ProvPort, Inc., was created in 1994 for the dual purpose of holding and managing the asset formerly known as the Port of Providence (City of Providence Municipal Wharf) and previously owned by the City of Providence. ProvPort was created as a 501(c)3 nonprofit organization chartered in Rhode Island and holds the operating rights through 2036 where the land and improvements returns back to the City of Providence.
ProvPort is overseen by the five member Board of Directors. The City of Providence Mayor receives one appointment to the Board and the City Council receives a second appointment. Representatives of the companies holding a leasehold interest in the port are granted two seats and an independent board member is chosen by the other four.
In 2007, ProvPort entered into a Terminal Management Agreement designating Waterson Terminal Services (“WTS”) as the general manager of ProvPort and as the exclusive stevedore at the port. In its capacity of port manager it takes on all responsibility for vessel scheduling, general management, safety and capital improvements at the port.
ProvPort is a strategically located port anchored by a strong tenant base each of which utilizes the port for a distribution center within the New England area. Its tenants are primarily major companies with a long history at the port and in general.
- Terminal services (lease incentives, city revenues, and capital improvements) have resulted in economic output of approximately $164 million for the city and $211 million for the state since 1994. The indirect impact of the port has generated approximately $2.8 billion in economic output for the state since 1994, with $1 billion of that occurring within the City of Providence.
- ProvPort has made $21.9 million in capital improvements since 1994 at the port. ProvPort also contributes $2000 per month to the City of Providence Neighborhood Improvement Fund.
- ProvPort tenants are planning between $33 to $55 million in capital expenses between now and 2020.
ProvPort Generates Revenue for the City of Providence.
ProvPort’s exclusive Port Operator and Manager is Waterson Terminal Services, LLC (WTS). Waterson Terminal Services specializes in handling bulk, break bulk and project cargoes including the transfer of cargo from vessel to vessel, vessel to barge, or barge to barge. In its capacity as Terminal manager WTS takes on all responsibility for vessel scheduling, general management, safety and capital improvements at the deep water port.