Port of Long Beach to renew lease with Toyota

user-gravatar

The Long Beach Board of Harbor Commissioners this week gave the go-ahead to a $240 million 20-year lease renewal with Toyota Motor Sales U.S.A. The new lease, which contains several environmental initiatives, would keep Toyota at its Pier B facilities until the end of 2028. The lease is retroactive to Jan. 1, 2009.

Toyota occupies about 144 acres in the port, where it receives between 200,000 and 300,000 Toyota, Lexus and Scion vehicles imported from Japan each year. Toyota first became a port tenant in 1981. The last long-term lease was signed in 1990 and expired in 2006. The company has been on interim leases since.

The new lease calls for yearly rent of about $10 million and requires Toyota to take measures that will decrease air pollution related to its operations, including the use of cleaner fuel by its car-carrying vessels. Also, by 2014, virtually all of the trucks that transport the vehicles out of the terminal will have to comply with strict emissions standards, similar to what already is required of most trucks servicing the port’s container terminals under the Clean Trucks Program. Other requirements include the use of energy-efficient design on any large buildings constructed on their premises.

The board voted for renewal of the lease at the committee level this week. The full board is expected to approve the motion when it meets again next month.