Port of Vancouver issues $32.55 million in bonds for
Terminal 5
The Port of Vancouver today announced that it has issued
$32.55 million in General Obligation Bonds (Alternative Minimum Tax) for
the purchase of its new Terminal 5 facility.
The bonds were issued Tuesday in Portland, said Port
executive director Larry
Paulson. He said
the bonds were issued to institutional and retail markets through
underwriters Seattle Northwest Securities and Edward Jones Company.
“Although the entire $40 million was not sold, this sale
provides enough cash toward the purchase price of Terminal 5,” said
Maggie Smith, Port
director of finance and accounting. “In this market, our True Interest
Cost of 6.74 percent is really good.”
Terminal 5 is the former site of Alcoa and Evergreen
Aluminum. Evergreen Aluminum recently completed its demolition and
cleanup of the property and has received an acceptance from the
Washington State Department of Ecology, according to Port officials.
In
addition, officials said Alcoa’s demolition and environmental
remediation is nearly complete.Port staff estimates that, based on projections, Terminal
5, when complete, could result in as many as 1,000 jobs on the site, in
addition to the generation of leasehold excise taxes paid by Port
industrial tenants that nearly equal property tax.
“We were fortunate enough to obtain $32.55 million for the
acquisition of property and construction of rail, which is needed to
create jobs and economic benefit to this community,” Paulson said.
“These bonds are backed by the good faith of the community, supported by
the tax levy which is limited to repayment of debt and environmental
cleanups.”
Funds from the bond could also be used for construction of
rail facilities for the Port’s West Vancouver Freight Access project if
needed. The Port expects to close the purchase of the Evergreen property
by the end of January 2009 and wrap up the Alcoa sale at the end of
March 2009.
Vancouver Schools announce budget cuts
Vancouver Schools Superintendent Steven
Webb announced
that the district will reduce spending in targeted areas to soften the
impact of anticipated state budget cuts for the 2009-10 school year.
At a regular meeting of the board of directors, Webb noted
that the state faces a budget shortfall of nearly $6 billion for the
2009-11 biennium. “The governor and the legislature face many difficult
budget choices,” said Webb. “Their decisions are certain to impact
Vancouver Public Schools as we develop our own financial plan.”District officials said Vancouver Public Schools’
proportionate share of state reductions, if fully implemented, could
amount to $24 million in 2009-2010.Immediate steps to generate a one-time saving of $500,000
include a hiring freeze, discontinuing non-essential travel, reduction
of school and department budgets for non-employee related costs by about
five percent.
Over the next few months, the district will engage staff
and community groups in a series of discussions about potential budget
solutions.“This economic downturn is especially difficult, but we
will get through it together,” said Webb. The District, he added, will
stay “true to our core values, while preparing for the brighter days we
know are ahead.”
Chamber to host “Meet
the Business Editors” event
The Greater Vancouver
Chamber of Commerce (GVCC) will host a “Meet the Business Editors” media
breakfast on Tuesday, Jan. 13, 2009 from 7:30 to 9 a.m. at the Hilton
Vancouver, 301 W. Sixth St. in Vancouver.
Meet business editors from
The Oregonian, The Columbian, The Portland Business Journal, The
Vancouver Business Journal, The Daily Journal of Commerce
and
KGW News Channel 8.
Learn how to get business coverage in their publications and on their
station, what they look for in story pitches and how to maximize your
media exposure. Panelists will also address the changes in their
organizations and how they
affect the way news is covered.
Katlin Smith,
APR, of UrbanWords Group will facilitate this panel discussion. Smith is
a past president of the PRSA-Portland chapter.The cost to attend is
$30 for GVCC members and $40 for others. Continental breakfast is
included. RSVP for this event at www.vancouverusa.com (click
Events/Registration and then Chamber Events) or call
360-694-2588.
Pre-registration is required.
Reception planned for
Russian artist
A special
reception for Russian artist
Maxim Pridanov
will be held Wed., Dec. 17, 4:30 to 6 p.m. at the Clark County Public
Service Center lobby, 1300 Franklin St., Vancouver. Light appetizers
will be served.
The reception is
sponsored by the Chalkov Cultural Exchange Committee and Southwest
Washington Center for the Arts.
Pridanov was born in
Nizhniy Novgorod, Russia, in 1965. He is a member of the Russia League
of Artists and a member of the International Federation of Artists.
Go to the following website to see more of Pridanov's work:
http://www.genesisgallery.com/gallery.php?id=398.
Battle Ground resident
Michael Fronk's quick thinking helped homeowners avert potential
disaster. While traveling down NE 179th Street on his way to work just
before 10:00 a.m., Michael noticed flames coming from the vents near the
front porch and traveling up the side of a home. Michael turned into the
driveway, honking his horn to try to alert the residents. He proceeded
to bang on the windows and call 911. He then retrieved a nearby garden
hose and kept the flames from engulfing the home until fire crews
arrived and fully extinguished the fire. No residents were at home at
the time of the fire, but had Michael not intervened, fire crews believe
it would have turned into a major fire.
Clark County Fire &
Rescue and the Clark County Sheriff's Office honored Michael for taking
action in extraordinary circumstances at the CCF&R Board of Fire
Commissioners meeting yesterday, December 10.
People
The Board of Clark
County Commissioners commended county administrator
Bill Barron for
exemplary services in 2008 and since 1998, following his customary
annual review. The commissioner said he will be retained through 2011.
Board chair
Betty Sue Morris said, “Mr. Barron has
once again shown that he is “among the best public administrators in the
country.”
Calendar
12/13--St. Joseph Catholic Church
presents a live Biblical
Christmas Story as part of its day-long Advent Festival Saturday,
Dec. 13, beginning with Mass at 9 a.m. in the church at 400 Highland
Drive. An exhibit of Madonnas will be shown in the church from 10
a.m. to 6 p.m. The Choir International performs from 1 to 3 p.m. At
3:30 p.m. there will be a presentation of the Rosary. Following a 5
p.m. mass, participants are invited to go caroling with
parishioners.
12/16—Rescheduled
Meeting: The Vancouver Library Capital
Facility Area Board will meet on
Tuesday, December 16, 2008 at 9:30 a.m.
(meeting was previously scheduled for December 9) in the Clark County
Commissioners Hearing Room, 6th Floor, Public Service Center, 1300
Franklin Street, Vancouver, Washington, for review and approval of the
final design for the new main library.
Additional Community Calendar
Links
The Southwest
Washington Center for the Arts has
published its December newsletter and calendar of events.
Click here for
the PDF file.
Greater Vancouver Chamber Community Calendar: Click
here
City of Vancouver
Calendar of Community Events:
Click here
Today's Headlines
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