Port of Vancouver USA to pay for waterfront purchases with levy tax
The Port of Vancouver USA will use public funds to purchase two waterfront industrial sites that it estimates will create 1,859 new jobs.
The Washington port has signed letters of intent with Alcoa Inc. and Evergreen Aluminum LLC to purchase a former aluminum smelter and aluminum fabrication facility covering a combined 218 acres for $48.25 million.
To fund the deals, port commissioners have authorized use of an Industrial Development District levy tax, a special funding option that authorizes public funds for the improvement and development of industrial lands. State legislation allows the port two six-year levies for industrial development district purposes. The port used its first IDD levy from 1958 to 1963.
The port said the latest six-year levy would generate about $78 million, and would cost property owners in the port district with homes currently valued at $250,000 about $112 in 2008, although the remaining five-year average is expected to be $100.
'This property is one of the last waterfront industrial sites of its size available on the West Coast,' said Larry Paulson, the port's executive director. 'It will allow the port to capitalize on exploding growth in international trade to generate economic value and new jobs for our community.'