Vancouver USA port completes bond sale
The Port of Vancouver USA said Wednesday it has completed the 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 sold $15 million in new bonds to fund the purchase of a 218-acre property formerly owned by Alcoa for smelting and extruding. The property will be turned into the port's new Terminal 5, with construction of a unit train rail facility and wind energy storage area expected to begin later this year.
The bonds will also help fund major construction projects, like the West Vancouver Freight Access rail project.
In December, the port sold $32.6 million in bonds, which fell less than $8 million short of what the port was hoping to raise. With the $10.8 million remaining from the March bond sale, the port will refinance outstanding bonds in the same amount, saving the port approximately $275.928.