- Associated Press - Monday, March 28, 2016

RICHMOND, Va. (AP) - Virginia officials hope the once-overlooked Port of Richmond will become an economic boost for the region.

The Richmond City Council recently approved leasing the Pot of Richmond to the Virginia Port Authority for 40 years.

The Richmond Times Dispatch reports (bit.ly/1UR4uFT) that the Port Authority plans to pump $17 million in upgrades into Richmond’s port, which has been renamed the Richmond Marine Terminal.

Annual cargo volume at Richmond’s port is expected to grow from about 14,000 standard shipping containers to 32,000 containers over the next three years.

Kim Scheeler, president and CEO of the Greater Richmond Chamber, said the once “faltering asset” for the city now has a chance now to become “a huge catalyst to drive economic development” in the area.

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