Virginia Port Authority (VPA) has sent a "letter of intent" to the Port of Richmond (PoR), proposing to lease its facilities for five years, said spokesperson for VPA, Joe Harris.

The proposal includes a nominal payment, which Harris has declined to disclose.

Owned by the city of Richmond, PoR is currently managed by PCI of Virginia LLC, which contract is due to expire November 30, 2010, said John Smith, operations manager for PoR.

Reports say that PoR suffered a blow last year when International Container Lines, the port's biggest customer for the last 24 years, left for Wilmington, North Carolina.

According to Style Weekly, PoR is close to bankruptcy. PoR posted a request for bids from potential operators on its website on July 2, with a deadline on August 4.

VPA currently owns three marine terminals in Norfolk, Portsmouth and Newport News, along with an inland port in Front Royal.

Secretary of Transportation Sean Connaughton said that the state was interested in VPA possibly taking over PoR, as VPA would enhance the weekly barge service that ferries cargo containers between Hampton Roads and PoR.