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.
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.
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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