DE HCR76

Approves a 50-year Lease and Concession Agreement between Diamond State Port Corporation (DSPC) and GT USA Wilmington, LLC to operate the Port of Wilmington and Edgemoor facilities.

DSPC retains ownership of real property and maintains oversight rights on safety, security, dredging, major business strategy changes, and key construction projects through a non-voting observer role on GT's board.

GT commits $584 million in total capital investments: $73 million for the Port, $411 million for Edgemoor, and $100 million for additional warehousing, with minimum guarantees of $60 million at the Port within 3 years and $250 million at Edgemoor within 5 years.

Concession fees start at $6.1 million in Year 1, rising to $13.1 million in Year 10 based on volume guarantees and inflationary adjustments, with fees covering all DSPC debt service and post-closing operating costs.

GT must recognize existing unionized labor, enter into Project Labor Agreements with unions, extend employment to DSPC employees at similar compensation for at least 6 months, guarantee cargo volume growth, maintain a $15 million letter of credit, and is prohibited from using the facilities as a liquified natural gas terminal.