Port of Vancouver successfully sells bonds, closes Alcoa purchase

VANCOUVER, Wash. – The Port of Vancouver USA recently announced the successful sale of $25.8 million in limited tax general obligation bonds for the acquisition of industrial property, capital improvement and refinancing outstanding bonds.

The port, on March 19, sold $15 million in new bonds to fund the purchase of the Alcoa property and help fund major construction projects like the West Vancouver Freight Access rail project. Some of the bond proceeds were used to complete the acquisition of the 218 acres formerly used for the smelting and extruding operations of Alcoa and Evergreen Aluminum. The port’s purchase of the Alcoa property closes today.

That property will be turned into the port’s new Terminal 5. Construction of a unit train rail facility and wind energy storage area are expected to begin later this year. At full buildout, the port expects the new Terminal 5 could bring as many as 1,000 new jobs to the community.

In December, the port sold $32.55 million in bonds, which fell less than $8 million short of what the port was hoping to raise. The total of $47.55 million will pay for property purchase and major capital improvements.

With the $10.8 million remaining from the March bond sale, the port will refinance outstanding bonds in the same amount. This refinance will save the port approximately $275.928. The port commission voted unanimously at its regular meeting on March 10 to approve this action.

About the Port of Vancouver USA

The Port of Vancouver USA, created by Clark County taxpayers in 1912, is one of the major ports on the Pacific Coast. Its competitive strengths include available land, versatile cargo handling capabilities, vast transportation networks, a dependable labor force and an exceptional level of service to its customers and community.

The Port of Vancouver is embarking on a year full of projects and developments that will lead to vital job creation, economic stimulation and environmental preservation. By diversifying its cargo mix between bulk commodities, breakbulk and project cargos, the port is responsible for job generation and significant contributions to the tax base for not only its own community, but also the state of Washington. Current expansion of the port’s rail system and development of new port industrial and marine properties will bring new jobs – both short term and long term – and the preservation of wetlands, the creation of enhanced wildlife habitat, and make way for more green/sustainable business partners operating from the port. For more information, please visit us at www.portvanusa.com.

– POV –

At A Glance

Who: Port of Vancouver USA
What: $25.8 million bond sale   and closure of Alcoa property purchase
When: March 31, 2009
Where: Vancouver, Wash.
Quick Facts: The port sold more than $25 million in bonds that will go toward the purchase, funding major projects, and will refinance outstanding bonds.