The facility, acquired from the Port of Portland for $30.8million, was the last publicly owned commercial yard in thecountry. It was not a profitable operation for the port, but it wasa profitable sale.

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The port has owned the shipyard since 1953. The sale come with$18 million up front, which the port will use to pay off a25-year-old Port improvement bond, eliminating the possibility offuture property tax assessments.

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The original deal between the port and Cascade was for $38.8million and 90 acres that included 32 acres of undeveloped landalong the Willamette River side of Swan Island. The final deal didnot include the excess land.

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Cammell Laird Holdings, Britain's largest ship building,provided financing for the acquisition. As a result, it owns ashare of the company, Portland Ship Yard LLC, which was set up asan affiliate of Cascade general to own and operate the yard.

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