The Port of Vancouver Board of Commissioners has unanimously agreed to allow the issuance of a $27 million limited tax general obligation bond, with an interest rate not exceeding 5%, the port announced Aug. 23.
The port expects the bonds to be issued as early as mid-September and incorporated into the port’s 2023 budget.
The money from this bond is expected to pay for public infrastructure projects such as dock and wharf upgrades and work on marine terminal infrastructure and public amenities, according to the port.
“One of the primary objectives of the port is to bring investment and jobs to the community,” Commission President Jack Burkman said. “This bond will help us to improve port facilities, which will in turn create more jobs and encourage business growth.”
The tax revenue would not be used for staff salaries or expenses associated with the board, according to the port.