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Port of Vancouver sells bonds, closes Alcoa purchase
2009/4/2
The Port of Vancouver recently announced the successful sale of US$25.8 million in limited tax general obligation bonds for the acquisition of industrial property, capital improvement and refinancing outstanding bonds.
On March 19 it 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.
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.
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2009/4/2