The Minneapolis City Council will decide next week exactly when the city's Upper Harbor Terminal on the Mississippi River will be closed permanently.
The 48-acre terminal in north Minneapolis currently hosts a variety of industrial businesses and accommodates barge traffic.
The City Council's Community Development Committee asked staff in October to explore the cost of closing the terminal early.
"The current conversation is about whether we need to our should close the terminal sooner than that," said Minneapolis Community Planning and Economic Development Director Jeremy Hanson Willis. "The two main factors affecting the decision is the threat of Asian carp and the city's interest in redeveloping the Upper Harbor Terminal."
The report recommends that the port close when contracts run out in December 2014, which could cost as much as $2.8 million.
The cost of breaking leases with businesses operating at the terminal by closing the port early could cost as much as $6.7 million, depending on how quickly the city wants to close the terminal, according to the city analysis.
"It is a pretty significant piece of property that the city owns right on the river," Hanson Willis said. "It's been part of our vision to redevelop that into something that is less industrial, that is more commercial, light industry, mixed use or even residential."
The committee will hear the revised report on Nov. 27.