The Royal Caribbean Group has a deal for a new terminal.
The construction is part of a development and lease agreement approved Tuesday by the Miami-Dade County Board of County Commissioners that is expected to bring in $2.8 billion in economic development to the county over the next 50 years.
The county will pay the construction costs in the beginning. For exclusive use by Royal Caribbean Group's cruise lines, a new Terminal G will be built. The lease at Terminal G will be held by Royal Caribbean for 36 years.
The capital improvements for both Terminal G and portions of Berth 10 will cost up to $325 million. The county will be reimbursed for almost half of the project costs.
The completion of Terminal G will more than double Royal Caribbean's annual passenger movements.
The county will be reimbursed for electrical charges when Royal Caribbean Group ships dock at Terminal G.
The Royal Caribbean Group's headquarters was halted during the swine flu. Over the first 30 years of the term, Royal Caribbean Group will be responsible for repayment of 1 25% of capital construction costs. The county is willing to spend hundreds of millions of dollars. The lease was extended for 50 years.
After the campus expansion is completed, Royal Caribbean's headquarters will have room for another 1000 employees. Government documents show that the average yearly salary will be over $100,000.
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