PORTSMOUTH, Va. – The City of Portsmouth claims it will lose millions of dollars because of a new agreement at the port.
Mayor Kenny Wright wants the state to make up for Portsmouth’s losses.
Wright sent a letter to Governor McAuliffe, saying the agreement between the Virginia Port Authority and Virginia International Gateway, which is privately owned, will cost the city more than $3 million dollars in tax revenue.
Wright wants to meet to discuss ways the state can help Portsmouth make up for the losses.
State officials have said the agreement, which was signed in September and scheduled to last 50 years, will eventually create new revenue for Portsmouth to offset the short-term hit.
City leaders dispute that and Wright wrote to the Governor that Portsmouth cannot afford to lose its largest taxpayer.
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