The port 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. The port’s purchase of the Alcoa property closes today.
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.
In December, the port sold $32.55 million in bonds, which fell less than $8 million short of what the port was hoping to raise. The total of $47.55 million will pay for property purchase and major capital improvements.
With the $10.8 million remaining from the March bond sale, the port will refinance outstanding bonds in the same amount. This refinance will save the port approximately $275.928. The port commission voted unanimously at its regular meeting.
