FACILITIESAPPROVED

Port of Long Beach Staff Report HD-26-226 May 2026

Seventh Amendment Approved for LBCT Pier F Lease

GAM set at $414,327 per acre ($124,481,626 total) for 7/1/2026–6/30/2027; $418,829 per acre ($125,834,284 total) for 7/1/2027–6/30/2028; $423,455 per acre ($127,224,141 total) for 7/1/2028–6/30/2029; $428,208 per acre ($128,652,218 total) for 7/1/2029–6/30/2030; $433,092 per acre ($130,119,567 total) for 7/1/2030–6/30/2031; one-time reduction of $291,938.88 to GAM for 7/1/2024–6/30/2025Port of Long BeachLBCT LLCMay 11, 2026

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Description

The Port of Long Beach approved the second reading of an ordinance authorizing execution of the Seventh Amendment to Preferential Assignment Agreement HD-7918 with LBCT LLC for its 300.4-acre Pier F marine container terminal. The amendment sets new wharfage break points, establishes guaranteed minimum annual compensation totaling over $635 million across 2026–2031, defines insurance coverages, and grants a one-time $291,938.88 rent reduction for 2024–2025 due to sewer lift station project impacts.

Contract Details

Contract Amount

Vendor

LBCT LLC

Agency

Port of Long Beach, CA

Contract Type

FACILITIES

Document Date

May 11, 2026

Contract Term

July 1, 2026 – June 30, 2031 (with a one-time GAM adjustment for July 1, 2024 – June 30, 2025 under the same PAA term July 1, 2011 – June 30, 2051)

Renewal Date

2031-06-30

Renewal Info

Fourth five-year financial segment of the 40-year PAA, covering July 1, 2026 through June 30, 2031, with GAM amounts and insurance requirements renegotiated per charter; the one-time GAM reduction applies retroactively to July 1, 2024–June 30, 2025. The overall PAA expires June 30, 2051 and future five-year segments remain subject to renegotiation.