornburg LLP, said this represents the minimum amount Enstructure will spend and that the company has plans to pay above this amount.
The final “concurrence” will come from Controller General Ruth Ann Miller; Senate President Pro Tempore David Sokola; Speaker of the House Valerie Longhurst; and the co-chairs of the Bond and Capital Improvement Committee, Sen. Jack Walsh and Rep. Debra Heffernan.
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