Royal Caribbean Cruise Lines and the Port of Galveston have approved a $100 million lease agreement to build a third cruise terminal at Pier 10 in Galveston.
The Galveston County Daily News reports that the deal is one of the largest financial agreements in the island's recent history.
Entering a 120-day due diligence period, the port and Royal Caribbean will ensure the ground at the pier is safe to build on.
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The wharves board also voted to enter into a memorandum of understanding requiring the port to pay the city $300,000 annually, along with additional fees, if more than 600,000 people travel through the terminal in one year.