Port of Tacoma invests for expected “steady growth”
Port of Tacoma invests for expected “steady growth”
The port of Tacoma commission has authorized $194.7 million of capital investments for 2004, as the port predicts two years of steady, but not dramatic, growth.
The $194.7 million budgeted for 2004 represents the first year of the port’s five-year, $321.3 million capital improvement program.
The core projects in the 2004 capital budget include the new Evergreen container terminal on the Blair Waterway and associated infrastructure, as well as regional transportation enhancements, environmental cleanup and wildlife habitat restoration.
The port of Tacoma expects to handle a record 1.73 million TEUs this year, with $83.8 million in total revenue.
Dick Marzano, president of the port of Tacoma commission, said $50 million of the $194.7 million capital spending will be funded by earnings and cash on hand, with the balance funded through revenue bond debt.
“With historically low interest rates and an expanding transpacific market, this is the ideal time for the port to make these investments,” Marzano said.
“For 2004 and 2005, we are projecting steady growth, but not the dramatic growth of 2002 and 2003,” he said. “The infrastructure we invest in today will begin to pay dividends in 2006.”