The Port of Tacoma has told its commissioner it plans to avoid the bond market for now to raise funds for long-term capital projects.
Instead the port intends to use commercial paper, unsecured, shorter term borrowings to fund its construction projects until the finance market settles down.
The port has a five-year plan to spend some $324 million for capital projects on the Tacoma Tideflats. The port is converting much of the Blair-Hylebos Peninsula to a container terminal.
The port’s immediate plans call for construction of a 600-foot wharf extension, the purchase of two container cranes and environmental mitigation work on Blair-Hylebos peninula.