As Stewards of Tomorrow, The Port of Virginia continually looks toward the future. Along with ongoing expansion and reinvestment at several facilities, we look to leverage new partnerships, upgrade technology and meticulously manage our assets to spur growth that sustains our operations for generations to come.
In fiscal year 2016, a new 40-year lease to operate the Richmond Marine Terminal (RMT) united The Port of Virginia and the City of Richmond through 2056. With that relationship in place and the growing use of barges to move more and more cargo, we'll turn to the Richmond community for new public-private partnerships that can drive economic opportunity and additional commercial expansion. Moving forward, we've partnered with the City of Richmond, the Richmond Transportation Planning Organization and Virginia's Office of Public-Private Partnerships to study the best use of the currently underutilized industrially zoned land around RMT. We hope by encouraging the development of what's known as the Commerce Road Corridor, we can help attract even more port users to the area.
"The Richmond Marine Terminal is a unique asset that differentiates the City of Richmond as an attractive location for logistics and manufacturing," said Jane Ferrara, chief operating officer of economic and community development for the City of Richmond. "Our partnership with The Port of Virginia connects the City to a global market and creates tremendous economic opportunity to drive new investment and high-quality jobs along the Commerce Road corridor."
To continually improve efficiency, we have also begun upgrading the terminal operating systems (TOS) throughout port facilities. In fiscal year 2015, Norfolk International Terminals installed Navis N4. In fiscal year 2017, it will be integrated the Virginia Inland Port and Pinner's Point Container Yard with the Virginia International Gateway following in FY18.
This leading-edge TOS allows for automated gate and transfer services that make operations safer for port employees and motor carriers. Navis, a system used across several ports worldwide, replaces an older, custom-built system, thereby reducing the need for a large internal management staff and costly downtime as a result of maintenance.
Also on the horizon is the development of an advanced enterprise asset management (EAM) program that will support our capital spending and strategic capital decision making. With more than $2 billion of total assets, it is important for us to manage what we have, how we maintain it and how and when we replace it. Through a well-planned EAM system, assets such as infrastructure, finances and human capital are strategically prioritized and managed to maximize investments while minimizing downtime through predictive maintenance practices.
As a catalyst for commerce, our work at the port will continue to create jobs and drive investment across the Commonwealth of Virginia, thanks to future planning that leverages robust partnerships, industry-leading technology and responsible asset management.
Leading our industry as Stewards of Tomorrow, we are proud of our accomplishments over the last year and strive to build on those.