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Port of Tacoma will steer clear of the bond market for now

Post by John Gillie / The News Tribune on Nov. 26, 2008 at 4:12 pm with No Comments »
November 26, 2008 4:12 pm

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.

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