POV-ToddColemanBy Todd Coleman, Port of Vancouver USA CEO (as published as a guest opinion in the Feb. 20, 2015 edition of the Vancouver Business Journal)

For 103 years, the Port of Vancouver USA has served as an engine of economic growth in our community by moving cargo through Vancouver, and supporting industry and jobs.

Like any other organization with a long and productive history, we’ve had plenty of ups and downs. For the last 10 years we’ve been on a generally upward swing, and as we crunch the numbers for 2014, the year is shaping up to be one of the best revenue years we’ve ever had. As we continue to create possibilities in 2015, I’d like to share some of the things that make us a healthy and stable economic force for Vancouver and the region.

Solid finances

Our profit margin is excellent, averaging about 30 percent. We reinvest those profits in roads, bridges, rail, docks, industrial property and other projects that benefit our community.

We have clean financial audits from the state. Each year, the Washington State Auditor’s Office audits all public ports in Washington. They look at our internal controls, financial statements and grants. No issues of concern have been identified.

Our credit ratings from Standard & Poor’s and Moody’s are excellent. S&P rates us at AA-, meaning that the port has a “very strong capacity to meet financial commitments.” Moody’s rates us at Aa3, meaning that our “obligations are judged to be of high quality and subject to very low risk.”

Supporting industry, sustaining jobs

Ports tend to hold onto property, but it’s not unheard of for a port to sell land when it makes sense. Farwest Steel is a recent example at the Port of Vancouver. Farwest bought 17.5 acres from the port in 2010 and they’ve been a great neighbor, employing over 250 people and contributing more than half million dollars annually to the city of Vancouver, Vancouver School District, libraries and other junior taxing districts that provide vital public services to our community.

Last week, our Board of Commissioners unanimously approved selling 18.9 acres in the port’s Centennial Industrial Park to Sunlight Supply Inc. Sunlight currently operates out of five separate facilities across Southwest Washington, including a facility leased from the port. This decision allows the company to consolidate its operations and bring all 253 of its local employees together in the same building for the first time in a decade.

Investing in infrastructure for today and tomorrow

In the early 2000s, rail congestion at the port was so bad that it was significantly affecting many of our tenants. We developed the West Vancouver Freight Access project (WVFA) to create a new rail entrance for the port and help address congestion. WVFA grew from the initial $57 million project to a total of 21 projects and a projected investment of $275 million. As we improved our rail system, tenants invested roughly $300 million in private facilities to take advantage of added capacity. We’re now in the final stages of WVFA, looking to complete the project in 2015 – two years early – and millions of dollars under budget.

Doing it right, together

We’re doing some great things here at the Port of Vancouver and working with great people to make it happen. We’re proud of our excellent financial health, our continued commitment to industry and jobs, and our strategic rail investments – all significant feats that will pay dividends for years to come.

We couldn’t do it without the support and trust of many in our community, including taxpayers, legislators, economic development partners, businesses and contractors. By working together, investing in the future and doing the right thing, we can continue to lift our community up and ensure that its brightest years are still ahead.