The State Ports Authority board unanimously approved a multi-million dollar settlement to buy out a tenant housed on part of the property being developed for an inland port in Upstate.
The panel approved the settlement during a special teleconference this morning, agreeing to pay Nordic Cold Storage $2.2 million to buy out the remaining part of its lease.
The settlement concludes a legal dispute that threatened to potentially delay the September opening of the highly-touted cargo yard in Greer.
The SPA broke ground March 1 on the inland port, where shipping containers will be transferred between trucks and Norfolk Southern rail cars running to and from Charleston. In March, the SPA board voted to seek to force Nordic to move by condemning and demolishing its building.
Lawyers for Nordic filed a lawsuit in Spartanburg County Circuit Court on April 11, challenging the condemnation plan.
Today’s action by the SPA board comes just days after the panel approved increasing the state agency’s investment in the project by 12.9 million.
The cost of the inland port is shared with Norfolk Southern.
The original estimate for the development was $33.6 million, with $26.1 million coming from SPA and a maximum of $7.5 million coming from Norfolk Southern. Updated estimates raised the price to as high as $47.4 million, with about $39 million coming from the SPA.
SPA staff said the extra $12.9 million includes the acquisition of more property to increase the size of the yard to about 40 acres.
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