The Port of Baltimore project is a 50-year lease and concession signed in November 2009 between the Maryland Port Administration (MPA) and Ports America Chesapeake (PAC) that entails the operation of the Seagirt Marine Terminal at the Port of Baltimore. As part of this arrangement, PAC will construct a 50-foot-deep berth and associated infrastructure, ready for use by the larger vessels that will be able to come through a widened Panama Canal from 2014. As well as an annual rent payment, the concession includes a fee-sharing arrangement whereby the MPA will receive a US$15 fee (indexed) for each container handled over a threshold of 500,000 per annum.